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Corporate Strategy the decisions that senior management makes and the goal-directed actions it takes to gain and sustain competitive advantage in several industries and markets simultaneously -vertical integration: industry value chain describes the transformation of raw materials into finished goods and services along distinct vertical changes -diversification: what range of products and services should the company offer? -geographic scope: where should the company compete geographica...

PESTEL Framework model Political Economic Sociocultural Technological Ecological Legal Categorizes and analyzes an important set of external factors that might impinge on a firm. Define Industry A group of incumbent companies that face more or less the same set of suppliers and buyers Define Industry Effects firm performance attributed to the structure of the industry in which the firm competes Define Firm effects Firm performance attributed to the actions manage...

PESTEL model A framework that categorizes and analyzes an important set of external factors (political, economic, sociocultural, technological, ecological, and legal) that might impinge upon a firm. These factors can create both opportunities and threats for the firm. political factors process and actions of government bodies that can influence the decisions and behavior of firms economic factors largely macroeconomics, affecting economy-wide phenomena sociocultural facto...

T/F: Differentiation and cost leadership are only effective in manufacturing industries. F T/F: The major value drivers that managers have at their disposal when using a differentiation strategy include product features, customer service, and complements T T/F: A differentiator will always benefit when products have become commonditized F T/F: A cost leader is the firm most likely to survive a price war T A __________ primarily details the goal-directed actions ma...

PESTEL model A framework that categorizes and analyzes an important set of external factors (political, economic, sociocultural, technological, ecological, and legal) that might impinge upon a firm. These factors can create both opportunities and threats for the firm. political factors process and actions of government bodies that can influence the decisions and behavior of firms economic factors largely macroeconomics, affecting economy-wide phenomena sociocultural facto...

PESTEL Framework model Political Economic Sociocultural Technological Ecological Legal Categorizes and analyzes an important set of external factors that might impinge on a firm. Define Industry A group of incumbent companies that face more or less the same set of suppliers and buyers Define Industry Effects firm performance attributed to the structure of the industry in which the firm competes Define Firm effects Firm performance attributed to the actions manage...

A term described as an integrative management field that combines analysis, formulation and implementations in the quest for competitive advantage. Strategic Management Identify "Strategic commitments" as a formulated strategy and using policy Strategic commitments are effective guiding policies such as sizable investment or changes o an organizations incentives and reward systems. These are big changes that can't be easily reversed. Understand what it means to have competitiv...

T/F: Differentiation and cost leadership are only effective in manufacturing industries. F T/F: The major value drivers that managers have at their disposal when using a differentiation strategy include product features, customer service, and complements T T/F: A differentiator will always benefit when products have become commonditized F T/F: A cost leader is the firm most likely to survive a price war T A __________ primarily details the goal-directed actions ma...

strategic management integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage strategy the set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors good strategy enable a firm to achieve superior performance relative to its competitors. Consisted of 1) a diagnosis of the competitive challenge. 2) a guiding policy to address the competitive challenge. 3) a set o...

What is strategy? - A company's strategy is the set of actions that its managers take to outperform the company's competitors and achieve superior profitability. What are 3 components of a good strategy? What is a good strategy? - What is our present situation? (Analysis) Business environment and industry conditions Firm's financial and competitive capabilities - Where do we want to go from here? (Formulation) Creating a vision for the firm's future direction - How are we going...