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UARK SCMT 4653 EXAM 1
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UARK SCMT 4653 EXAM 1
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UARK SCMT 4653 EXAM 1Definitions of Strategy - Answers- A high-level plan to achieve objectives under
uncertain conditions
A comprehensive way to pursue goals
A game plan for how goals will be achieved through the use of resources
A plan of action or policy designed to achieve a major overall aim
Essence of strategy - Answers- setting goals
identifying needed actions to achieve goals
utilizing resources to execute actions
creating "fit" among a company's activities
Importance of strategy - Answers- Resources needed to achieve goals are limited
Helps decision makers allocate resources effectively
Provides a framework for evaluation of inherent cost and benefit trade-offs
Key components of strategy - Answers- formulation and implementation
Formulation - Answers- analyze the environment, diagnose the problem, and develop a
guiding policy for dealing with change/ challenges
Benefits of successful strategy - Answers- goal achievement, resource allocation,
clarity, direction, focus, proactively shaping the future, and comparative advantage
Determining actions to achieve goals - Answers- when a goal is clear, everyone can
rally around that idea and begin to determine the best course of action to reach a
shared strategic objective.
2 of the most common examples of strategy - Answers- -military
-sports
Sports strategy examples - Answers- -football
-basketball
what do football strategies show - Answers- strategies often evolve over time in
response to comparative advantages or disadvantages relative to the competition.
, Resources needed to achieve goals are limited - Answers- -The things required to
achieve our goals are usually finite.
-It is just a reality for the vast majority of individuals and organizations.
-And because we never have enough resources to do everything that we would like do,
trade-off decisions have to be made.
-Tough decisions have to be made. And when faced with tough decisions, we want to be
as efficient and effective as possible
Developing a guiding policy for dealing with the challenge - Answers- -Successfully
identifying problems and thoroughly understanding the nuances associated with them
will help strategists develop an approach for dealing with these challenges.
-An overall guiding policy that overcomes problems will help focus strategic efforts.
benefits of a successful strategy - Answers- -Helps achieve goals
-Allocates resources
-Clarifies purpose
-Gives direction for action
-Focus
-Proactively shapes the future
-action plans are coordinated, consistent, and goal oriented
what leads to differential firm performance - Answers- -resource based view
-positioning (porter)
First pillar of porter- pos in external environ - Answers- -firm success depends on
leveraging strengths to obtain an advantageous position within the external environment
-differential firm performance comes down to industry structure and a firm's place within
that industry structure.
Second pillar of porter - Answers- 2 basic forms of firm strength:
-firms can perform the exact same activities as their competitors, but perform these
activities in a different way that is much more efficient
-performing a completely different set of activities that deliver a unique mix of value.
Third pillar of porter - Answers- Applying firm strengths in a broad or narrow scope
yields three strategies
-Cost Leadership
-Differentiation
-Focus
generic strategies that take advantage of specific types of firm strength relative to the
competition.
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