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| The process of articulating the firm's strategy and the programs that implement it |
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| The substance of strategic actions |
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| In order to have successful execution... |
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| clear communication to employees, commitment from employees, frequent feedback |
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| Strategic planning elements |
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| Mission/vision statement, analysis of industry and firm's market position, financial and operating goals, strategic initiatives, and program planning within each initiative |
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| consumer willingness to pay |
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| Improves market position through innovation |
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| Improves market position through cost cutting |
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| High for products whose value is apparent only after experiencing the product, experience goods |
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| Costs associated with shifting from old equipment or practices to new ones |
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| Costs incurred in learning a new process |
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| Exclusive distribution channels, suppliers or location |
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| One time, non-repeated investments in technology, brand, network scope and other assets whose economic benefits are reaped continuously afterward |
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| Difficulty in copying a capability because it cannot be modeled effectively |
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| The tangible and intangible assets controlled by a firm the can be used to conceive of an implement its strategies |
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| A firm's ability to accomplish tasks that are linked to performance by increasing value, decreasing cost or both |
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| Large number and relatively similar size of competitors |
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| Raise the value required to compete in the industry |
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| Lower the value provided to firms in the industry |
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| Lower the price to keep entrants out of the industry |
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Definition
| More competing products mean more value required to compete in the industry |
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