Lecture 1.docx - A company’s strategy is the set of actions that its managers take to outperform the company’s competitors and achieve superior

Lecture 1.docx - A company’s strategy is the set of...

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A company’s strategy is the set of actions that its managers take to outperform the company’s competitors and achieve superior profitability. What do we mean by strategy? What is our present situation? Business environment and industry conditions Firm’s financial and competitive capabilities Where do we want to go from here? Creating a vision for the firm’s future direction How are we going to get there? By crafting an action plan that heads the firm in the direction of its intended market position, attracts customers, achieves financial and market performance targets, and gets it where it wants to go—that is, its strategy *Tacit knowledge: the knowledge that you have that others cannot copy from you. In organizational perspective, these are the people that can turn things around for the company. What is strategy all about? Strategy is all about how: How to position the firm in the marketplace How to attract customers How to compete against rivals How to achieve the firm’s performance targets How to capitalize on opportunities to grow the business How to respond to changing economic and market conditions Strategic Management Principle (1 of 3) Strategy as a choice Is about deciding to compete differently from rivals—doing what competitors do not do or, even better, doing what they cannot do!
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  • Spring '14
  • Juan

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