Strategic Management summary, exam questions and mind maps by chapter
83 views 2 purchases
Course
Strategic Management
Institution
Universiteit Antwerpen (UA)
Book
Crafting and Executing Strategy
A full summary (of two mergete parts/part 1 = theme 1-5/part 2 = theme 6-10). Exam questions are indicated by an exam symbol. At the back, you'll find a mind map per chapter that provides a helicopter view on the main notions/content of that chapter. The handbook was incorporated in complex themes ...
,Theme 1: What is strategy and why is it so important? ............................................................................................. 6
1. The concept of strategy .................................................................................................................................6
2. What is strategy about?.................................................................................................................................6
3. Strategy and competitors ..............................................................................................................................7
4. The quest for competitive advantage ...........................................................................................................8
5. Strategic approach choices ............................................................................................................................8
6. The evolving nature of an organization’s strategy ........................................................................................9
7. A company’s business model.........................................................................................................................9
7.1. Business model elements .........................................................................................................................9
8. A good strategy ........................................................................................................................................... 10
8.1. The basic framework: strategy as a link between the firm and its environment ................................. 11
8.2. Common elements in successful strategies .......................................................................................... 11
9. Strategic curve ............................................................................................................................................ 14
10. The J-curve .................................................................................................................................................. 15
Theme 2: Charting an organization’s direction: vision and mission, objectives and strategy ................................. 16
1. Purpose and strategy .................................................................................................................................. 16
2. Communicating the strategic vision/mission/values ................................................................................. 17
2.1. Vision ...................................................................................................................................................... 18
2.2. Mission ................................................................................................................................................... 19
3. Core values and identity ............................................................................................................................. 19
3.1. Stage 1 – linking vision and mission with core values ........................................................................... 19
3.2. Stage 2 – The two essential kinds of objectives to set .......................................................................... 21
3.3. Stage 3 – the strategy making hierarchy ............................................................................................... 21
3.4. Stage 4 – executing the strategy ........................................................................................................... 21
3.5. Stage 5 – evaluating performance and initiating corrective adjustments............................................ 22
4. The role of the board of directors in corporate governance ..................................................................... 22
5. Strategic leadership .................................................................................................................................... 25
Theme 2B: An industry or external analysis .............................................................................................................. 25
1. The components of an organization’s macro environment ...................................................................... 25
2. Attractiveness of the industries (exam question) ...................................................................................... 27
3. Analyzing the industry: 5 forces of Michael Porter .................................................................................... 31
3.1. The Five Competitive Forces (Michael Porter) ...................................................................................... 33
3.2. PEST Analysis of Industry ....................................................................................................................... 40
3.3. Does Industry matter? ........................................................................................................................... 42
4. Does industry matter? ................................................................................................................................ 45
5. Industry dynamics ....................................................................................................................................... 58
5.1. Ecosystems changing the strategic landscape ...................................................................................... 58
5.2. What is the essence of Strategic Thinking and Implementation? ........................................................ 59
,Theme 3: Internal Analysis & Competitive Advantage ............................................................................................. 66
1. Question 1: how well is the firm’s present strategy working? .................................................................. 66
1.1. Indicators of strategic success ............................................................................................................... 66
1.2. Key financial ratios ................................................................................................................................. 67
2. Question 2: what are the firm’s competitively important resources and capabilities? ............................ 69
2.1. The impact of resources and capabilities in firms ................................................................................. 69
goals and values ................................................................................................................................................ 69
purpose (see circles on p. 12 in SV) .................................................................................................................. 69
resources and capabilities ................................................................................................................................. 69
see above ........................................................................................................................................................... 69
structure and systems ....................................................................................................................................... 69
that support the resources and capabilities ..................................................................................................... 69
2.2. Types of organizational resources ......................................................................................................... 69
2.3. Identifying capabilities ........................................................................................................................... 70
2.4. Putting resource and capability analysis to work: a practical guide ..................................................... 70
3. Question 3: is the firm able to take advantage of market opportunities and overcome external threats
to its external well-being? ..................................................................................................................................... 74
3.1. SWOT-analysis ........................................................................................................................................ 74
3.2. 7-S model of MC Kinsey ......................................................................................................................... 75
3.3. VRIO-framework .................................................................................................................................... 76
4. (Question 6) What strategic issues and problems merit prioritized managerial attention? .................... 77
5. Question 4: are the firm’s prices and costs competitive with those of key rivals, and does it have an
appealing customer value proposition? ............................................................................................................... 79
5.1. Value Chian ............................................................................................................................................ 80
5.2. Benchmarking ........................................................................................................................................ 81
6. Summary: a framework for analyzing resources and capabilities ............................................................. 82
7. Capabilities > resources: a case .................................................................................................................. 83
Theme 4: Competitive advantage through positioning ............................................................................................ 88
1. Positioning strategy: introduction .............................................................................................................. 88
1.1. Positioning adopting to existing structure ............................................................................................ 88
1.2. Determining competitive scope ............................................................................................................ 89
1.3. Competitive advantage based on 3 value disciplines (Treacy & Wiersema, 1995) .............................. 89
1.4. Competitive advantage through positioning (Michael Porter) ............................................................. 90
1.5. Competitive strategy as positioning (M. Porter) – important! ............................................................. 91
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kdgua. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
