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What is Business Strategy

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What is Business Strategy
Chapter 1- What is strategy?

Strategy- how to do better than your rivals
What is the present situation?
Where do we want to go?
How will we get there?
Strategy- doing things differently from rivals- competitive advantage
Effectiveness & Efficiency
Doing things differently than others either differently providing value
Beauty is in the eye of the beholder
Efficiently- “don’t care about value- but do it more efficiently
Google focusing more on efficiency
Sustainable Competitive advantage
Ex. Costco- thinking of efficiently and is it sustainable and why?
2 ways to measure strategy?
Ex. McDonalds
Low price- dollar menu
Drive thru window
Huge volumes of sales- success leads to more success (economy of scale) sustainability
Are these strategies sustainable or not?
Business itself & rivals compared to other fast food industry
Drive thru- all stores copy it
Brand management
4 generic strategic approaches
Efficiency
Effectiveness
Best-cost provider (balance between efficiency & effectiveness)
Niche’s market’s needs (efficiency /effectiveness)
Strategy evolves over time- not a one time change
Proactive & Reactive
Customer Value Proposition
What value and what price
Profit Formula

Entrepreneurship idea!
1. Is it easy for others to copy the idea? Competitive Test
2. Is there a good fit with the economic model? Strategic Fit Test
3. Can you make a profit? Performance Test

Chapter 2- Strategy Making

Task1, Task 2- Vision
Future aspirations of a company
Provides direction- where we are going…
Proctor and gamble vision statement
Balance between flexibility & forward looking
PUTTING THE VISION INTO PLACE!!!
Vision magnetic field giving direction to all employees
Hold meetings to personally explain
Memorable slogan
Positive payoffs
Mission statement
Specific, unique identity
Present- what the company does
TASK 20 SETTING OBJECTIVES
Specific, measurable & deadline
Converting the mission
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