Textbook Notes (363,143)
United States (204,418)
Management (20)
33:620:301 (19)
Xi Wang (11)

Management Ch 1 Notes.docx

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Rutgers University
Xi Wang

Intro to Management Chapter 1 Notes a) What do we mean by strategy? - Acompany’s strategy is its action plan for outperforming its competitors and achieving superior profitability - Lasting success that supports long term growth b) Strategy is about competing differently - Doing what rival firms don’t do or can’t do c) Strategy and the quest for competitive advantage - Acompany achieves a competitive advantage whenever it has some type of edge over rivals in attracting buyers and coping with competitive forces - Acompany achieves competitive advantage when it provides buyers with superior value compared to rival sellers or offers the same value at lower cost to the firm. - The advantage is sustainable if it persists despite the best efforts of competitors to match or surpass the advantage - Their strategy must be DISTINCTIVE - Four of most frequently used and dependable strategic approaches to gaining competitive advantage are: 1) Striving to be industry’s low-cost provider, thereby aiming for a cost-based competitive advantage over rivals; meets needs efficiently 2) Outcompeting rivals on the basis of differentiating features, such as higher quality, wider product selection, added performance, value-added services, more attractive styling, and technological superiority; meets needs effectively 3) Developing an advantage based on offering more value for the money – known as best cost provider strategy, it is when company satisfies buyer expectations about things such as quality while beating their price expectations 4) Focusing on a narrow market niche within an industry; efficiency and effectiveness combined d) Why a company’s strategy evolves over time - Must modify strategy in response to changing market conditions, technology, moves by competitors, shifting buyer needs, emerging market op
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