I. Basics

Question 1

What is strategy?

Answer 1

• Never an objective by itsself
• Ultimate objective: sustainable competitive advantage
• The ability to:
  
  • offer something that customers value
  • in a way that drives value for the firm
  • that is difficult to imitate
  • that can be sustained over long periods of time
• ⇒ creating a unique, valuable and sustainable “position”
• Key tool to achieve alignment

Question 2

Key Strategy questions

Answer 2

1. Industry
2. Internal ressources and capabilities
3. Environment
4. Timing

Question 3

Porters 5 Forces

Answer 3

• Market
  
  1. Rivalry among competitors
  2. Threat of new entrants
  3. Threat of substitutes
• Value Chain
  
  1. Bargaining power of suppliers
  2. Bargaining power of buyers

Question 4

Key Vocab 1

Monopsony

Straddling

Commodity

Jargon

Answer 4

• Monopsony: just one powerful buyer
• Straddling: grätschen, pursuing many goals without focus
• Commodity: goods are treated similar, with no regard to who produced them
• Jargon: Fachsprache