93) Before an entrepreneur can build a successful strategy, she must establish a clear mission, goals, and objectives in order to have appropriate targets at which to aim her strategy.
94) A strategy is a road map of action for fulfilling a firm's mission, goals, and objectives.
95) A company pursuing a cost-leadership strategy strives to be the lowest-cost producer relative to its competitors in the industry.
96) A danger of cost-leadership is that a company may misunderstand what processes actually drive its true costs.
97) Small firms pursuing a cost-leadership strategy have an advantage in reaching customers whose primary purchase criterion is high quality.
98) The best way to build a cost-leadership competitive advantage is to focus entirely on manufacturing costs.
99) One key to building a successful differentiation strategy is to be better than competitors at some characteristic that customers value.
100) To be successful, a differentiation strategy must create the perception of value in the customer's eyes.
101) The key to a successful differentiation strategy is to build it on a core competency, something the company is uniquely good at doing in comparison to its competitors.
102) A differentiation strategy frequently allows the company the opportunity to charge a higher price for its products or services.