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GBA 490 ch 1 notes

by: Sody Gentry

GBA 490 ch 1 notes GBA 490

Sody Gentry

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About this Document

ch 1 will be covered in exam 1
Strategic Management
Joyce L. Meyer
Class Notes
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This 2 page Class Notes was uploaded by Sody Gentry on Sunday September 11, 2016. The Class Notes belongs to GBA 490 at University of Alabama - Tuscaloosa taught by Joyce L. Meyer in Fall 2016. Since its upload, it has received 3 views. For similar materials see Strategic Management in Business at University of Alabama - Tuscaloosa.


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Date Created: 09/11/16
Ch. 1 WHAT IS STRATEGY and WHY IS IT IMPORTANT A company’s strategy is the set of actions that its managers take to outperform the company’s competitors and achieve superior profitability Strategy is all about How:  How to attract and please customers  How to compete against rivals  How to position the company in the marketplace and capitalize on attractive opportunities to grow the business  How to respond to changing economic and market conditions  How to manage each functional piece of the business  How to achieve the company’s performance targets Strategy is about competing differently from rivals—  Doing what rival firms don’t do or what rival firms cant do o Appealing to buyers in ways that set a company apart from its rivals o Staking out a market position that is not crowded with strong competitors Competitive Advantage  Meeting customer needs more effectively and efficiently  Giving buyers what they perceive as superior value compared to the offerings of rival sellers or giving buyers the same value as others at a lower cost to the firm. Sustainable Competitive Advantage  If it persists despite the best efforts of competitors to match or surpass this advantage. Strategies for Building Sustainable Competitive Advantage  Low- Cost Provider  Focused Low-Cost  Best- Cost Provider  Focused Differentiation  Broad Differentiation Managers modify strategy in response to:  Means: “pay attention to what’s going on out there”  A company’s strategy tends to evolve because of changing circumstances and ongoing efforts by management to improve the strategy Realized (current) strategy is a blend of:  Proactive: anticipating market and competition changes in advance of their actual occurrence and making appropriate organizational shifts in response.  Reactive: changing in response to what someone else is doing The Profit Formula  Creating a cost structure that allows for acceptable profits, given that pricing is tied to the customer value proposition. o V—the value provided to customers o P—the price charged to customers o C—the firm’s costs A company’s business model sets for the logic for how its strategy will create value for customers and at the same time generate revenues sufficient to cover costs and realize a profit Strategy provides:  A prescription for doing business.  A road map to competitive advantage.  A game plan for pleasing customers.  A formula for attaining long-term standout marketplace performance.  Strategy is about asking the right questions  Strategy requires getting the right answers


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