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Chapter 1

BUSI 4701U Chapter 1: Chapter 1

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BUSI 4701U

Strategic Management Chapter 1: Strategy and the Quest for Competitive Advantage Importance of Managing Strategically Where are we now? o Current financial performance and market standings o Could be affected by competitively valuable resources and capabilities, weaknesses and changing industry conditions Where do we want to go? o Managements vision of the companys future direction o What new or different customer groups and customer needs How are we going to get there? o Managing strategically by developing a business game plan o How to outcompete rivals, low to respond to changing economic and market conditions o How to take advantage of growth opportunities; achieve strategic and financial objectives Companys strategy o How to outcompete rivals o How to respond to changing economic and market conditions o How to manage each functional piece of business o How to develop important resources and capabilities o How to take advantage of growth opportunities o How to achieve strategic and financial objectives Scope of a Companys Business Strategy How the management intends to compete in the industry, manage the functional areas of the business, and develop new capabilities and assemble recourses to strengthen company Deliberate plan addressing issues: o Changing economic and market conditions o Features and attributes to be included in the companys products and services o Pricing of the companys products or services o Distributions channels selected from the companys products o Reactions to offensive moves by rival sellers o Allocation of the companys financial resources o Acquisition of new physical asset and resources o Development of internal capabilities, competencies, and competitively valuable resources o Development of alliances and joint ventures to supplement the companys resources and capabilities Competitive Strategy and Advantage over Rivals Approach to competing in the marketplace To strengthen its LT competitive position and allow it to gain a durable competitive edge over rivals Sustainable competitive advantage allows company to attract sufficient large numbers of buyers who have lasting preference for its products or services over those offered by rivals 4 strategy approaches to setting company apart from rivals o Developing a costbased advantage o Creating a differentiationbased advantage value added components
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