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Marketing Of Services Essay

1149 words - 5 pages

13/11/13

Strategy and the Quest for Competitive Advantage
¡ The heart and soul of any strategy are the actions and moves in the marketplace that a company makes to strengthen its competitive position and gain a competitive advantage over rivals ¡ A creative distinctive strategy that sets a company apart from rivals and yields a competitive advantage is a company’s most reliable ticket to above average profitability
¡  Competing with a competitive advantage is more profitable than competing with no advantage ¡  Competing with a competitive disadvantage nearly always results in below-average profitability

Strategic Management
Session 1: Introduction to the study of Strategic ...view middle of the document...

¡ Strategic decisions commit the firm for a long time, typically 5 years; however the impact lasts much longer ¡ Once a firm has committed itself to a strategy, its image and competitive advantages are usually tied to that strategy ¡ Firms become known for what they do and where they compete. Shifting away from that can jeopardize their previous gains.

¡ Strategic decisions have complex implications for most areas of the firm ¡ Decisions about customer mix, competitive emphasis, or organizational structure involve a number of the firm’s SBUs, divisions, or program units

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Dimensions of Strat Decisions
¡ Strategic issues require considering the firm’s external environment

3 levels of Strategy
—  Corporate level: board of directors, CEO & administration —  Business level: business and corporate managers

¡ All businesses exist in an open system. They affect and are affected by external conditions that are largely beyond their control ¡ Successful positioning requires that strategic managers look beyond operations and consider what relevant others are likely to do

—  Functional level: Product, geographic, and functional area managers

Tasks of Corporate Strategy
¡ Moves to achieve diversification ¡ Actions to boost performance of individual businesses ¡ Capturing valuable cross-business synergies to provide 1 + 1 = 3 effects! ¡ Establishing investment priorities and steering corporate resources into the most attractive businesses

Tasks of Business Strategy
¡ Initiating approaches to produce successful performance in a specific business ¡ Crafting competitive moves to build sustainable competitive advantage ¡ Developing competitively valuable competencies and capabilities ¡ Uniting strategic activities of functional areas ¡ Gaining approval of business strategies by corporatelevel officers and directors

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Tasks of Functional Strategies
¡  Game plan for a strategically-relevant function, activity, or business process ¡ Detail how key activities will be managed ¡ Provide support for business strategy ¡ Specify how functional objectives are to be achieved

Forces Determining...

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