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Definition
positioning the organization in order to achieve competitive advantage
make decisions about in which businesses to compete |
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| When a firm's actions in industry add value & few competing firms engage in similar action |
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| when a firms action in industry fail to create economic value |
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| 5 elements of strategy (SAVED) |
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Definition
Staging
Arenas
Vehicles
Economic Logic
Differentiators |
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| Speed of moves, sequence of actions |
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| How we will get it there- Joint ventures etc |
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| How will we obtain our returns |
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| Continuous process that involves attempts to match organization with its changing environment in most advantageous way possible |
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| Process of creating a vision and craft blueprint for realizing the vision |
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| Develop supporting analysis & implement chosen strategy |
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| deals with implementing long range plans |
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| allocates tasks to specific resources & time periods |
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| Essence to strategy process |
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Definition
Identify prime strategic issues
Create Strategic alternatives
Analyze alternatives and chose the best |
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| Creating & meeting week to week goals |
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| Broad directions to accomplish |
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| Specifics to be met within goals |
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Assessing strategic situation
Strategic formulation
Strategy implementation & planning
Strategic Control |
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Definition
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Company's mission flows down from CEO's vision
Defines its purpose & what is wished to accomplish |
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| Resources a firm possesses that enable it to engage in activities that generate economic value |
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| resources that reduce a firm's economic value if they are used by a firm to implement strategy |
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| chances for a firm to improve competitive position & performance |
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| Any group outside firm that seeks to reduce firm's performance |
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| All organization focus on mission, purpose, role in society |
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| Inter-organizational strategy |
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Definition
| Involves relationships outside organization- Competitive, cooperative & collective behavior |
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| Strategy for Multibusiness Organization |
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Definition
| How to compete most effectively |
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| Functional/operating strategy |
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Definition
| Strategy to make a business operate effectively |
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| Company's resources provide competitive advantage |
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| Firms possess certain skills that provide competitive advantage |
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Definition
| firms with similar strategic characteristics will perform similarly |
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| Successful firms are those that define the future |
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Definition
| Process of seeking & gathering information about events outside the company that will help management chart future actions |
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Firm has no control over factors
Identified with CSF's
Direct impact on the firm |
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Term
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Definition
| 5 principles (econ, tech, competitive, social, political) |
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| looks at mostly competitors in your industry |
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| suppliers, customers, competitors etc |
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| affect the general health & well being of a nation's or region's economy |
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| Involve issues that are people oriented |
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| Large # of competing firms, low cost of entry |
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Small # of competing firms
Costly to enter & exit
Heterogeneous competition |
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Term
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Definition
intensity of rivalry
threat of substitutes
bargaining power of buyers
bargaining power of suppliers
Threats of new entrants |
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Definition
| technique for revealing different competitive positions of industry |
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| both industry & strategic group membership determine probability |
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| Limited # of areas in which satisfactory results ensure successful competitive performance |
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| External analysis sources |
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Definition
| Key areas in which a business must be satisfactory to survive |
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| Positioning/competitive strategy |
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Definition
| success comes from a firm's position in an industry and the strategy they choose |
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| Strategic conflict/game strategy |
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Definition
| Advantage comes from outmaneuvering the competition including sending misleading signals |
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| Factors in achieving competitive advantage |
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Definition
large scale commitment
experience
Comparative Advantage
competitor restraints
becoming industry standards
uniqueness
capacity to respond & act |
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Definition
Responsible for totality of Organization
-corporation, division, subsidiary, business unit |
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| 3 traits a leader needs to have |
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Definition
Envision
Energizing
Enabling |
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leads by life stories
enables others to lead |
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| responsible for supervising a particular function, like marketing |
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| anyone with a vested interest in firm's success |
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| Describes what the organization aspires to be & do in the future |
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| Defines why the organization exists and what it should be doing |
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Definition
Specific
Measurable
Attainable
Realistic
Timely |
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