Ch 1
Managers of all types of business organizations must develop a clear answer for which of the following questions?
What is the set of actions that we need to take to outperform competitors and achieve superior profitability?
A company's strategy stands a better chance of succeeding when
it is predicated on competitive moves aimed at appealing to buyers in ways that set the company apart from rivals.
In the course of crafting a strategy, managers typically do not
share the strategy publicly to obtain additional customer and shareholder support.
A company's strategy is not concerned with management's choices about how to
stake out the same market position as successful rival companies.
A winning strategy must pass which three tests?
the fit test, the competitive advantage test, and the performance test
A company's realized strategy evolves from one version to the next due to
the proactive efforts of company managers to improve the current strategy, a need to respond to changing customer requirements and expectations, and a need to react to fresh strategic maneuvers on the part of rival firms.
Sanofi, a pharmaceutical company selling prescription drugs in France for the past 10 years, has had moderate sales in a crowded market while its rivals manufacture and market drugs having similar efficacy and safety precautions, but with superior market share. This particular pharmaceutical company's greatest challenge is to increase prescriptions of their drugs by French doctors. What would be the most effective strategy for Sanofi to improve sales performance in its existing market?
modifying marketing communication to increase brand familiarity within key physician segments
Giving customers more value for the money by satisfying their expectations on key quality features, performance, and/or service attributes while beating their price expectations is a __________ strategy.
best-cost provider
The most significant signs of a well-managed company are
good strategy-making combined with good strategy execution.
