Chapter 1 Mastering Strategy

¡Supera tus tareas y exámenes ahora con Quizwiz!

Strategy as perspective

How executives interpret the competitive landscape around them.

Strategic Management

building a careful understanding of how the world is chaining, as well as knowledge of how those changes might affect a particular firm

A business model

describes the process through which a firm hopes to earn profits -providing customers with a good or service more cheaply that it cost to create

Strategy Formulation

developing specific strategies and actions

Two pivotal events that established strategic management as a field of study in 1980

1. creation of the Strategic Management Journal 2. publication of Competitive Strategy: Techniques for Analyzing Industries and Competitors

Lessons learned from military strategy

1. good strategies simply cannot overcome a stronger adversary 2. don't repeat past mistakes 3. do not make assumptions about what your adversary can and cannot do

Strategy In Ancient Times

1. moses delegating authority to other leaders 2. Sun Tzu - winning battle without fighting 3. Trojan horse 4. King Authur - round table

Strategic Management Process

1. understand strategy and performance 2. environmental and internal scanning 3. strategy formulation 4. strategy implementation

SWOT analysis

A classic management tool that incorporates the idea of scanning elements both externally and internally is ______

predictable

A consistent pattern can make a company too

Franchising

An organization (called a franchisor) grants the right to use its brand name, products, and processes to other organizations (known as franchisees) in exchange for an up-front payment (a franchise fee) and a percentage of franchisees' revenues (a royalty fee).

creativity

Formal tools are not enough; _____ is just as important to strategic management

5 Ps of strategy

Plan - steps that a firm intends to follow in order to be successful Ploy - move designed to outwit or trick competitors Pattern - the degree of consistency in a firms strategic action Position - a firms place in the industry relative to its competitors Perspective - how executives interpret the competitive landscape around them

pattern

Strategy as _____ is a third way to view strategy; This view focuses on the extent to which a firms actions over time are consistent

SWOT Analysis

Strengths & weaknesses (internal), opportunities & threats (external)

True

T/F Deciding what a firm is not going to do is just as important to strategy as deciding what it is going to do

true

T/F each of the 5 p's of thinking about strategy is necessary for understanding what strategy is, but none of them alone is sufficient to master the concept

maintaining flexibility

_____ ________ is wise for individuals planning their career strategies as well as for firms

Nonrealized Strategy

abandoned parts of the intended strategy

Strategy Implementation

entails crafting and effective organizational structure and corporate culture

unique and positive

executives who adopt ______ and _____ perspectives can lead firms to find and exploit opportunities that others imply miss

Strategic Management Examines

how actions and events involving top executives, firms, and industries, influence a firms success or failure.

Environmental and Internal Scanning

managers must constantly scan the extern man environment for trends and events that affect the overall economy and they must monitor changes in their particular industry

business model

should be a central element of a firms strategic plan

Realized Strategy

the strategy that an organization actually follows, a product of a firms intended strategy (what the firms planned to do), the firms deliberate strategy (the parts of the intended strategy that the firm continues to pursue over time), and it's emergent strategy (what the firm did in reaction to unexpected opportunities and challenges).

Intended Strategy

the strategy that an organization hopes to execute. Usually described in detail within an organizations strategy plan

Emergent Strategy

unplanned strategy that arises in response to unexpected opportunities and challenges


Conjuntos de estudio relacionados

Ms.Silva's Theorems, Postulates, Definitions, and Formulas

View Set

Med Surg Chapter 43 pg 1008-1014 & 1018-1021/BPH, Vasectomy, & ED #2

View Set

Chapter 27: Management of Patients With Coronary Vascular Disorders

View Set

Basic Nursing Chapter Two Clinical Judgement

View Set

Intraoperative Nursing Management

View Set

12-11 Network Infrastructure Security Group

View Set

Chapters 7 10 11 12 Econ 410 Final Review

View Set

Wastewater Treatment Grade 1 - Part 1(Transcribed by Chuck)

View Set