3 categories in resources-1.physical resources 2. human resources 3. organizational resources.
Benchmaking- it is an analytical tool used to determine whether a firms value chain actvities are copetitive compared to rivals and thus conducive to winning in the marketplace.
The five power(ps)
1. postion-adv.that an organization gains in the hands of the consumers.
2. power – a competitors edge a following of some sort that company should not allow competitiors to surpass.
3. pace – timing and intensity of the strategy put on the ground.
4. potential – probability of the success element of a particular strategy
5. performance- effective implementation of a particular strategy.
Functional strategy- is the approach taken by a functional areA Or unit to achieve its objectives and duties by way of maximizing the use of its resources and in light of strategic direction as well as prevailing market competitions.
Operating strategies- are tasks that are more specific compared to functional strategies and may be temporary in nature.
Business level strategy- with a dynamic and competitive business lanscape, managers and CEO must decide to position the business to achieeve its growth and profit targets.
1. Growth strategies- concerned with increasing the size and viability of the business overtime.
Internal Growth Strategies:
o Market penetration- entails investing in advertising,capacity expansion,and or the sales force with the intent of increasing maarket share in the current business.
o Market development – the org.seeks new market segments.
o Application development/diversification- development of new products for new markets. It involves creaating a new applications of its products, both require a broadened definition markets or functions served.... [continues]
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