W3: Strategy

Question 1

what is strategy

Answer 1

strategic initiatived a company pursues to create value for the organisation and its stakeholders, and gain a competitive advantage

Question 2

4 key strategic questions

Answer 2

• Where do we compete
• what unique value do we bring
• what resources and capatbilities do we utilise
• how do we sustain our value

Question 3

What is a business model

Answer 3

Defines how an enterprise interacts with its environment to define a unique strategy, attract the resources and build the capabilities to execute it and in the process create value for all shareholders

Question 4

what are the 4 parts of a business model

Answer 4

• customer value proposition
• a profit formula - how to make money
• key processes
• key resources

Question 5

4 choices to determine strategic position

Answer 5

• market/channel
• product positioning
• value chain / value network proposition
• boundary positioning

Question 6

4 strategic audit areas

Answer 6

• customer audit
• product/market positioning audit
• value network audit
• context audit

Question 7

draw mcfarlands strategig grid AND EXPLAIN

Answer 7

slide 308

Question 8

what are porters 5 forces and draw it

Answer 8

Competitive Rivalry
Threat of New Entrants
Threat of Substitutes
Bargaining Power of Suppliers
Bargaining Power of Buyers
see slide 314 for drawing

Question 9

Explain 4 IS strategies

Answer 9

• low-cost leadership: use IS to produce products/services at lower price than competitors
• Product differentiation: use IS to differentiate products/services
• focussing on niche market: use IS to focus strategy on single niche
• customer and supplier intimacy: use IS to develop strong ties and loyalty with suppliers and customers