Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
9 Cards in this Set
- Front
- Back
|
STRATEGY
|
Consists of the competitive moves and approaches management has developed to attract and please customers, conduct operations, grow the business, and achieve performance objectives.
|
|
|
What is the essence of managing strategically?
|
Developing clear answers to the question "How are we going to get there?"
|
|
|
SUSTAINABLE COMPETITIVE ADVANTAGE
|
Allows a company to attract sufficiently large numbers of buyers who have lasting preference for its products or services over those offered by rivals.
|
|
|
What are four strategies for winning a sustainable competitive advantage?
|
1. Cost-based advantage.
2. Differentiation-based advantage. 3. Focusing on a narrow market niche. 4. Developing unmatched resource strengths and competitive capabilities. |
|
|
What are the types of strategy elements?
|
Deliberate strategy, abandoned strategy, emergent strategy, and realized strategy.
|
|
|
REALIZED STRATEGY
|
A combination of the deliberate elements and emergent elements.
|
|
|
BUSINESS MODEL
|
Indicates how its strategy will generate revenues sufficient to cover operating expenses. "How will the company make money?"
|
|
|
Is the concept of the business model or the business strategy more narrow?
|
The business model is more narrowly focused than the strategy.
|
|
|
What are the three tests of a winning strategy?
|
1. Strategy fits the company's situation.
2. Strategy has yielded a sustainable competitive advantage. 3. The strategy has produced good financial performance. |
