Strategy: In the Beginning
the beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and mission.
Core Values
is a technique for displaying the different market or competitive positions that rival firms occupy in the industry.
Strategic Group Mapping
The competitive power of a resource or capability is measured by how many of four specific _____ tests it can pass.
VRIN
These five strategies make-up the generic competitive strategies
low-cost provider strategy.
broad differentiation strategy
focused low-cost strategy
focused differentiation strategy
best-cost provider strategy
___________ is a company's directional path and future product-customer-market-technology focus.
Strategic Vision
________ is the most powerful and widely used conceptual tool for diagnosing the principal competitive pressures in a market
The Five Forces Framework
A _________ capability is an ongoing capacity to modify existing resources and capabilities to create new ones.
Dynamic Capability
______ _____ strategy offer unique product attributes in ways that are valuable and appealing and that buyers consider the cost worth it.
A Broad Differentiation Strategy
Strategic __________ relate to strengthening a company's overall market standing and competitive position.
Strategic Objectives
An example of the producers of eyeglasses and contact lens face competitive pressures from the doctors who do corrective laser surgery is an example of _________
Competitive Pressures from Substitutes
________ ___________ is a simple but powerful tool for sizing up a company's resources and capabilities, strengths and deficiencies, its market opportunities, and the external threats to its future well-being.
SWOT Analysis
By performing value chain activities more cost-effectively than rivals or revamping the firm's overall value chain to eliminate or bypass some cost-producing activities will achieve a _______ advantage over rivals
Cost advantage
corporate strategy, business strategies, functional strategies, and operating strategies represent the ___________ ____________ ___________
The Strategy Making Hierarchy for a diversified company
_____are the major underlying causes of change in industry and competitive conditions.
Driving Forces
Virtually all organizational _______ are knowledge-based, residing in people and in a company’s intellectual capital, or in organizational processes and systems, which embody tacit knowledge.
capabilities
Using offensive strategies, hit-and-run or guerrilla warfare, to grab sales and________ from complacent or distracted rivals.
market share
_________ involves abandoning efforts to beat out competitors in existing markets and instead invent a new industry or new market segment that renders existing competitors largely irrelevant and allows a company to create and capture altogether new demand.
A Blue-Ocean Strategy
________ comprises six principal components: political factors; economic conditions in the firm’s general environment (local, country, regional, worldwide); sociocultural forces; technological factors; environmental factors (concerning the natural environment); and legal/regulatory conditions.
PESTEL
A company that has competitive assets that are central to its company strategy and superior to those of rival firms creates a _________
Competitive Advantage
_________ range of activities the firm performs internally and the breadth of its product offerings, the extent of its geographic market, and its mix of businesses
Scope of a Firm