foretaksstrategi og innovasjon

Which of the following statements is true of the social responsibilities of a business?

A firm's ethical responsibilities go beyond its legal responsibilities.

As manager of a major producer of automobile airbags, you have recently introduced the following vision statement: to protect the health of every driver and passenger. How can you ensure that your employees feel invested in and inspired by the firm's vision?

Ask employees for feedback on the vision statement and revise based on their input.

Bill's Auto & Airplane Repair shop is able to generate a positive net income of $10,000 a week; this is the industry average. We can conclude that since he has a positive net income, he also has a competitive parity in the industry.

Correct—competitive parity is achieved by generating average returns, relative to competition in a given industry.

it was not backed up with strategic commitments.

ECO Jeans, Inc. had a mission to become the leading producer of environmentally friendly blue jeans, an emerging and in-demand category in the apparel industry. Its strategy involved leveraging a network of organic cotton farmers and suppliers of environmentally responsible synthetic materials to create a product that is durable, attractive, affordable, and 100% recyclable. However, because it did not upgrade its outdated production facilities, ECO Jeans could not assemble its products at a low-enough cost to offer the jeans at a price that was attractive to customers. ECO Jeans' strategy failed because

Kreativitet

Emergens må møtes med nye, originale løsninger som er skreddersydd for situasjonen og formålet • Dette betyr at det er en link mellom strategisk ledelse og kreativitet

strategy formulation

In ________, a firm frames a guiding policy to address the competitive challenge.

Suger & Sweet Sodas has seen its market share erode in recent years, as consumers increasingly turn toward healthier beverage choices such as unsweetened sparkling water. Hoping to rekindle interest in sugary sodas, Suger & Sweet decides to produce a limited run of "throwback" cans using labeling first introduced in the 1980s. What is wrong with this strategy?

It fails to face the competitive challenge.

Better Capsules is a highly successful vitamin manufacturer. At the close of its most recent fiscal year, the company's balance sheet showed cash holdings of $110 million. Which of the following actions will provide the most benefit for stakeholders?

Reinvest profits into expanding the company and creating more jobs.

strategy implementation

Through ________, a firm puts its guiding policy into practice by employing a set of coherent actions.

Which of the following tasks in the AFI strategy framework involves evaluating the internal and external environments in which a firm operates?

analysis

When the strong dictatorial rule in Arlington unexpectedly collapsed due to the shocking death of the royal family in an explosion, the nation's economy experienced drastic changes. The laws became more restrictive, the country lost many locally produced resources and products, and the distribution of wealth became inequitable. The unexpected event that led to these changes can best be described as a(n) ________ event.

black swan

What part of the AFI strategy framework does the question "How does the firm make money?" relate to?

competitive advantage, firm performance, and business models

All of the following are external stakeholders except which of the following?

competitors

The goal of a good strategy is focused primarily on

creating superior value while containing costs.

strategoes

en general eller militær kommandør, en som leder fordelingen, plasseringen og bevegelsen av tropper i en krig

A successful strategy details a set of goal-directed actions that managers make to gain and sustain a competitive advantage; in order to create this strategy, managers must focus on three pillars. Which of the following below is not one of these pillars?

execution

Green and Good Inc., a multinational company, relies on its media partner OmniSignal to regularly advertise its offers, sales, and new products. OmniSignal is invested in this relationship because it generates most of its revenue from advertising Green and Good's products. In this scenario, OmniSignal is Green and Good Inc.'s

external stakeholder.

ontour Inc., a vendor, regularly supplies capacitors to All Purpose Electronics for use in its products. Therefore, Contour Inc. is All Purpose Electronics'

external stakeholder.

Which of the following terms describes the guiding policy to address the competitive challenge, and uses corporate- and business-level strategy?

formulation

Taktika

fra gresk: arrangement, organisering, formasjon (fra taktikos, taktos - noe som hører til en bestemt orden, som er arrangert på en spesiell måte)

The minimum wage in the country of Hanns is $8 an hour. Delish, a restaurant in Hanns' capital city, pays its servers $8 per hour. However, the management of the restaurant feels that this amount is excessive for workers whose only job is to clear tables. By continuing to adhere to the rules set by the government of Hanns, which of the following responsibilities is Delish satisfying?

legal responsibilities

Which of the following is typically an economic responsibility of a firm?

paying adequate returns to the firm's stockholders on the capital invested by them

Which of the following three important stakeholder attributes should managers pay special close attention to in order to better understand stakeholder impact analysis?

power, legitimacy, and urgency

Yellow Ride Service is a new entrant to the taxi industry. It has achieved success by staking out a unique position in the industry. How did Yellow Ride Service mostly likely achieve this position?

providing long-distance cab fares at a lower rate than competitors; servicing the same area as competitors

Which of following practices of a firm satisfies its ethical responsibilities?

selling vaccines at a subsidized price in a less developed country even though this results in reduced shareholder returns

Which of the following stages of the strategic management process involves an evaluation of a firm's external and internal environments?

strategy analysis

Bright Lighting was the first company to start selling LED light bulbs in its country—a product that gained popularity among diverse groups. Soon, other companies started to sell their own brands of LED bulbs, thereby giving Bright Lighting ample competition. In response, Bright Lighting decided to limit its LED light bulbs to outdoor models. However, it ensured that these models were the longest-lasting and lowest-priced on the market. With this innovation, Bright Lighting consistently outperformed its competitors for ten years. In this scenario, Bright Lighting maintained a ________ through its innovative strategy.

sustainable competitive advantage

or a firm that operates in an industry where competition is high, which of the following practices will result in inferior performance?

trying to be everything to everybody by combining different competitive strategies

Emergens

• Den formen for utvikling som finner sted i en verden med kompleksitet og dynamisk interaksjon, dreier seg for en stor del om emergens • Vi finner emergens i omgivelsene - som betyr at situasjoner og utfordringer «dukker opp», «kommer til overflaten», vokser frem

Kompleksitet

• Flere elementer (i et system) som påvirker utfallet• Elementene kan variere over tid og fra situasjon til situasjon • Forbindelsene mellom elementene kan variere • Det kan oppstå dynamisk samspill og kombinasjonseffekter («cocktaileffekter») mellom elementene • Til sammen gjør dette at situasjoner og konsekvenser blir uforutsigbare og noen ganger farlige• Men gode kombinasjoner kan også utnyttes til strategisk fordel

Prosesser

• Gode prosesser er viktige for å få frem... • 1) ...gode løsningsalternativer • 2) ...gode vurderinger og beslutninger • 3) ...gode iverksettelsesprosesser • 4) ...oppfinnsomme forslag til strategiske løsninger

A Good Strategy Is Based on Three Elements

•A diagnosis of the competitive challenge. • Analysis of the firm's internal and external environments. •A guiding policy to address the competitive challenge.• Formulation. • Results in corporate, business and functional strategy. •A set of coherent actions to implement the firm's guiding policy. • Implementation.

Sustainable Competitive Advantage

•A firm that is able to outperform its competitors or the industry average over a prolonged period. •Example: Apple (smartphone industry): • Sustainable competitive advantage over Samsung. • Has lasted over a decade.

Strategy

•A set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors. •To achieve superior performance, companies compete for resources: • New ventures: financial and human capital.• Existing companies: profitable growth. • Charities: donations.• Universities: the best students and professors. • Sports teams: championships.• Celebrities: media attention.

Competitive Disadvantage & Competitive Parity

•Competitive Disadvantage: a firm that underperforms:• Its rivals.• The industry average.•For example, is 15% ROIC superior?• It depends on the industry.•Competitive Parity: two or more firms that perform at the same level.

How to Gain a Competitive Advantage

•Provide goods or services that: • Consumers value more highly than those of its competitors, or • Are similar to the competitors' at a lower price. •The rewards of superior value creation: • Profitability.• Market share.

Competitive Advantage

•Superior performance relative to other competitors in the same industry or the industry average. • Competitive advantage is relative, not absolute. •To assess competitive advantage, benchmark: • Compare the firm to competitors in the same industry. • Compare the firm to the industry average.