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Lecture Crafting and executing strategy: The quest for competitive advantage - Chapter 1

Chapter 1: What is strategy and why is it important? In this chapter students will be able to: Understand the role of business strategies in moving a company in the intended direction, growing its business, and improving its financial and market performance; develop an awareness of the four most reliablestrategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage. | What Is Strategy and Why Is It Important? 1 Chapter Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy State University-Florida and Western Region Chapter Roadmap What Is Strategy? Identifying a Company’s Strategy Strategy and the Quest for Competitive Advantage Strategy Is Partly Proactive and Partly Reactive Strategy and Ethics: Passing the Test of Moral Scrutiny The Relationship Between a Company’s Strategy and Its Business Model What Makes a Strategy a Winner? Why Are Crafting and Executing Strategy Important? Thinking Strategically: The Three Big Strategic Questions 1. Where are we now? 2. Where do we want to go? Business(es) to be in and market positions to stake out Buyer needs and groups to serve Outcomes to achieve 3. How will we get there? A company’s answer to “how will we get there?” is its strategy What Is Strategy? Consists of the combination of competitive moves and business approaches used by managers to run the company Management’s “game plan” to Attract and please customers Stake out a market position Compete successfully Grow the business Achieve targeted objectives How to please customers How to respond to changing market conditions How to outcompete rivals How to grow the business How to manage each functional piece of the business and develop needed organizational capabilities How to achieve strategic and financial objectives Strategy is HOW to . . . The Hows That Define a Firm's Strategy Fig. 1.1: Identifying a Company’s Strategy Striving for Competitive Advantage To achieve sustainable competitive advantage, a company’s strategy usually must be aimed at either Providing a distinctive product or service or Developing competitive capabilities rivals can not match Achieving a sustainable competitive advantage greatly enhances a company’s prospects for Winning in the marketplace and Realizing above-average profits What separates a powerful strategy from an ordinary strategy is management’s ability to forge a series of moves, both in . | What Is Strategy and Why Is It Important? 1 Chapter Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy State University-Florida and Western Region Chapter Roadmap What Is Strategy? Identifying a Company’s Strategy Strategy and the Quest for Competitive Advantage Strategy Is Partly Proactive and Partly Reactive Strategy and Ethics: Passing the Test of Moral Scrutiny The Relationship Between a Company’s Strategy and Its Business Model What Makes a Strategy a Winner? Why Are Crafting and Executing Strategy Important? Thinking Strategically: The Three Big Strategic Questions 1. Where are we now? 2. Where do we want to go? Business(es) to be in and market positions to stake out Buyer needs and groups to serve Outcomes to achieve 3. How will we get there? A company’s answer to “how will we get there?” is its strategy What Is Strategy? Consists of the combination of competitive moves and business approaches used by managers to run the company Management’s “game plan” to Attract and .