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STRATEGY &COMPETITIVEADVANTAGE
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Business Proposition
Profits = Quantity (Revenue - Cost)
3 most fundamental variables in Business
MARGIN
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Definition
The determination of the long run goals andobjectives of an enterprise, and the
adoption of courses of action and theallocation of resources necessary forcarrying out these goals
• Alfred Chandler, Strategy and Structure
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Levels of Strategy
Corporate strategy... defines the scope of thebusiness in terms of the industries and markets inwhich it competes. – includes decisions about diversification, vertical integration,
acquisitions, new ventures, divestments, allocation of scarceresources between business units
Business strategy... is concerned with how the firmcompetes within a particular industry or market... towin a business unit must adopt a strategy thatestablishes a competitive advantage over its rivals.
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Domain of Strategy
strategic competitiveness and above normal returns
concerns managerial decisions and actions whichmaterially affect the success and survival of business
enterprises
involves the judgment necessary to strategicallyposition a business and its resources so as to
maximize long-term profits in the face of irreducibleuncertainty and aggressive competition
strategy is the linkage between a business and its
current and future environment
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Concepts of FirmPerformance
firm survivalaccounting profits (ROA, ROE, ROS)
– surplus of revenues over expenses
economic profit/rent (economic value added,positive NPV)
– normal return on capital
– abnormal return - surplus after all inputs
shareholder value/market value…(EVA,Tobin’s q)
– Change in market value over time
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Common Elements in Successful Strategy
SuccessfulStrategy
Profoundunderstanding ofthe competitiveenvironment
Objectiveappraisal ofresources
Long-term, simpleand agreed uponobjectives
$
EFFECTIVE IMPLEMENTATION
Source: Adapted from Robert S. Grant, 1991
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Above Normal
Profits(in Excess of the Competitive Level)
AvoidCompetitors
Be Better ThanCompetition
AttractiveIndustry
AttractiveNiche Cost
AdvantageDifferentiation
Advantage
AttractiveStrategic
Group
EntryBarriers
MobilityBarriers
IsolatingMechanisms
Sources of Superior Performance
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Types of Competitive Advantage
Low CostDifferentiation
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Sources of Competitive Advantage
Theoretical Frameworks
The Industrial Organization ViewThe Resource-based View
Relationship between these two views
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The Emergence of
Competitive Advantage
External Sources of Change
(fast food, cars, oil)
Responsiveness to Change
(soft drink, retail)
Innovation
(book-selling, video games)
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Sustaining Competitive Advantage
Causal Ambiguity and Uncertain ImitabilityIsolating Mechanisms
-first mover advantage-deterrence and preemption
-resource constraints
-dynamic capabilities
