Samenvatting
Summary Strategic Management (BM22MIM)
Well-organised summary of the readings, lecture notes, as well as notes for in-class exercises. All information you need in one docs!
[Meer zien]Voorbeeld 3 van de 22 pagina's
Voorbeeld 3 van de 22 pagina's
In winkelwagengesponsord bericht van onze partner
Verkoper
Volgen
Voorbeeld van de inhoud
Strategic Management NotesWeek 1
Are you sure you have a strategy? - Donald C. Hambrick and James W. Fredrickson
1. WHAT IS STRATEGY?
a. a set of coordinated decisions that will allow an organisation to realise its mission
(the objecives that it wants to achieve.)
2. 5 Elements of Strategy
a. Arenas: Who are our customers?
b. Vehicles: How should we reach our customers?
c. Differentiators: How can we be different from our competitors?
d. Staging: What are the steps we should take?
e. Economic logic: How can we win the competitions and make a profit?
i. Why would customers choose us over competitors?
ii. How do we ensure that happens?
iii. Why is it profitable?
3. 5 elements are equally essential
4. 5 elements are important for choices, preparation and investment
5. 5 elements must encourage each other.
6. Strategies should be flexible so that they can be adjusted over time.
7. WHAT IS THE DIFFERENCE BETWEEN DIFFERENTIATORS AND ECONOMIC
LOGIC?
a. Economic logic includes profits but differentiators do not.
8. 2 MAIN STRATEGY
a. Low-cost strategy
i. Risk: Risk of losing customers by not offering the least expected service.
b. Differentiation strategy
i. Risk: Customer preferences changes.
c. Hybrid strategy
i. Difficult to keep the balance between costs and differentiate.
,d. Focus strategy (niche strategy)
i. Risk: Very small scale.
, What is Strategy? - Michael E. Porter
-Operational effectiveness (OE) is not strategy: competition to become more cost-effective is not a
good strategy.
-OE: doing the same activities by doing it better than opponents.
-Managers have been putting so much focus on OE. <= Not good.
-Strategic Positioning: doing different activities or the same activities but in different ways. <=
strategy
-3 elements of strategic positioning
1. Variety-based positioning: make the most of what the company have and what it can do.
2. Needs-based positioning: provide a complete solution for a specific group of consumers.
3. Access-based positioning: categorise consumers into different groups based on how they can
be reached.
-A sustainable strategic position requires a trade-off: 3 characteristics of trade-off.
1. Inconsistencies in image or reputation: if a company wants to create and maintain its
reputation, it cannot do something that goes against its position.
2. Different positions require different implementation: Once a company decided their position,
doing something against it would be ineffective.
3. Fails to manage internal coherent: not sticking to a company’s position would cause
misunderstanding within a company.
-Strategy is in other words, choosing what NOT to do.
-Fit is important when choosing its position
-3 types of fit
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper yumemirutaiyou. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €7,99. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 79223 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen