GEB 4890 Exam 1 (CH 1, 2, 3, 4, 5&6) Already Graded A

company strategy the set of actions that its managers take to outperform the company's competitors and achieve superior profitability. what makes a competitive advantage sustainable: are elements of the strategy that give buyers lasting reasons to prefer a company's products or services over those of competitors-- reasons that the competitors are unable to nullify or overcome despite their best efforts. most basic 5 approaches for setting a company apart from rivals and winning a sustainable competitive advantage 1-low-cost provider strategy, 2-broad differentiation strategy, 3- focused low-cost strategy 4-focused differentiation strategy, 5-best-cost provider strategy company's strategy tends to evolve because of changing circumstances and ongoing efforts by management to improve the strategy. why should a company have a viable business model that outlines the company's customer value proposition and its profit formula? A company's business model sets forth the logic for how its strategy will create value for customers and at the same time generate revenues sufficient to cover costs and realize a profit. Thus, it contains 2 crucial elements, (1) the customer value proposition, & (2) the profit formula. These elements are illustrated by the value-price-cost framework.