33:620:301 Chapter Notes -Emerging Markets

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A company"s strategy is its action plan for outperforming its competitors and achieving superior profitability. Lasting success that supports long term growth: strategy is about competing differently. Doing what rival firms don"t do or can"t do: strategy and the quest for competitive advantage. A company achieves a competitive advantage whenever it has some type of edge over rivals in attracting buyers and coping with competitive forces. A company 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. Proactive: planned initiatives to improve company"s financial performance and secure a competitive edge. Reactive: to unanticipated developments and fresh market conditions. Deliberate strategy: consists of proactive strategy elements that are both planned and realized as planned. Emergent strategy: unplanned, reactive, and adaptive strategy adjustments.

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