Choosing a Competitive Strategy

The video tutorial explains how to develop a competitive strategy using a formal planning process. It covers internal and external analyses, including SWOT and Porter's Five Forces, to identify strengths, weaknesses, opportunities, and threats. The tutorial discusses selecting a strategy that leverages core competencies and minimizes weaknesses. It also highlights the importance of reducing supplier and consumer power and raising barriers to entry. Key characteristics of an effective strategy are outlined, emphasizing the need to align with business capabilities and market opportunities.

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