Term
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Definition
| Consists of the competitive moves and business approaches that managers are employing to grow the business, attract and please customers, compete successfully, conduct operations, and achieve the targeted levels of organizational performance. |
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Term
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Definition
a company’s strategy is all about how:
- How management intends to grow the business.
- How it will build a loyal clientele and outcompete rivals.
- How each functional piece of the business (R&D, production, marketing, finance, and HR) will be operated.
- How performance will be boosted.
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Term
| Sustainable Competitive Advantage |
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Definition
| when an attractive number of buyers prefer its products or services over the offerings of competitors and when the basis for this preference is durable |
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Term
| Four Strategic Approaches |
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Definition
- Be the industry's low-cost provider
- Incorporate differentiating features
- Focus on a narrow market niche
- Develop expertise and resource strengths not easily imitated or matched by rivals
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Term
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Definition
| Explains the rationale for why its business approach and strategy will be a moneymaker. Absent the ability to deliver good profitability, the strategy is not viable and the survival of the business is in doubt. |
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Term
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Definition
| must fit the enterprise's external and internal situation, build sustainable competitive advantage, and improve company performance |
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