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Marketing of Services

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Submitted By iamkaran26
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13/11/13

Strategy and the Quest for Competitive Advantage
¡ The heart and soul of any strategy are the actions and moves in the marketplace that a company makes to strengthen its competitive position and gain a competitive advantage over rivals ¡ A creative distinctive strategy that sets a company apart from rivals and yields a competitive advantage is a company’s most reliable ticket to above average profitability
¡ Competing with a competitive advantage is more profitable than competing with no advantage ¡ Competing with a competitive disadvantage nearly always results in below-average profitability

Strategic Management
Session 1: Introduction to the study of Strategic Management

Why Do Strategies Evolve?
¡ A company’s strategy is a work in progress ¡ Changes may be necessary to react to
¡ Shifting market conditions ¡ Technological breakthroughs ¡ Fresh moves of competitors ¡ Evolving customer preferences ¡ Emerging market opportunities ¡ New ideas to improve strategy ¡ Crisis situations

3 Big Strategic Questions
1. What’s the company’s present situation? 2. Where does the company need to go from here?
¡ Business(es) to be in and market positions to stake out ¡ Buyer needs and groups to serve ¡ Direction to head

3. How should it get there?
¡ A company’s answer to “how will we get there?” is its strategy

1

13/11/13

Goals of “Strategy”
¡ Consists of competitive moves and business approaches used by managers to run the company ¡ Management’s “action plan” to
¡ Grow the business ¡ Attract and please customers ¡ Compete successfully ¡ Conduct operations ¡ Achieve target levels of organizational performance

What is Strategy?
¡ Large-scale, future-oriented plan ¡ Used to interact within competitive environment to achieve company goals ¡ Provides a framework for managerial decisions ¡ Reflects a

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