Strategic Basics
This term means creating a unique and valuable position in the market.
What is strategic positioning?
This is Step 1 of the strategic management process.
What is establishing mission, vision, and values?
In SWOT, these are internal and positive factors.
What are strengths?
This strategy involves expanding sales, customers, or operations.
What is a growth strategy
This force refers to how easy it is for new competitors to enter an industry.
What is the threat of new entrants?
This concept means you must choose what NOT to do in order to compete effectively.
What are trade-offs?
This step involves analyzing strengths, weaknesses, opportunities, and threats.
What is assessing current reality?
In SWOT, these are external and negative factors.
What are threats?
This strategy involves little or no major change.
What is a stability strategy?
This force refers to customers having many choices and negotiating power
What is bargaining power of buyers?
These are the three levels of strategy in an organization
What is corporate-level strategy?
This step means putting the strategy into action.
What is implementation?
In VRIO, this letter asks if a resource creates customer value.
hat is V (Value)?
This strategy involves cutting back or reducing operations.
What is a defensive (retrenchment) strategy?
This strategy focuses on being the lowest-cost producer for a broad market.
What is cost leadership?
This level of strategy focuses on the entire organization and is handled by the C-Suite.
What is corporate-level strategy?
This final step involves monitoring performance and making adjustments.
What is strategic control?
In VRIO, this letter asks if competitors can easily copy the resource.
What is I (Imitability)?
This matrix categorizes business units into Stars, Cash Cows, Question Marks, and Dogs.
What is the BCG Matrix?
This strategy focuses on offering unique value for a narrow market.
What is focused differentiation?
This level of strategy focuses on departments like marketing or finance.
What is functional-level strategy?
This five-letter acronym analyzes strengths, weaknesses, opportunities, and threats
What is SWOT?
This framework evaluates Value, Rarity, Imitability, and Organization.
What is VRIO?
This type of diversification involves expanding into suppliers or distributors.
What is vertical integration?
This model includes five forces that determine industry competition.
What is Porter’s Five Competitive Forces?