Preface_hough_2e.pdf - Crafting and Executing Strategy Johan Hough, Arthur A. Thompson Jr., A.J. Strickl and III, John E.

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CHAPTER 1 WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Free English To Hindi Dictionary Download For Samsung Mobile Phones on this page. Crafting and Executing STRATEGY The Quest for Competitive Advantage • WHAT DO WE MEAN BY STRATEGY?♦ What is our present situation? ● Business environment and industry conditions ● Firm’s financial and competitive capabilities♦ Where do we want to go from here? ● Creating a vision for the firm’s future direction♦ How are we going to get there? ● Crafting actions that will get us there 1–2 • 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. 1–3 • WHY DO STRATEGY?♦ A firm does strategy: ● To improve its financial performance. ● To strengthen its competitive position. ● To gain a sustainable competitive. Advantage over its market rivals.♦ A creative, distinctive strategy: ● Can yield above-average profits. ● Makes competition difficult for rivals.

1–4 • 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.

● Doing what we should or should not do to produce a competitive edge. 1–5 • 1.1 Identifying a Company’s Strategy—What to Look For 1–6 • The Quest for Competitive Advantage♦ Competitive Advantage ● Meeting customer needs more effectively, with products or services that customers value more highly, or more efficiently, at lower cost.♦ Sustainable Competitive Advantage ● Giving buyers lasting reasons to prefer a firm’s products or services over those of its competitors.

Stylus Bt Bold Font Free. 1–7 • STRATEGIC APPROACH CHOICES Building Competitive AdvantageLow-cost Differentiation Focus on Best-costprovider on features market niche provider 1–8 • STRATEGIC APPROACHES♦ Building a competitive advantage by: 1. Striving to become the industry’s low-cost provider (efficiency). Outcompeting rivals on differentiating features (effectiveness). Focusing on better serving a niche market’s needs (efficiency andor effectiveness). Download Driver Modem Telkomsel Flash Advan Jetz. Offering the lowest (best) prices for differentiated goods (best-cost provider). 1–9 • GAINING SUSTAINABLE COMPETITIVE ADVANTAGE♦ How to create a sustainable competitive advantage: ● Develop valuable expertise and competitive capabilities over the long-term that rivals cannot readily copy, match or best.

● Put the constant quest for sustainable competitive advantage at center stage in crafting your strategy. 1–10 • Why a Firm’s Strategy Evolves over Time♦ Managers modify strategy in response to: ● Changing market conditions ● Advancing technology ● Fresh moves of competitors ● Shifting buyer needs ● Emerging market opportunities ● New ideas for improving the strategy 1–11 • The Evolving Nature of a Firm’s Strategy♦ Realized (current) strategy is a blend of: ● Proactive (deliberate) strategy elements that include both continued and new initiatives. ● Reactive (emergent) strategy elements that are required due to unanticipated competitive developments and fresh market conditions. 1–12 • 1.2 A Company’s Strategy Is a Blend of Proactive Initiatives and Reactive Adjustments 1–13 • THE RELATIONSHIP BETWEEN AFIRM’S STRATEGY AND ITSBUSINESS MODEL Realized Business Strategy $$$? Model Competitive Value Initiatives Proposition Business Profit Formula Approaches 1–14 • 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.