04 May HOW CAN WE CREATE COMPETITIVE ADVANTAGES IN THE MARKETPLACE THAT ARE NOT ONLY UNIQUE AND VALUABLE BUT ALSO DIFFICULT FOR COMPETITORS TO COPY OR SUBSTITUTE?
It is very important for managers to see their jobs as more than just custodians of the “status quo.” Rather, they must proactively anticipate change and continually refine as well as, when necessary, make significant changes to their strategies. This has become particularly important as competitive environments become characterized by increasing rates of unpredictable change.
Defining Strategic Management
Strategic Management is “consisting of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages” (Dess, Lumpkin, Eisner, & McNamara, 2014, p. 7). This definition captures two main elements of the field of strategic management.
First, strategic management entails three on-going processes: analysis, decisions, and actions. That is, managers must analyze the internal and external environment as well as their hierarchy of goals in order to formulate and implement strategies.
Second, the essence of strategic management is the study of why some firms outperform others. Looking at Michael Porters work we can make the important distinction between strategy and operational effectiveness. Managers must create advantages that are sustainable over a period of time, instead of merely temporary. That is: How can we create competitive advantages in the marketplace that are not only unique and valuable but also difficult for competitors to copy or substitute?
After reading this weeks material, and looking back at Chapters 1 & 2 in the textbook, answer the following questions in this forum.
Forum Assignment
Review Porters Five-Forces model of industry competition. Using your own words (do not copy definitions from the text), explain the models importance in the concept of strategic grouping within industries. Then, find a company with a “mission statement”. Do not use the military please. Pick a commercial company that is not routinely discussed. Select a company with a mission statement and tell us whether or not you think the statement is constructive and provides employees with motivation and strategic direction. Include the mission statement in your post.
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