5.3

Means for Achieving Strategies

Cooperation Among Competitors

involves companies hiring other companies to take over various parts of their functional operations, such as their human resources, information systems, payroll, accounting, customer service, and even marketing.

Outsourcing

THE FOLLOWING ARE WHAT? ● First mover ● Outsourcing ● Cost savings ● Focus on core business ● Cost restructuring ● Improve quality ● Knowledge ● Operational expertise ● Access to talent ● Catalyst for change ● Enhance capacity for innovation ● Reduce time to market ● Risk management

Tactics to facilitate strategies

Tactics to Facilitate Strategies ● Build a firm's image and reputation with ________

buyers

Benefits of a firm being the first mover Gain customer loyalty and ____________

commitment.

Tactics to Facilitate Strategies Produce ______________ over rivals in terms of new technologies, new components, new distribution channels

cost advantages

Tactics to Facilitate Strategies refer to the benefits a firm may achieve entering a new market or developing a new product or service prior to rival firms.

first mover advantages

Tactics to Facilitate Strategies Make ____________ or duplication by a rival difficult or unlikely

imitation

Benefits of a firm being the first mover Gain new ___________of critical success factors and issues.

knowledge

Benefits of a firm being the first mover Establish a secure___________ with customers, suppliers, distributors, and investors.

long-term relationships

Tactics to Facilitate Strategies Create strongly _________ customers

loyal

Benefits of a firm being the first mover Gain _________ and position in the best locations.

market share

Benefits of a firm being the first mover Secure access and commitment to __________________.

rare resources