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A Management 3110 > M2 Chapter 7: Creating and Executing Competitive Strategy > Flashcards

M2 Chapter 7: Creating and Executing Competitive Strategy Flashcards

1
Q

Strategic Management Process

A
  • Create mission of the organization
  • Evaluating strengths and weaknesses (internal)
  • Analyzing opportunities and threats (external)
  • Develop plans
  • Executing plans
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2
Q

Strategy

A

large-scale action plan that sets the direction for an organization

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3
Q

Strategic management

A

process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals

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4
Q

Why is strategic management/planning important?

A
  1. Provide direction and momentum
  2. Encourage new ideas
  3. Develop a sustainable competitive advantage
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5
Q

Sustainable competitive advantage occurs when an organization can stay ahead in four areas:

A
  • Being responsive to customers
  • Innovation
  • Quality
  • Efficiency
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6
Q

Strategic positioning

A

attempt to achieve sustainable competitive advantage by
preserving what is distinctive about a company
▫“performing different activities from rivals,
or performing similar activities in different ways”

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7
Q

3 Main Competitive Strategies

A

1) Differentiation
2) Cost Leadership
3) Niche/Focus

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8
Q

What is an effective strategy?

A
  1. Creation of a unique and valuable position
  2. Requires trade-offs in competing
  3. Creating a “fit” among activities
  4. The “fit” between the environment and the organization
  5. Strategy and the three circles (Best at, passion, economic engine)
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9
Q

What are the three circles (by Jim Collins)?

A
  • Best at
  • Passion
  • Economic Engine
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10
Q

Situation (SWOT) Analysis

A 
(internal)
Strengths 
Weaknesses
      (external)
Opportunities
Threats
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11
Q

Process Analysis,

Value Chain Analysis

A 
The internal activities in which a firm engages to create value for its customers.
ie: sales
marketing
R and D
Accounting
Legal, etc.
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12
Q

Industry Analysis

A

Analyze Porter’s 5 Forces

- Creating framework to identify common threats organizations face

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13
Q

Portfolio Analysis

A

The BCG Matrix

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14
Q

BCG matrix

A

a means of evaluating strategic business units on the basis of

(1) their business growth rates and
(2) their share of the market.

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15
Q

Three Levels of Business strategy:

A
  • Grand strategy (High level: basic direction, long-term goals.
  • Corporate strategy (Determines the types of business in which the firm will compete.)
  • Business level strategy (How the business unit competes within the industry)
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16
Q

Building a Foundation of Execution

A
  • Know your people and business (right people on the bus)
  • Insist on realism
  • Set clear goals and priorities
  • Follow through
  • Reward the doers
  • Expand the capabilities
  • Know yourself
17
Q

mission

A

The primary purpose for which the organization exists.

18
Q

VRIO

A

Value (resource/capability meets needs of stakeholders)
Rarity (Very few competitors have same resource/capabilities)
Imitability (Competitors’ ability to imitate, etc., similar r and c)
Organization (use r and c to maximize ability to compete)
of resources and capabilities.

If R and C have all, they’re strengths!

19
Q

Capabilities

A

Ways that a firm integrates its resources.

20
Q

Ways to analyze strengths/weaknesses

A

VRIO

Value-Chain Analysis

21
Q

Buyer Utility Map

A

A graphic representation of where an industry is currently focusing its efforts in providing value across the complete buyer experience.

22
Q

Five Forces Framework

A

Analysis model that can be used to identify the many common threats faced by organizations in their competitive environment.

23
Q

5 Threats in Five Forces Framework

A

1) Rivalry,
2) New entrants,
3) Substitutes,
4) Suppliers,
5) Buyers

24
Q

Barriers to Entry

A

economies of scale,
capital requirements,
brand loyalty,
intellectual property protection

25
Q

Diversification

A

Seeking to expand into related or unrelated industries.

26
Q

Vertical integration

A

integration of new businesses that expand the range of value chain activities for the company

27
Q

merger

A

when two or more organizations combine to become one.

28
Q

acquisition

A

An action by which one company purchases and assimilates another company

29
Q

strategic alliance

A

An agreement between two or more distinct companies in which they choose to share strategic resources or capabilities.

A Management 3110 (14 decks)

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