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Chapter 5 notes

by: Shayna Davis

Chapter 5 notes CSR 404

Marketplace > Purdue University > CSR 404 > Chapter 5 notes
Shayna Davis
GPA 3.4
Strategic Management

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Strategic Management
Class Notes
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This 2 page Class Notes was uploaded by Shayna Davis on Friday February 27, 2015. The Class Notes belongs to CSR 404 at Purdue University taught by Mohan in Spring2015. Since its upload, it has received 144 views.


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Date Created: 02/27/15
Chapter 5 Strategy Formulation referred to as strategic planning or long range planning and is concerned with developing a corporation s mission objectives strategies and policies SWOT the strengths weaknesses opportunities and threats that are strategic factors to a company SFAS Strategic Factors Analysis Summary Matrix summarizes a corporations strategic factors by combining the external factors from the EFAS Table with the internal factors from the IFAS Table Propitious Niche a company s speci c competitive role that is so well suited to the rm s internal and external environment that the other corporations are not likely to challenge or dislodge it Strategic Windows unique market opportunities available only for a limited time TOWS Matrix SWOT spelled backwards illustrates how the external opportunities and threats facing a particular corporation can be matched with that company s internal strengths and weaknesses to result in four sets of possible strategic alternatives Business Strategy focuses on improving the competitive position of a company s products or services within a speci c industry or market segment that the company serves Competitive battling against all competitors for advantage Cooperative working with one or more competitors to gain to gain advantage against other competitors Competitive Strategy creates a defendable position in an industry so that a rm can outperform it s competitors Lower Cost Strategy the ability of a company to design produce and market a comparable product more ef ciently than their competitors Differentiation Strategy the ability to provide unique and superior value to the buyer in terms of quality special features or aftersale service Competitive Scope the breadth of the target market Broad Target aim at the middle of the mass market Narrow Target aim at a market niche Cost Leadership when the lower cost and differentiation strategies have a broad mass market target Because of the lower costs they are able to charge a lower price than their competitors Focus when they are focused on a market niche narrow target Differentiation aimed at the broad mass market and involves the creation of a product or service that is perceived throughout the industry to be unique Cost Focus a lower cost competitive strategy that focuses on a particular buyer group or geographic market and attempts to serve only this niche to the exclusion of others Differentiation Focus a differentiation strategy that concentrates on a particular buying group product line segment or geographic market Tactic a speci c operating plan detailing how a strategy is to be implemented in terms of when and where it is to be put into action Timing Tactic deals with when a company implements a strategy First Mover pioneer rst company to manufacture and sell a new product or service Late Movers rms that enter the market only after product demand has been established Market Location Tactic where a company implements a strategy Offensive Tactic attempts to take market share from an established competitor Frontal Assault the attacking rm goes headtohead with it s competitor lt matches its competitor in every category from price promotion to distribution channel Flanking Maneuver rm might attack a part of the market where the competitor is weak Encirclement usually evolving from a frontal assault or anking maneuver occurs as the attacking company encircles the competitors position in terms of products or markets or both They have a larger variety or serve more markets or both Bypass Attack may choose to change the rules of the game Guerrilla Warfare quothit and runquot Defensive Tactic attempts to keep a competitor from taking away one s market share


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