In: Business and Management

Submitted By jackdempsey
Words 218350
Pages 874
Manual to accompany

Crafting and Executing


The Quest for Competitive Advantage

Concepts and Cases


Arthur A. Thompson
The University of Alabama

Margaret A. Peteraf
Dartmouth College

John E. Gamble
University of South Alabama

A.J. Strickland III
The University of Alabama

Lecture Notes for Chapters 1-12




Chapter 1 explores the concepts surrounding organizational strategy. It begins with an explanation of the term strategy and offers a basis for how to identify a company’s particular strategy. Next, it explores the importance of striving for competitive advantage in the marketplace and examines the role strategy plays in achieving this advantage. The chapter then explores the idea that strategy is partly proactive and partly reactive. Next, a discussion on strategy and ethics is given. This is followed by a close look at the relationship between a company’s strategy and its business model. The chapter proceeds forward with a look at what makes strategy a winner and then presents reasons for why crafting and executing strategy are important. The chapter concludes with thoughts on the equation: good strategy + good strategy execution = good management.


I. Introduction

Managers at all companies face three central questions in thinking strategically about their company’s present circumstances and prospects: What’s the company’s present situation? Where does the company need to go from here? How should it get there? “What’s the company’s present situation?” prompts managers to evaluate industry conditions and competitive pressures, the company’s current performance and market standing, its resource strength and capabilities and its competitive weaknesses. “Where does the company need to go from here?” pushes…...

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