BUSI 4701U- Midterm Exam Guide - Comprehensive Notes for the exam ( 19 pages long!)
Document Summary
Chapter 1: strategy and the quest for competitive advantage. Where are we now: current financial performance and market standings, could be affected by competitively valuable resources and capabilities, weaknesses and changing industry conditions. Where do we want to go: management"s vision of the company"s future direction, what new or different customer groups and customer needs. How the management intends to compete in the industry, manage the functional areas of the business, and develop new capabilities and assemble recourses to strengthen company. To strengthen its lt competitive position and allow it to gain a durable competitive edge over rivals. Sustainable competitive advantage allows company to attract sufficient large numbers of buyers who have lasting preference for its products or services over those offered by rivals. 4 strategy approaches to setting company apart from rivals: developing a cost-based advantage, creating a differentiation-based advantage value added components.
