BU481 Lecture Notes - Lecture 5: Competitive Advantage, Value Proposition, Redbox
Document Summary
Lecture 5 : business strategy & competitive advantage. Key aspects of strategy: how the organization intends to compete and succeed in the marketplace, way to translate general ideas about direction into actionable terms. Creation of a unique and valuable position involving the combination of a different set of activities. Expression of how the organization can be unique in a way that cannot be imitated by competitors. Strategy provides the firm with its overall direction, aimed at achieving sustained, superior performance over the long run in a competitive marketplace. What is strategy? (article: not operational effectiveness. Leads to imitation + homogeneity in most cases: rests on unique activities, being different than competitors, combining activities in different ways creating a strategic fit. Sustainable strategy requires trade-offs: cant be all things to all ppl. Creating a clear strategy often dependent on leadership: requires constant discipline and clear communication.
