This chapter will help you:

LO1: Learn the decisions needed to establish a foundation for strategic planning.

LO2: Learn the forms of imitative and innovative businesses.

LO3: Articulate the benefits that win over customers.

LO4: Use SWOT analysis to identify strategic options.

LO5: Understand the major strategies of business–differentiation, cost, and focus.

LO6: Use value chain analyses to apply strategy throughout the firm.

LO7: Learn how to sustain competitive advantage through attracting customers and discouraging competition.