Business strategy is the way in which a firm chooses to differentiate itself from its competitors in a way that results in serving its customers’ needs more profitably than its competitors.Trechos retirados de "Pricing Done Right"
Being more profitable than competitors in a given market is a tall order. It implies earning true economic profits, not simply accounting profits. How are accounting profits different from economic profits?
Accounting profits are those found on the profit and loss statements. They are the difference between a firm’s revenues and its costs. Every firm must achieve accounting profits in order to survive. And while every corporation seeks to survive, survival alone is insufficient in today’s competitive environment.[Moi ici: Recordar "Floating is insufficient"]
Economic profits are much more difficult to earn than simple accounting profits. Economic profits imply that the firm is earning a higher return on capital deployed in comparison to all other invest- ment opportunities. In an economist’s terms, economic profits are accounting profits less opportunity costs. Earning economic profits isn’t just about making money, it is about making more money by doing the things the firm chooses to do than by doing anything else. The results of economic profits are either growth opportunities for the firm or higher returns to the investors.
To earn economic profits, the firm must, in some way, be better than its competitors. It must have some form of a competitive advantage that enables it to serve its chosen customers more profitably than its competitors do.
This competitive advantage will be reflected in how the firm interacts with its customers, competitors, and itself."