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Have You Got a Plan?
Can You Manage?
Let's Establish a Grand Strategy!
What's My Strategy, Porter?
May the Force Be With You (Porter's, that is)
100
A large-scale action plan that sets the direction for an organization.
What is a strategy?
100
This is step one of the strategic management process.
What is establishing the mission and the goals?
100
This is gaining information about one's competitors' activities so that you can anticipate their moves and react appropriately.
What is competitive intelligence?
100
Lexus offers unique, superior products to a wide market, so they are pursuing this strategy:
What is differentiation?
100
I've just started up a new web design program. All I needed to start it was a computer with internet access and a couple of relatively inexpensive programs. I guess almost anyone could do the same. This is the main one of Porter's five competitive forces I am concerned with in my new business.
What is threat of new entrants?
200
This is the process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals.
What is strategic management?
200
After an assessment of current organizational performance, this explains how the organization's mission is to be accomplished.
What is the grand strategy?
200
This is the careful monitoring of an organization's internal and external environments to detect early signs of opportunities and threats that may influence the firm's plans.
What is environmental scanning?
200
My Timex watch gets the job done. I didn't pay that much for it because Timex pursues this strategy.
What is cost leadership?
200
When running an automotive repair business, if my oil change prices get a little too high, I've found many of my customers will stay home and change their own oil in their yard. This is a great example of this competitive force in action.
What is Threats of Substitute Products or Services? (In this case, services).
300
This determines not only the organization's long-term goals for the next 1-5 years regarding growth and profits but also the ways the organization should achieve them.
What is strategic planning?
300
What are the three common grand strategies?
What is growth, stability, and defensive?
300
The skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission.
What is organizational strengths?
300
Claire's seeks to appeal to young women by selling inexpensive jewelry, accessories, and ear piercings. That's because they are pursuing this strategy?
What is cost focus?
300
My water bill was high last month. Unfortunately for me, I can't really get my water from anywhere else. Porter would say this competitive force is low for my water supply company.
What is supplier power?
400
An organization should adopt strategic management and strategic planning for 3 reasons. One is to encourage new ideas. Another is to provide direction and momentum. This is the third one?
What is develop a sustainable competitive advantage?
400
Putting plans into effect is called:
What is strategy implementation?
400
Environmental factors that the organization may exploit for competitive advantage?
What is organizational opportunities?
400
I paid $65 dollars for a useless teddy bear when I took my daughter to Build-A-Bear. This is because Build-a-Bear pursues this strategy.
What is focused differentiation?
400
In the grocery sector, supermarkets tend to retain power over suppliers due to volume and price of contracts. The supermarkets dictate terms, set prices, and can possibly end agreements any time. You could say this one of Porter's forces are strong in this industry.
What is buyer power?
500
This attempts to achieve sustainable advantage by preserving what is distinctive about a company.
What is strategic positioning?
500
This consists of monitoring the execution of strategy and making necessary adjustments.
What is strategic control?
500
A vision or prediction of the future.
What is forecasting?
500
Athletic gear provided by Nike is considered the premier athlete supplier for serious athletes. Their business model is simple: offer high quality sports materials and customers will be willing to pay higher prices.
What is differentiation?
500
Canon knows that Nikon makes similar products. They also know Nikon has a lot invested in their products and are not going to go away any time soon. With the increasing trend to use cellphone cameras, sales of high end cameras have been falling. In the camera industry, this one of Porter's forces is high.
What is rivalry among competitors?