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E GET IT? Competitive Advantage ? ? ? ? ? Key concept of strategic management Sets an anization apart What petitive strategies are designed to exploit Implies other petitors Can be eroded easily and quickly by petitors 169。 Prentice Hall, 2023 End Show 6 2 Learning Objectives 1. Explain the importance of petitive advantage. 2. Define petition. 3. Describe how an anization’s petitors can be determined. 4. Explain what a strategic group is. 5. Discuss how resources, capabilities, and core petencies lead to petitive advantage. 6. Explain the relationship between petitive advantage and petitive strategies. 7. Describe Miles and Snow’s adaptive strategies. (continued on next slide) 169。169。 Prentice Hall, 2023 End Show 6 1 Strategic Management in Action Competitive Strategies 169。 Prentice Hall, 2023 End Show 6 3 Learning Objectives 8. Describe Abell’s business definition framework. 9. Discuss Porter’s generic petitive strategies. 10. Explain what it means to be “stuck in the middle.” 11. Describe an integrated lowcost differentiation strategy. 12. Explain Mintzberg’s generic petitive strategies. 13. Describe how an anization’s petitive strategies are implemented, evaluated, and changed. 14. Explain what role functional strategies play in an anization’s petitive strategies. 15. Discuss the various petitive postures and actions an anization can take. 169。 Prentice Hall, 2023 End Show 6 5 Understanding the Competitive Environment What Is Competition? ? ? When anizations battle for some desired object/oute Who Are Our Competitors? Industry perspective ? Market perspective ? Strategic groups perspective 169。 Prentice Hall, 2023 End Show 6 7 Who Are Our Competitors? Table 61 Possible Strategic Dimensions for Identifying Strategic Groups