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reading 1 discussion questions

reading 1 discussion questions - If the competitive...

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January 24, 2010 SB 450 Professor Adobor These are the discussion questions for this week based on Reading 1 1. What are the basic elements of a strategy statement? The basic elements of a strategy statement are objective, scope, and advantage. Objective should include not only an end point by also a time frame for reaching the objective or goal. The scope is important because most firms compete on more than one landscape so it is important to define which type of domain the firm is really competing on and operating on. The advantage will explain what the business will do differently than all the other competitors and why your business is the best. 2. What do you understand by the term "competitive advantage" Competitive advantage is defined as a condition which enables a company to operate in a more efficient or otherwise higher-quality manner than the companies it competes with, and which results in benefits accruing to that company, according to Investorwords.com. I agree with this definition and I also believe that it should be sustainable, as our book mentions.
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Unformatted text preview: If the competitive advantage is not sustainable, the company will not last. For example, the company who made Furby had a great competitive advantage over all other toy makers during the mid 1990s. They came out with a toy that had never been invented before and it was something that every kid wanted to have. The strategy was not sustainable because they toy just faded into kids’ memories and they did not come out with any other new models or additions to the models they already had. 3. What is a strategic sweet spot of a company? How do you identify it? What factors must you consider? A strategic sweet spot is where the customer’s needs and the company’s capabilities come together. This is the place that competitors cannot match in such areas like demographics, technology, and regulation. Identifying the sweet spot helps in identifying the strategy statement. The end result should be a brief statement that reflects three elements of an effective strategy....
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