proactive initiatives and reactive adjustments. In the process some strategy elements end up being abandoned because they have become obsolete or ineffective.
What are the four strategic approaches to setting a company apart from rivals and achieving a sustainable competitive advantage.
1. Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage over rivals.
2. outcompeting rivals based on such differentiating features
3. focusing on a narrow market niche and serving special needs.
4. developing expertise and resource strengths
What are the three questions for distinquising a winning strategy?
1. How well does the strategy fit the company's situation?
2. Is the strategy helping the company achieve a sustainable competitive advanatage
3. Is the strategy resulting in better company performance
What are the five strategy-making, strategy-executing processes?
1. devleop a strategic vision 2. set objectives 3. craft a strategy to achieve the objectives and vision. 4. implementing and executing the strategy 5. monitoring developments, evaluating performance, and making corrective adjustments