Sustainability lecture 5-Strategy

Question 1

What is strategy?

Answer 1

Strategy is a company’s action plan to for running the business and conducting operations

Question 2

Strategy represents a commitment to pursue a particular set of actions. What are they? (5 things)

Answer 2

*Improving business performance
*Attract and maintain customers
*Gain competitive advantage
*Conduct business activities and operations
* grow the business

Question 3

What 3 questions does a good strategy seek to answer?

Answer 3

*Where are we? (at right now)
*Where do we want to be/go?
*How are we going get there?

Question 4

When does a company achieve a sustainable competitive advantage?

Answer 4

A company achieves a competitive advantage when a large number of buyers prefer their products over the product offerings of the competition and the reasons for their choices are durable