Chapitres 2: Strategic Management And Strategic Competitiveness

Question 1

What is strategy according to michael porter

Answer 1

1- operational effectiveness is not strategy

2- strategy rests on unique activities

3- sustainable strategic position requires trade-offs

4- fit drives both competitive advantage and competitive advantage sustainability

Question 2

What is the strategic management process vision and mission

Answer 2

The vision and mission provide the foundation the firm needs to choose and implement its strategy

A key purpose of vision and mission statement is to communicate with stakeholders

Question 3

What is a vision

Answer 3

A vision is a picture of what the firm wants to be and what it wants to achieve

A vision statement:

1-Articulates the ideal description of an organization and gives shapes to its intended future

2-Tends to be relatively short and concise

3-Stretches and challenges people

4-Conditions in the firm’s external environment and internal organization influence the forming of a vision statement

Question 4

What is a mission

Answer 4

A mission specifies the businesses in which the firm intends to compete and the customers it intends to serve

A mission:
1- is more concrete than a firm’s vision
2- should establish a firm’s individuality
3-should be inspiring and relevant to all stakeholders
4- deals more directly with product markets and customers
5- has a higher probability of being effective when employees have a strong sense of ethics