vision, mission, values and strategy

strategic vision

describes company’s aspirations and outline long term direction

vision statement

communicates the strategic vision of the company

(where are we going and why)

vision statement portrays a

company’s aspirations for its future

mission statement describes its

purpose and present business

( who are we, what we do, and why we do it)

strategy

company’s plan of action for outperforming its competitors and achieving profitability

competitive advantage

meeting customer needs more effectively and efficiently

sustainable competitive advantage

giving buyers lasting reasons to prefer their product

low-cost providers

aiming for cost-based competitive advantage

(walmart)

differentiation with features

aiming for high quality, wider product selection

(apple)

best cost provider

aiming for satisfying buyer expectations while beating cost expectations

(target, united)

niche markets

greater effectiveness in meeting niche market needs

(sprouts)

what makes winning strategy?

fit test

competitive advantage test

performance test

resources

productive input that is owned by firm

capability

capacity of a firm to perform an internal activity

general environment

broad environ. encompassing factors that influence most businesses in society

competitive environment

focuses on factors that directly impact a firm and its competitors and influences what moves they will make

porters 5 forces model

rivalry among competing sellers

suppliers

potential new entrants

buyers

firms in other industries offering substitute products

key success indicators

competitive factors that most affect ALL INDUSTY MEMEBERS ability to survive and prosper

internal

Strengths

weaknesses

external

opportunities

threats