Ebook Business economics: Part 2
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Ebook Business economics: Part 2
1 CORPORATE STRATEGY AND PRICING POLICYLEARNING OBJECTIVESIn this chapter you will:•Look at the meaning of strategy•Be shown the key stages in develop Ebook Business economics: Part 2ping and implementing strategy•Cover a variety of pricing strategies that firms can useAfter reading this chapter you should be able to:•Give a clear definition of strategy•Outline at least two frameworks for strategic analysis•Outline some benefits and limitations of strategic planning•Outline the Ebook Business economics: Part 2main features of the resource-based model•Explain the idea of emergent strategy•Outline the idea of logical incrementalism•Explain the mam features ofEbook Business economics: Part 2
market-based sưategíes including value chain analysis, cost leadership, differentiation and niche marketing•Analyze the processes and challenges of i1 CORPORATE STRATEGY AND PRICING POLICYLEARNING OBJECTIVESIn this chapter you will:•Look at the meaning of strategy•Be shown the key stages in develop Ebook Business economics: Part 2ies255www.downloadslide.com256 Part 4 MrưcecuriuTics the Ecurcmiis ci Finns 1'1 MatteteINTRODUCTIONIn this chapter we will be looking al aspects of corporate strategy and pricing policy. Strategy is a controversial subject with many different points of view but we will present an outline of the key Ebook Business economics: Part 2issues. We are going to start by looking at the idea of corporate strategy and then at some of the principal pricing strategies that firms in imperfecEbook Business economics: Part 2
tly competitive markets can adopt. Pricing strategies are not relevant in perfect competition because Finns are price takers and have no control over 1 CORPORATE STRATEGY AND PRICING POLICYLEARNING OBJECTIVESIn this chapter you will:•Look at the meaning of strategy•Be shown the key stages in develop Ebook Business economics: Part 2 intense debates between academics, between business leaders and between academics and business leaders about exactly what it means. What follows is an outline of the main schools of thought. Whenever you read about strategy, the important thing to consider is that if anyone really knew what strateg Ebook Business economics: Part 2y was about they would be making many millions. The very fact that there is no one magic formula would suggest that it is highly complex and differs fEbook Business economics: Part 2
rom organization to organization.What is Strategy?To take a broad definition, strategy can be seen as a series of actions, decisions and obligations w1 CORPORATE STRATEGY AND PRICING POLICYLEARNING OBJECTIVESIn this chapter you will:•Look at the meaning of strategy•Be shown the key stages in develop Ebook Business economics: Part 2an shorten this definition to note that strategy is about where the business wants to be al some point in the future and what steps it needs to take to get there. It is, therefore, about setting the overall direction of the business but in times of change much of this direction will be carried out i Ebook Business economics: Part 2n an environment of uncertainty. In Chapter 8 we noted how firms set mission and value statements to try and capture the essence of what they are abouEbook Business economics: Part 2
t. In many cases, these mission and value statements can be seen as being an attempt to summarize the firm’s strategy.The Strategic Hierarchystrategic1 CORPORATE STRATEGY AND PRICING POLICYLEARNING OBJECTIVESIn this chapter you will:•Look at the meaning of strategy•Be shown the key stages in develop Ebook Business economics: Part 2 in the business to unixstind and work towards achieving (fits visionTypically we might expect the strategic direction of the firm to be formulated at the highest levels of the business and this strategy then informs decisions and behaviour lower down the organization. This may be the case in many f Ebook Business economics: Part 2irms but we must also be aware that organizations now recognize that the senior team do not always have all the answers and increasingly strategy is fEbook Business economics: Part 2
ormulated at lower levels of the organization. Such strategic formulation and management is likely to be carried out in the context of the Finn's over1 CORPORATE STRATEGY AND PRICING POLICYLEARNING OBJECTIVESIn this chapter you will:•Look at the meaning of strategy•Be shown the key stages in develop Ebook Business economics: Part 2s picked up by Max Boisot in 1995 following the development of the idea by Gary Hamel and C.K. Prahalad in an article in the Harvard Bufinesi Review in 1989.www.downloadslide.comChapter 11CK Prabafad and Gary Hamel, pioneers of the idea of core competencies.It refers to establishing and sharing a vi Ebook Business economics: Part 2sion of where a business wants to be at some point in the future and encouraging all those involved in the business to understand and work towards achEbook Business economics: Part 2
ieving this vision. Strategic intent can be thought of as a framework for decision making in an uncertain environment where detailed plans can be very1 CORPORATE STRATEGY AND PRICING POLICYLEARNING OBJECTIVESIn this chapter you will:•Look at the meaning of strategy•Be shown the key stages in develop Ebook Business economics: Part 2the question: what decision would help to allow the firm to operate at a higher level in line with the vision?Strategic PlanningIf a firm is able to articulate where it wants to be in the future then it needs to put something in place to help it achieve that goal and this might be a plan of some des Ebook Business economics: Part 2cription. Strategic planning aims to put in place a system for decision making which is designed to help the business achieve its long-term goals. SucEbook Business economics: Part 2
h a plan may include four elements; establishing the purpose, the objectives, strategies and tactics, commonly referred to by the acronym POST.In orde1 CORPORATE STRATEGY AND PRICING POLICYLEARNING OBJECTIVESIn this chapter you will:•Look at the meaning of strategy•Be shown the key stages in develop Ebook Business economics: Part 2h an awareness-building exercise might start with an analysis of the firm and its market, its place within that market and to understand the market.1 CORPORATE STRATEGY AND PRICING POLICYLEARNING OBJECTIVESIn this chapter you will:•Look at the meaning of strategy•Be shown the key stages in developGọi ngay
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