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Summary OBs310 Block 1

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What we mean by a company’s strategy • The concept of a sustainable competitive advantage • The five most basic strategic approaches for setting a firm apart from rivals and winning a sustainable competitive advantage • That an organisations strategy tends to evolve because of changing ...

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  • April 20, 2023
  • 12
  • 2022/2023
  • Summary

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BLOCK ONE: Introduction to Strategy and Charting a Company’s Direction
1. What do we mean by Strategy?
→ Def A company’s strategy is the set of actions that its manager take to outperform the company’s competitors
and achieve superior profitability.
→ The objective of a well-crafted strategy is merely temporary competitive success and profits in the short run,
but rather the sort of lasting success that can support growth and secure the company’s future over the long
term.
→ Strategy is all about How:
 How to position the organisation in the marketplace
 How to attract customers
 How to compete against rivals
 How to achieve the organisation performance targets
 How to capitalise on opportunities to grow the business
 How to respond to changing economic and market conditions

Strategy Is About Competing Differently

→ A strategy stands a better chance of succeeding when it is predicted on actions, business approaches and
competitive moves aimed at:
a) Appealing to buyers in ways that set a company apart from its rivals and
b) Staking out a market position that is not crowded with strong competition
→ A company’s strategy provides direction and guidance, in terms of not only what the company should do but
also what it should not do.
→ Strategy is about competing differently from rivals – doing what competitors don’t do or even better doing
what they can’t do.

, Strategy and the Quest for Competitive Advantage

→ The core of any strategy are the actions in the marketplace that managers are taking to gain a competitive
advantage over rivals.
→ A company achieves a competitive advantage whenever it has some type of edge over rivals in attracting buyers
and coping with competitive forces.
a) Def. Competitive Advantage: A company achieves a competitive advantage when it provides buyers
with superior value compared to rival sellers or offers the same value at a lower cost to the firm.
→ A competitive advantage involves giving buyer what they perceive as superior value compared to the offerings
of rival sellers or giving buyers the same value as others a lower cost to the firm.
a) Superior value can mean a good product at a lower price, a superior product that is worth paying more
for, or a best value offering that represents an attractive combination of price, features quality, service,
and other attributes.
b) Delivering superior value or vale more efficiently – whatever form it takes – nearly always requires
performing value chain activities differently than rials and building capabilities that are not readily
matched.
→ If a company’s competitive edged holds promise for being sustainable (as opposed to just temporary), then so
much the better for both the strategy and the company’s future profitability.

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