(PART 1) This is a summary of the course STRATEGIC MANAGEMENT (prof Verhezen), University of Antwerp. Chapters 1, 2, 3, 4, 5 included and notions to the parts where there are exam questions. Studying the summary is enough for the exam.
Test Bank For Crafting and Executing Strategy: Concepts, 23rd Edition All Chapters - 9781264250189
Strategic Management (chapters 6 - 10)
Samenvatting / summary book Crafting and Executing strategy - The Quest for Competitive advantage Thomson 1ste Edition
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Strategic Management
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STRATEGIC MANAGEMENT
2020 – 2021
Boek: Crafting and Executing Strategy: The Quest for Competitive Advantage
,Theme 1: What is Strategy and why it is important?
The Concept of Strategy
What do we mean by strategy?
What is our present situation Where do we want to go How are we going to get
(today)? from here? there?
What is going on in the What is it what you want to You also need to understand
industry right now. achieve in the next 5 to 10 the process by which you will
years. get there.
PROCESS
CONTEXT CONTENT
- Crafting an action
- Business environment - Creating a vision for plan that will get us
and industry the firm’s future there
conditions direction
- Firm’s financial and
competitive
capabilities
What is strategy about?
Strategy is all about HOW
HOW to outcompete rivals
HOW to respond to economic and market conditions and growth opportunities
HOW to manage functional pieces of the business
HOW to improve the firm’s financial and market performance
à but even more importantly; being unique (on your own terms) that allows you to deliver value
to customers who are willing to pay a proper price for your value proposition.
What is crucial but HOW is fundamental.
2
,Strategy and competitors
Strategy is about competing differently from rivals
- Doing what they don’t do or doing it better
- Doing what they can’t do
- Doing that which sets the firm apart and attracts customers
- Deciding what we should or should not do to produce a competitive edge
- Can be described as adopting a particular position (you position yourself in the particular
business – focusing on a different market)
Illustration: McDonald’s
Key initiatives of the Plan-to-Win strategy:
- Improved restaurant operations
- Affordable pricing
- Wide menu variety and beverage choices
- Convenience and expansion of dining opportunities
- Ongoing restaurant reinvestment and international expansion
The quest for competitive advantage
Competitive advantage Sustainable competitive advantage
Meeting customer needs more effectively, Giving buyers lasting reasons to prefer a
with products or services that customers value firm’s products or services over those of its
more highly, or more efficiently, at lower cost. competitors.
(for example; because you were first-Netflix)
(with amazon prime: will Netflix sustain?)
Strategic approach choices
The evolving nature of an organizations strategy
Realized (current) strategy is a blend of:
Proactive (deliberate) strategy elements that Reactive (emergent) strategy elements that
include both continued and new initiatives. are required due to unanticipated
competitive developments and fresh market
conditions.
Deliberateness vs. Emergence
Deliberate and emergent strategy example: Honda case in USA in the 50s
(important case)
3
, Peter wants us to understand that they didn’t use the strategy that was planned. People wanted
the small 50 cc bike instead of the intended big one. So the emergent strategy was the one that
became the strategy. à understand that there is a difference between intentions, emerging and
realized strategy.
A company’s business model
How the business will make money:
- By providing customers with value = the firm’s customer value proposition
- By generating revenues sufficient to cover costs and produce attractive profits = The
firm’s profit formula
It takes a proven business model – one that yields appealing profitability – to demonstrate
viability of a firm’s strategy.
Business model elements
The customer Value Proposition !!
- Satisfying buyer wants and needs at a price customers will consider a good value
- The greater the value provided (V or WTP) and the lower the price (P), the more
attractive the value proposition is to customers
4
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