What is Strategy? - ANSWERSis an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain competitive advantage
An effective strategy enables what? - ANSWERSenables firm to exploit competencies in a way that differentiates itself from competitors
...
SEVI 3013 - Final Exam 100% Correct!!
What is Strategy? - ANSWERSis an integrated and coordinated set of commitments
and actions designed to exploit core competencies and gain competitive advantage
An effective strategy enables what? - ANSWERSenables firm to exploit competencies in
a way that differentiates itself from competitors
Effective strategy allows: - ANSWERSfirm to outperform its rivals, and achieve above
average returns
Above Average Returns - ANSWERSreturns in excess of what an investor expects to
earns from other investments with a similar amount of risk
what questions do strategy answer? - ANSWERS1. WHERE do we compare
2. What UNIQUE VALUE do we bring?
3. What RESOURCES & CAPABILITIES do we utilize?
4. How do we SUSTAIN UNIQUE VALUE over time?
I/O Model - ANSWERSthe external environment drives company performance - Find the
"right" industry
Resource Based Model - ANSWERSresources and capabilities drive company
performance - identify and lever core competencies
Industry Environment Analysis - ANSWERS1) Threat of new entrants
2) Bargaining power of suppliers
3) Bargaining power of buyers
4) Threat of substitute products
5) Intensity of rivalry among competitors
External Analysis Outcomes - ANSWERSdetermine the opportunities and threats in an
industry or any segment that will drive profitability, growth, and volatility through
1) economic
2) sociocultural
3) global
4) technological
5) political/legal
6) demographic
Five Forces Model (finding the "right" Industry) - ANSWERSRivalry among existing
competitors: 1. threat of new entrants
2. bargaining power of buyers
3. threat of substitutes products or services
, 4. bargaining power of suppliers
Components of External Analysis
1. Scanning - ANSWERSidentifying early signs of environmental changes and trends
Components of External Analysis
2. Monitoring - ANSWERSdefining meaning through ongoing observations of changes
and trends
Components of External Analysis
3. Forecasting - ANSWERSdeveloping projections of anticipated outcomes based on
changes and trends
Components of External Analysis
4. Assessing - ANSWERSdetermining the timing and importance of changes and
trends for firms strategies
Internal Analysis - ANSWERS- The process of examining an organization's strengths
and weaknesses.
- helps the company decision-makers accurately identify areas for growth or revision to
form a practical business strategy or business plan.
Tangible Resources - ANSWERSresources that have physical attributes and thus are
visible
intangible resources - ANSWERSresources that do not have physical attributes and
thus are invisible
Building Competitive Advantage - ANSWERS1. Resources: physical, human,
organizational capital (tangible & intangible)
2. Capability: an integrated set of resources
3. Core competencies: a source of competitive advantage
Characteristics of Core Competency - ANSWERS- costly to imitate
- valuable
- rare
- non substitutable
Not valuable, rare, costly to imitate, nonsubstitutable - ANSWERSits has a competitive
disadvantage with below avg returns
valuable and somewhat non substitutable - ANSWERSit has competitive parity with
average returns
valuable, rare, and somewhat non substitutable - ANSWERStemporary competitive
advantage and above avg to avg returns
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