Chapter 5 Notes

Chapter 5 Notes - Chapter 5 Strategic Planning Strategic...

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Chapter 5 – Strategic Planning Strategic Management Strategic management requires an understanding of: Strategic management process How to develop an overall strategy Intended targets of the strategy Competitive Advantage The ability of a firm to win consistently over the long term in a competitive situation Competitive advantage is created through the achievement of four qualities Qualities Leading to Competitive Advantage Superior Value Firm provides products and services that produce value that is superior to competitors Comparative advantage Compared to other, the value is superior Distinctive competence Superior product is result of a unique competence Rarity How many other firms hold similar capabilities? Difficult to imitate Managers must create barriers that make it hard for others to copy their superiority advantages Culture Product design Marketing strategy And others Non-substitutability Can the customers’ needs be met by alternative means? Encyclopedia vs Info on interenet
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This note was uploaded on 03/19/2012 for the course MAN 3025 taught by Professor Doreengooden during the Fall '09 term at FIU.

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Chapter 5 Notes - Chapter 5 Strategic Planning Strategic...

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