Part 1.Respond to the following in a minimum of 175 words: Consumer behavior has a major part in the development of a marketing strategy. Interactions it often includes explicit ethical considerations It plans to provide, and the markets in which it will compete.Ĭore values statement - statement of principles to guide an organization as it works toĪchieve its vision and fulfill its mission, for both internal conduct and external Mission - Description of what an organization actually does-the products and services Vision - a statement about what an organization ultimately wants to accomplish Sustainable competitive advantage - outperforming competitors or the industry averageĬompetitive disadvantage - under performance relative to other competitors in the sameĬompetitive parity - performance of two or more firms at the same level Good strategy - enable a firm to achieve superior performance relative to its competitors.ġ) a diagnosis of the competitive challenge.Ģ) a guiding policy to address the competitive challenge.ģ) a set of coherent actions to implement a firm's guiding policyĬompetitive advantage - superior performance relative to other competitors in the same Strategy - the set of goal-directed actions a firm takes to gain and sustain superior Strategic management - integrative management field that combines analysis,įormulation, and implementation in the quest for competitive advantage
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