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Strategy > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

from external to internal analysis

A

similar external opportunities/threats

source for observable performance differences must be found inside the firm RESOURCES,CAPABILITIES CORE compentces

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2
Q

core competences

A

unique strengths, embedded deep within the firm

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3
Q

resources

A

any tangible or intangible asset a firm can utilise when formulating and executing a strategy

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4
Q

capabilities

A

organizational, managerial skills necessary to orchestrate a diverse set of resources and to deploy them strategically them strategically

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4
Q

capabilities

A

organizational, managerial skills necessary to orchestrate a diverse set of resources and to deploy them strategically them strategically

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5
Q

activities

A

distinct and fine-grained business concept (order taking, physical delivery to clients)

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6
Q

resource based view:tangible resources

A

labor, capital, land, buildings…

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7
Q

resource based view:intangible resources

A

firms cultur, knowledge, brand equity, brand reputation, equity, patents etc

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8
Q

resource based view: Resource heterogeneity

A

bundles of resources, capabilities differ across firms in the same industry

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9
Q

resource based view: resource immobility

A

resources do not move easily from firm to firm

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10
Q

VIRO framework

A

identfying resources as key to superior performance + predicting firm level competitive advantage

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11
Q

VIRO framework: valuable resources

A
  • enables firm to exploit external oppertunities/offset external threats + increase economic value creation
    revenue rises: if predicted value of product increases
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12
Q

VIRO framework: rare

A

if only one firm processes this resource

- resource valuable+ rare= competitive advantage

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13
Q

VIRO framework: costly to imitate

A

if the firm that do not processes resource are unable to develop buy it and good price

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14
Q

VIRO framework: direct immitation

A

competitive advantage can not be sustained if it can be easily imitated

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15
Q

VIRO framework: substitution

A

offering a comparable product -> strategic equivalence

16
Q

VIRO framework: organised

A

having an effective organizational structure

17
Q

Isolating mechanisms

A

how to sustain competitive advantage

18
Q

Isolating mechanisms: better expectations of future resources

A

the foundation of a competitive advantage, When turn out to be more accurate than those held by competitors (when resources are acquired at lower cost)

19
Q

Isolating mechanisms: PATH DEPENDENCY

A

The options one faces are limited by the decisions of the past. generate long term consequence due to path dependency + time compression diseconomics

20
Q

Isolating mechanisms: casual ambiguity

A

cause and effect of a phenomenon are not really apparent -> explanation theory of it needed

21
Q

Isolating mechanisms: social complexity

A

different social and business system

22
Q

Isolating mechanisms: intellectual property

A

critical intangible resources that can help stain competitive advantage

23
Q

the dynamic capabilities perspective: core rigidity

A

former core competicies turns into liability -> failed to refine and upgrade competency as the environment changed

24
Q

Isolating mechanisms: dynamic capabilities

A

ability to create upgrade its reosurces over time in a quest for competitive advantage-> creating stratgic fit

25
Q

Isolating mechanisms: dynamic capabilities perspective

A

ca is the outflow of a firms capacity to dynamically reconfigure is resources base in a way to gain competitive advantage in a constantly changing environment

26
Q

Isolating mechanisms: resource stocks

A

current level of intangible resources

27
Q

Isolating mechanisms: resource flows

A

level of investment to maintain or build a resource

28
Q

Value chain

A

internal activites transforming inputs into outputs, each activity along the horizontal chain adds value for the end consumer
analysis of value chain allows understanding of how the economic value is created

29
Q

value chain: primary activities

A

aadds direct vlalue as inputs tranform in outputs

- supply chain managment, operations, after sale service, ..

30
Q

value chain: support activities

A

add value directly

-research and development, human resources, accounting….

31
Q

SWOT analysis

A

internal: stregnth and weaknessesm-> VIRO framework
external: oppertunities and threats -> identifiable through Pestel/5 forces

Strategy (5 decks)

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