Topic 8: Choosing Strategic Direction Flashcards
1
Q
What is strategic direction
A
- implies looking at the long term future
- what coporate strategies businesses need to put in place to ensure long-term success of the business
2
Q
6 factors to consider when choosing the right strategy
A
- expected cost
- risk aversion
- external environment
- anticipated returns
- impact on stakeholders
- core compentancies
3
Q
What is competitive advantage
A
Competitive advantage refers to factors that allow a company to produce / or sell goods or services better or more cheaply than its rivals.
4
Q
What is strategic positioning
A
- involves how a business will compete in a market
- involves deciding the right mix of product features
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