BSM 100 Lecture Notes - Lecture 6: Cirque Du Soleil, Blue Ocean Strategy, Competitive Intelligence
7 Nov 2017
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Different from corporate strategy (which evaluates the firm as a whole, all its products, top management + department heads, firm"s future/longer, 5-8 years) Competitive strategy: talk to everyone in the specific department/one product, retailers, sales people, marketing people, front line employees > first hand experience of what the market is saying > 1. bottom up approach: Creativity, at factory level + r&d (workers speak up) Competitive advantage > get a sense of why you are better than your competitors; measure in terms of revenue, customer satisfaction, competitors trying to copy you. Dynamic/evolutionary process > obstacles, i. e. competitors copying you, you must move on, stay ahead of the game. Therefore in a nutshell, the firm has to measure how to have an advantage over competitors, the strategy is dynamic and evolving (reflective of the organization and the times/context that it is facing) Strategy - plan of action(s) to reach goal/vision.
