Briefly define each of the following terms.a. Sustainable competitive advantageb. Deliberate strategyc. Emergent strategyd. Realized strategye. Abandoned strategy
What will be an ideal response?
a. A company achieves a competitive advantage when it provides buyers with superior value compared to rival sellers or offers the same value at a lower cost to the firm. The advantage is sustainable if it persists despite the best efforts of competitors to match or surpass this advantage.
b. Deliberate strategy consists of proactive strategy elements that are both planned and realized as planned and ongoing strategy elements continued from prior periods.
c. Emergent strategy consists of reactive strategy elements that emerge as changing conditions warrant. A portion of a company's strategy is always developed on the fly, coming as a response to fresh strategic maneuvers on the part of rival firms, unexpected shifts in customer requirements, fast-changing technological developments, newly appearing market opportunities, a changing political or economic climate, or other unanticipated happenings in the surrounding environment. These adaptive strategy adjustments make up the firm's emergent strategy.
d. A company's realized strategy tends to be a combination of proactive and reactive elements, with certain strategy elements being abandoned because they have become obsolete or ineffective.
e. Abandoned strategies are planned strategy elements that may not work out and are abandoned in consequence.
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