Chpt 1 part 1 Strategic Management

Question 1

5 P’s strategy

Answer 1

Plan
Pattern
Ploy
Position
Perception

Question 2

Mission statement RSVP

Answer 2

Reason
Strategy
Values
Policies

Question 3

Objectives SAF

Answer 3

Suitable
Acceptable
Feasible

Question 4

VRIN comp adv

Answer 4

Value
Rarity
Inimitability
Non-Substitutability

Question 5

What does corporate strategy focus on (3 points)?

Answer 5

Geographical presence
Products or services offered
How resources are allocated

Question 6

What does business strategy focus on (2 points)?

Answer 6

Which products/services for which particular market How to gain competitive advantage in a particular market

Question 7

What does operational strategy focus on?

Answer 7

looks after component parts to deliver business/corp strategy: e.g. Opening hours Training/development of local staff

Question 8

Rational Model

Answer 8

1) Mission and Objectives
2) Corporate Appraisal (and environmental analysis)
3) Strategic option generation
4) Strategic evaluation and choice
5) ) Strategic implementation
6) Review and Control
7) Position Audit

Question 9

Position Audit - Johnson,Scholes & Whittington

Answer 9

Threshold Resources
Threshold competencies
Unique Resources
Core Competencies

Question 10

Kay - Capabilities to be distinct (4)

Answer 10

1) Competitive architecture
2) Reputation
3) innovation ability
4) Ownership of strategic asset

Question 11

Stalk - capabilities based competition on 4 principles

Answer 11

1) Corporate strategy built on business process
2) Processes - strategic capabilities exceed customer requests
3) Investment at firm level
4) CEO leads

Question 12

Perform better than competitors (5) (Stalk)

Answer 12

1) Judge environment/forecast changes
2) Adaptability
3) Effectiveness of innovation
4) speed of innovation
5) customer satisfaction