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Management
Chapter 6
| Question | Answer |
|---|---|
| Strategic Positioning | attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company -developed by Michael Porter |
| Three Key Principles of Strategic Positioning | 1. Strategy is the creation of a unique and valuable position 2. Strategy requires trade-offs in competing 3. Strategy involves creating a fit among activities |
| Competitive Intelligence | Means gaining information about ones competitors activities so that you can anticipate their moves and react appropriately |
| Environmental Scanning | Monitoring of an organizations internal and external environments to detect early signs of opportunities and threats that may influence the firms plans |
| SWOT - process for scanning | 1. internal Strengths 2. Internal Weaknesses 3. External Opportunities 4. External Threats |
| Benchmarking | a process by which a company compares its performance with that of high-performing organizations |
| Porters Five Competitive Forces | 1. Threat of new entrants 2. bargaining power of suppliers 3. bargaining power of buyers 4. threat of substitute products or services 5. rivalry among competitors |
| Grand Strategy | Explains how the organizations mission is to be accomplished |
| cost-leadership strategy | keep the cost, and hence prices, of a product or service below those of competitors and target a wide market |
| cost-focus strategy | keep the cost of a product below those of competitors and to target a narrow market |
| Differentiation strategy | offers products that are of unique and superior value compared to those of competitors but to target a wide market |
| Focused-differentiation strategy | offers products that are of unique and superior value compared to those of competitors and to target a narrow market |
| single-product strategy | company makes and sells only one product within its market |
| diversification | operating several businesses in order to spread the risk |
| vertical integration | Firm expands into businesses that provide the supplies it needs to make its products or that distribute and sell its products |
| Blue Ocean Strategy | A company creates a new, uncontested market space that makes competitors irrelevant, creates new consumer value, and decreases cost |
| Strategy Implementation | putting strategic plans into effect |
| Strategic control | monitoring the execution of strategy and taking corrective action, if necessary |
| Execution | consists of using questioning, analysis, and follow-through in order to mesh strategy with reality, align people with goals, and achieve results promised |
| Three Core Processes of Business | 1. People - consider who will benefit you in the future 2. Strategy - consider how success will be accomplished 3. Operations - consider what path will be followed |
Created by:
wtterry41
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