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Explain the role of strategy in a firm’s quest for competitive advantage.
■ Strategy is the set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors.
■ A good strategy enables a firm to achieve superior performance. It consists of three elements:
1. A diagnosis of the competitive challenge.
2. A guiding policy to address the competitive challenge.
3. A set of coherent actions to implement the firm’s guiding policy.
■ A successful strategy requires three integrative management tasks—analysis, formulation, and implementation.
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