Business Policy Exam 1 Review.docx

Business Policy Exam 1 Review.docx - Business Policy Exam 1...

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Business Policy Exam 1 Review CHAPTER 1: WHAT IS STRATEGY Strategy: A dynamic plan to gain, and sustain, competitive advantage 4 key strategic questions: 1. MAKETS - Where do we compete? What markets (industries and geographic) the company will pursue in search of a high return on invested capital. Which market(s) will we serve? What industry will we compete in? What products and services will we offer in those industries? 2. UNIQUE VALUE - What unique value do we offer to win with customers? What unique value to offer customers in those markets. The firm’s value proposition: cost or differentiation. Two generic strategies to offer unique value I. Cost Advantage: An advantage that a firm has over its competitors in the activities associated with
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  • Spring '17
  • d'souza
  • Economics, unique value

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