Bus 498 - Study guides, Class notes & Summaries

What are the three key elements for a good strategy? - ️️1. A diagnosis of the challenge aka analysis 2. A guiding policy to address the challenge aka formulation 3. A set of coherent actions to implement the firm's policy aka implementation How do you know you have the competitive advantage? - ️️When your firm performs relatively better than your competitors or the industry average. What is sustainable competitive advantage? - ️️It's when your firm is able to outperform...

PESTEL model - ️️a framework that categorizes and analyzes an important set of external forces (political, economic, sociocultural, technological, ecological, and legal) that might impinge upon a firm. These forces are embedded in the global environment and can create both opportunities and threats for the firm. industry - ️️a group of (incumbent) companies that face more or less the same set of suppliers and buyers; these firms tend to offer similar products or services to meet sp...

What is strategy? - ️️A firm's goal-directed actions to gain and sustain competitive advantage. What is competitive advantage? - ️️-- Superior performance relative to competitors (ability to create more economic value). -- Sustainable vs. temporary competitive advantages --**Sustainalbe if competitors are unable to imitate the source of advantage. It may not last.** How to generate competitive advantage? What are the consequences of competitive advantage? - ️️-- Differenti...

places a firm at a disadvantage in regards to its ROI - ️️is assessed relative to other competitors in the industry Effective guiding policy is supported by and stays consistent through the use of Blank______. Multiple choice question. strategic commitments trade-offs social responsibilities grandiose statements - ️️strategic commitments Which of the following elements comprise strategic management? - ️️analysis implementation formulation A good strategy consists of three...

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