Business Strategy Game Exam Revision Questions and Answers

Industry conditions Competitive pressures Market standing vis-à-vis rivals Competitive strengths and weaknesses What is the firm's present situation? New buyer needs to satisfy •Growth opportunities to pursue •Markets to deemphasize or abandon •How to measure success What direction to head and what performance targets to set? Strategy for competing successfully How to attract customers Deciding what market position to stake out Actions to achieve performance targets How to run the firm in ways that produce good results? Firm's Strategy A coherent combination of actions and approaches about how to run the company How to attract, please, and retain customers How to compete against rivals How to capitalize on growth opportunities How to respond to changing economic and market conditions How to manage the functional pieces of the business How to achieve the firm's performance targets Firm's strategy compete differently from rivals The Key to Crafting a "Good" Strategy Become the low-cost provider Offer differentiating features Offer customers more value for the money Focus on better serving the unique needs and tastes of buyers in a niche market Develop expertise, resources, and capabilities that are competitively valuable and that rivals cannot easily overcome Strategic Approaches to Building Sustainable Competitive Advantage