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2TECEPStrategicMngmt
Concepts & Analytical Tools
| Question | Answer |
|---|---|
| Thinking strategically about a company’s external situation involves probing for answers to what seven questions? (questions 1-2) | . Does the industry offer attractive opportunities for growth? 2. What kinds of competitive forces are industry members facing, and how strong is each force? |
| Thinking strategically about a company’s external situation involves probing for answers to what seven questions? (questions 3-4) | 3. What factors are driving changes in the industry, and what impact will these changes have on competitive intensity and industry profitability? 4. What market positions do industry rivals occupy who is strongly positioned and who is not? |
| Thinking strategically about a company’s external situation involves probing for answers to what seven questions? (questions 5-7) | 5. What strategic moves are rivals likely to make next? 6. What are the key factors for competitive success? 7. Does the outlook for the industry present the company with sufficiently attractive prospects for profitability? |
| What is an essential first step in crafting strategies that are well matched to industry and competitive conditions? | Clear, insightful diagnosis of a company’s external situation |
| What is the macro environment composed of? | It encompasses the broad environmental context in which a company’s industry is situated. |
| What are the five competitive forces? | Competition from rival sellers, Competition from, potential new entrants, Competition from producers of substitute products, Supplier bargaining power, Customer bargaining power |
| What does the strongest of the five forces of competition determine? | How strong the forces of competition are overall and the extent of the downward pressure on an industry’s level of profitability. |
| What does dynamic industry analysis involve? | Determining how the drivers of change are affecting industry and competitive conditions |
| What are typical drivers of change? (1-7) | Changes in an industry's long-term growth rate, Increasing globalization, Changes in who buys the product and how they use it, Technological change, Internet capabilities and applications, Product innovation, Entry or exit of major firms, |
| What are typical drivers of change? (8-12) | Diffusion of technical know how, Improvements in cost and efficiency in closely adjoining markets, Reductions in uncertainty and business risk, Regulatory influences and government policy changes, Societal concerns, attitudes, & lifestyles |
| What is the most important part of dynamic industry analysis? | To determine wether the collective impact of the change drivers will be to increase or decrease market demand, make competition more or less intense, and lead to higher or lower industry profitability. |
| What is a strategic group? | A cluster of industry rivals that have similar competitive approaches and market positions. |
| What is strategic group mapping? | A technique for displaying the different market or competitive positions that rival firms occupy in the industry. |
| What do strategic group maps reveal? | Which companies are close competitors and which are distant competitors. |
| What are key success factors (KSFs)? | The strategy elements, product and service attributes, operational approaches, resources, and competitive capabilities with the greatest impact on competitive success in the marketplace. |
| What are the six key questions to consider in evaluating a company’s ability to compete successfully against market rivals? (Questions 1-2) | How well is the present strategy working? Do the company’s resources and capabilities have sufficient competitive power to give it a sustainable advantage over competitors? |
| What are the six key questions to consider in evaluating a company’s ability to compete successfully against market rivals? (Questions 3-4) | Is the company able to seize market opportunities and overcome external threats to its future well-being? Are the company’s prices, costs, and value proposition competitive? |
| What are the six key questions to consider in evaluating a company’s ability to compete successfully against market rivals? (Question 5-6) | On an overall basis, is the company competitively stronger or weaker than key rivals? What strategic issues and problems merit front-burner managerial attention? |
| What is a valuable precondition for good strategy making? | Solid analysis of the company’s competitive situation relating to it’s key rivals and good industry analysis. |
| What does a competently done evaluation of a company’s resources, capabilities, and competitive strengths expose? | Strong and weak points in the present strategy and how attractive or unattractive the company’s competitive position is and why. |
| What represents a company's competitive assets? | Its resources and capabilities which are big determinants of its competitiveness and ability to succeed in the marketplace. |
| What is resource and capability analysis? | A powerful tool for sizing up a company’s competitive assets and determining if they can support a sustainable competitive advantage over market rivals. |
| What is a resource? | A competitive asset that is owned or controlled by a company |
| What is a capability? | The capacity of a firm to perform some activity proficiently. |
| What is a resource bundle? | A linked and closely integrated set of competitive assets centered around one or more cross-functional capabilities. |
| What is sustainable competitive advantage? | An advantage over market rivals that persists despite efforts of the rivals to overcome it. |
| What is the essence of causal ambiguity? | Causal ambiguity makes it very hard to figure out how a complex resource contributes to competitive advantage and therefore exactly what to imitate. |
| Social complexity and causal ambiguity are two factors that inhibit what? | The ability of rivals to imitate a firm’s most valuable resources and capabilities. |
| What is dynamic capability? | The capacity of a company to modify its existing resources and capabilities or create new ones. |
| What is SWOT analysis? | A simple but powerful tool for sizing up a company’s strengths and weaknesses, its market opportunities, and the external threats to its future well-being. |
| What is a competence? | An activity that a company has learned to perform with proficiency, a capability in other words. |
| What is a core competence? | An activity that a company performs proficiently that is also central to its strategy and competitive success |
| What is a distinctive competence? | a competitively important activity that a company performs better than its rivals-it thus represents a competitively superior internal strength. |
| What is the difference between a company's strengths and weaknesses? | A company’s strengths represent its competitive assets; its weaknesses are shortcomings that constitute competitive liabilities. |
| What purpose does a company value chain serve? | It identifies the primary activities that create customer value and the related support activities. |
| What is benchmarking? | A potent tool for improving a company’s own internal activities that is based on learning how other companies perform them and borrowing their best practices. |
| What is industry structure? | It refers to the number and size distribution of firms in an industry. |
| What two broad categories does a company's value chain consist of? | The primary activities that are foremost in creating value for customers and the requisite support activities that facilitate and enhance the performance of the primary activities. |
| What are six representative primary value chain activities and costs? | Supply chain management, Operations, Distribution, Sales and Marketing, Service, Profit Margin |
| What are three representative value chain support activities and costs? | Product R&D, Technology, and Systems Development |
Created by:
tybouff
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