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STRATEGY
What moves and approaches do we need to gain advantage in the marketplace
is the question that all managers must develop a clear answer to
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So, what is a strategy?
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It is the management's game plan for growing the business, attracting
and pleasing customers, conducting operations, and achieving financial
and market performance objectives
...
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A strategy is predicated on actions, business approaches, and
competitive moves aimed at appealing to buyers in ways that set a
company apart from rivals
...
Strategy is Concerned with:
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3
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management's choices about how to attract and please customers
management's choices about how to grow the business
management's choices about how to outcompete rivals
management's action plan for conducting operations and improving the
company's strategic and financial performance
Element of a Company's Business Strategy
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actions to strengthen competitiveness via strategic alliances and
collaborative partnerships
3
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actions to manage the functional areas of the business
The evolving nature of a company's strategy means the typical company
strategy is:
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Most important aspect of a company’s business strategy:
- are the actions and moves in the marketplace that managers take to gain
a sustainable competitive advantage
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Extra pointsif your strategy doesn’t fit the market then this means that your goods are not
needed!
success is not only the numbers you get, but also the impact you make
on society