Summary: Global Strategic Management [211581]2023

Strategy - -The alignment of the organization's resources with the needs of the market -Execution - -The ongoing coordination of scarce resources within the organization in a way that delivers value to customers that is superior to your competitors. -Vision Statement - -What you want a business to become -Mission Statement - -What you are going to do and how you are going to behave in order to achieve your vision. -Well crafted mission and vision - -Inspirational, practical, boundaries, motivate, guide, and coordinate -The Thiel Continuum - -The move from perfect competition to monopoly -External forces - -Economic, environmental, political, technological, and competitive forces -Industrial Organization (IO) View - -Competitive advantage is determined by a company's position in the industry. Porter's Five Forces -The Five Slides - -Competitive situation analysis, Competition's recent activity, Comparison of actions, Worries, Opportunities -Porter's Five Forces - -Substitutes, new entrants, buyers, suppliers, competitive rivalry -Competitive Profile Matrix - -Identifies firm's major competitors and their strengths & weaknesses in relation to a sample firm's strategic positions -Resource Based View - -Strategy should be defined by what a company is capable of doing. Internal factors are the most important. -Three key resources - -Physical, human, and organiza