Ch. 7 Strategy

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Definition:Goal

A goal is a desired future result that the organization strives to achieve

What is a SWOT analysis?

A situation analysis A model to help determine strategy Identifies Strengths, Weaknesses, Opportunities, Threats

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

Being responsive to customers Innovation Quality Efficiency

Business level strategy

Concerned with how the business unit competes within the industry.

Steps of Strategic Management

Crafting the Mission Evaluating Internal Strengths and Weaknesses Analyzing the External Opportunities and Threats Developing Plans Executing Action Plan

Corporate strategy

Determines the types of business in which the firm will compete.

Three Main Competitive Strategies

Differentiation Cost Leadership Niche/Focus

Characteristics of Effective Goals

Effective goals should be specific, measurable, relevant, challenging but achievable, and linked to appropriate time periods and rewards. Each lower level goal should be directly tied to the accomplishment of a higher level goal.

According to your text a high level strategy for the organization that provides basic direction and long-term goals is a?

Grand Strategy

What are the two indices of the BCG Matrix? Hint: (Market ___ ___, and the Market___)

Growth Rate, Share

Grand strategy

High level strategy that provides basic direction and long-term goals.

External Environments

Opportunities and Threats

According to Jim Collins what are the 3 circles of strategy?

Passionate about, Best At, Economic Engine

What are the five components of Porter's five forces model?

Power of Buyers, Power of Suppliers, Substitute Products, Rivalry amongst Competitors, Threat of new Entrants

Internal Environments

Strengths and Weaknesses

Process Analysis - Value Chain Analysis

The value chain consists of the internal activities in which a firm engages to create value for its customers. This can include a number of primary and support activities, including sales, marketing, research and development, accounting, legal services, etc.

Strategic positioning

attempts 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"

Strategy

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

Strategic Management

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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