{"id":616,"date":"2019-06-25T20:57:08","date_gmt":"2019-06-26T00:57:08","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/businessessentials\/part\/the-strategic-management-process-achieving-and-sustaining-competitive-advantage\/"},"modified":"2021-12-24T18:46:58","modified_gmt":"2021-12-24T23:46:58","slug":"the-strategic-management-process-achieving-and-sustaining-competitive-advantage","status":"publish","type":"part","link":"https:\/\/pressbooks.bccampus.ca\/businessessentials\/part\/the-strategic-management-process-achieving-and-sustaining-competitive-advantage\/","title":{"raw":"Chapter 3: The Strategic Management Process: Achieving and Sustaining Competitive Advantage","rendered":"Chapter 3: The Strategic Management Process: Achieving and Sustaining Competitive Advantage"},"content":{"raw":"
\r\n
(Credit: Steve Pisano\/ flickr\/ Attribution 2.0 Generic (CC BY 2.0))<\/div>\r\n\"\"<\/span>\r\n\r\n<\/div>\r\n
\r\n
\r\n

Learning Outcomes<\/h3>\r\n<\/header>\r\n
\r\n\r\nAfter reading this chapter, you should be able to answer these questions:<\/strong>\r\n
    \r\n \t
  1. What is the strategic management process?<\/li>\r\n \t
  2. What is the difference between a firm\u2019s vision and its mission?<\/li>\r\n \t
  3. Why is strategic analysis important to strategy formulation?<\/li>\r\n \t
  4. What are strategic objectives, levels of strategy, and a grand strategy? How are they related?<\/li>\r\n \t
  5. How and why do managers plan? Why are goals important in the planning process?<\/li>\r\n \t
  6. How and why do managers evaluate the effectiveness of strategic plans?<\/li>\r\n<\/ol>\r\n<\/div>\r\n<\/div>\r\n \r\n\r\n<\/div>\r\n
    \r\n
    Chieh Huang, Boxed<\/div>\r\n

    As a successful entrepreneur, Chieh Huang knows how spot a business opportunity. His current business venture, Boxed, ships warehouse-club type products directly to customers\u2019 homes. The company has grown from $8 million in revenue to more than $100 million in just three years. How has Huang achieved this success? He started \u201cbasically trying to solve a problem that I myself have. I grew up in the burbs, and every other weekend would go to the Price Club, and then I went to the city and didn\u2019t have a car anymore. Am I just supposed to get ripped off?\u201d<\/p>\r\n\r\n

    Feldman, Amy (2016). \u201cCostco For Millennials: How Chieh Huang Built Boxed, A Mobile Juggernaut With $100M+ In Revenue.\u201d Forbes<\/em>. https:\/\/www.forbes.com\/sites\/forbestreptalks\/2016\/10\/19\/costco-for-millennials-how-chieh-huang-built-boxed-a-mobile-juggernaut-with-100m-in-revenue\/#7870fb552adb Accessed September 4, 2017.<\/div>\r\nHuang thought that other millennials might be in the same situation and developed a company to offer bulk items like paper towels and energy bars at warehouse-club prices to millennials who want app-based shopping convenience.\r\n
    \r\n
    Chieh Huang<\/div>\r\n
    Chieh Huang, founder and CEO of Boxed. (Credit: Boxed.com \/ Attribution 2.0 Generic (CC BY 2.0))<\/div>\r\n\"A<\/span>\r\n\r\n<\/div>\r\nHuang explained his entrepreneurial approach this way: \u201cWith repeat entrepreneurs, you not only solve a problem, you look for changes taking place in the world that become tailwinds to help the business exponentially grow.\u201d\r\n
    Mccausland, Christianna (2016). \u201cBoxed founder Chieh Huang shares lessons in entrepreneurship.\u201d Johns Hopkins Magazine<\/em>. https:\/\/hub.jhu.edu\/magazine\/2016\/summer\/boxed-chieh-huang-interview\/. Accessed September 4, 2017.<\/div>\r\nEnvironmental analysis might reveal an opportunity, but strategic planning is what makes it grow. Huang has managed growth by obtaining the resources necessary to serve more customers. As CEO of Boxed, Huang has raised money to build distribution centers, hired employees, developed private-label products to offer customers low prices, and expanded supplier relationships.\r\n

    What is the strategy at Boxed? Huang discussed the company\u2019s position in an interview on CNBC. He acknowledged that today\u2019s selling environment is focused on \u201cvalue, convenience, and brand,\u201d<\/p>\r\n\r\n

    Huang, Chieh (2016). Interview on Mad Money, MSNBC. Available on Youtube: https:\/\/www.youtube.com\/watch?v=3ANAe1vLAIw<\/div>\r\nand said that when companies sell at similar low prices and offer similar delivery services, the only real differentiator left is brand. Huang has worked hard to develop the Boxed brand, promoting it on CNN, MSNBC, and the Today Show. The Boxed brand is also enhanced by reports of the benefits Huang offers employees. The CEO pays college tuition for employees\u2019 children and even pays for employee weddings. For millennials, a company\u2019s values have become part of its value, and if the price and convenience offered by Boxed match other sellers, Boxed\u2019s values may be their best asset in attracting customers. This YouTube video is a CNBC story about Boxed with an interview with Huang.\r\n

    https:\/\/www.youtube.com\/watch?v=3ANAe1vLAIw<\/a>\u00a0<\/strong><\/p>\r\n\r\n<\/div>","rendered":"

    \n
    (Credit: Steve Pisano\/ flickr\/ Attribution 2.0 Generic (CC BY 2.0))<\/div>\n

    \"\"<\/span><\/p>\n<\/div>\n

    \n
    \n
    \n

    Learning Outcomes<\/h3>\n<\/header>\n
    \n

    After reading this chapter, you should be able to answer these questions:<\/strong><\/p>\n

      \n
    1. What is the strategic management process?<\/li>\n
    2. What is the difference between a firm\u2019s vision and its mission?<\/li>\n
    3. Why is strategic analysis important to strategy formulation?<\/li>\n
    4. What are strategic objectives, levels of strategy, and a grand strategy? How are they related?<\/li>\n
    5. How and why do managers plan? Why are goals important in the planning process?<\/li>\n
    6. How and why do managers evaluate the effectiveness of strategic plans?<\/li>\n<\/ol>\n<\/div>\n<\/div>\n

       <\/p>\n<\/div>\n

      \n
      Chieh Huang, Boxed<\/div>\n

      As a successful entrepreneur, Chieh Huang knows how spot a business opportunity. His current business venture, Boxed, ships warehouse-club type products directly to customers\u2019 homes. The company has grown from $8 million in revenue to more than $100 million in just three years. How has Huang achieved this success? He started \u201cbasically trying to solve a problem that I myself have. I grew up in the burbs, and every other weekend would go to the Price Club, and then I went to the city and didn\u2019t have a car anymore. Am I just supposed to get ripped off?\u201d<\/p>\n

      Feldman, Amy (2016). \u201cCostco For Millennials: How Chieh Huang Built Boxed, A Mobile Juggernaut With $100M+ In Revenue.\u201d Forbes<\/em>. https:\/\/www.forbes.com\/sites\/forbestreptalks\/2016\/10\/19\/costco-for-millennials-how-chieh-huang-built-boxed-a-mobile-juggernaut-with-100m-in-revenue\/#7870fb552adb Accessed September 4, 2017.<\/div>\n

      Huang thought that other millennials might be in the same situation and developed a company to offer bulk items like paper towels and energy bars at warehouse-club prices to millennials who want app-based shopping convenience.<\/p>\n

      \n
      Chieh Huang<\/div>\n
      Chieh Huang, founder and CEO of Boxed. (Credit: Boxed.com \/ Attribution 2.0 Generic (CC BY 2.0))<\/div>\n

      \"A<\/span><\/p>\n<\/div>\n

      Huang explained his entrepreneurial approach this way: \u201cWith repeat entrepreneurs, you not only solve a problem, you look for changes taking place in the world that become tailwinds to help the business exponentially grow.\u201d<\/p>\n

      Mccausland, Christianna (2016). \u201cBoxed founder Chieh Huang shares lessons in entrepreneurship.\u201d Johns Hopkins Magazine<\/em>. https:\/\/hub.jhu.edu\/magazine\/2016\/summer\/boxed-chieh-huang-interview\/. Accessed September 4, 2017.<\/div>\n

      Environmental analysis might reveal an opportunity, but strategic planning is what makes it grow. Huang has managed growth by obtaining the resources necessary to serve more customers. As CEO of Boxed, Huang has raised money to build distribution centers, hired employees, developed private-label products to offer customers low prices, and expanded supplier relationships.<\/p>\n

      What is the strategy at Boxed? Huang discussed the company\u2019s position in an interview on CNBC. He acknowledged that today\u2019s selling environment is focused on \u201cvalue, convenience, and brand,\u201d<\/p>\n

      Huang, Chieh (2016). Interview on Mad Money, MSNBC. Available on Youtube: https:\/\/www.youtube.com\/watch?v=3ANAe1vLAIw<\/div>\n

      and said that when companies sell at similar low prices and offer similar delivery services, the only real differentiator left is brand. Huang has worked hard to develop the Boxed brand, promoting it on CNN, MSNBC, and the Today Show. The Boxed brand is also enhanced by reports of the benefits Huang offers employees. The CEO pays college tuition for employees\u2019 children and even pays for employee weddings. For millennials, a company\u2019s values have become part of its value, and if the price and convenience offered by Boxed match other sellers, Boxed\u2019s values may be their best asset in attracting customers. This YouTube video is a CNBC story about Boxed with an interview with Huang.<\/p>\n

      https:\/\/www.youtube.com\/watch?v=3ANAe1vLAIw<\/a>\u00a0<\/strong><\/p>\n<\/div>\n","protected":false},"parent":0,"menu_order":3,"template":"","meta":{"pb_part_invisible":false,"pb_part_invisible_string":""},"contributor":[],"license":[],"class_list":["post-616","part","type-part","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/pressbooks.bccampus.ca\/businessessentials\/wp-json\/pressbooks\/v2\/parts\/616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.bccampus.ca\/businessessentials\/wp-json\/pressbooks\/v2\/parts"}],"about":[{"href":"https:\/\/pressbooks.bccampus.ca\/businessessentials\/wp-json\/wp\/v2\/types\/part"}],"version-history":[{"count":3,"href":"https:\/\/pressbooks.bccampus.ca\/businessessentials\/wp-json\/pressbooks\/v2\/parts\/616\/revisions"}],"predecessor-version":[{"id":905,"href":"https:\/\/pressbooks.bccampus.ca\/businessessentials\/wp-json\/pressbooks\/v2\/parts\/616\/revisions\/905"}],"wp:attachment":[{"href":"https:\/\/pressbooks.bccampus.ca\/businessessentials\/wp-json\/wp\/v2\/media?parent=616"}],"wp:term":[{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/businessessentials\/wp-json\/wp\/v2\/contributor?post=616"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/businessessentials\/wp-json\/wp\/v2\/license?post=616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}