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Strategic Management
Ch. 3- The internal organization
| Term | Definition |
|---|---|
| Global mind-set | The ability to analyze, understand, and manage an internal organization in ways that are not dependent on the assumptions of a single country, culture, or context. |
| Value | Measured by a product's performance characteristics and by its attributes for which customers are willing to pay. |
| Strategic leaders | Individuals holding key decision-making positions. |
| Tangible resources | Assets that can be observed and quantified. These include financial, organizational, physical, and technological resources. |
| Intangible resources | Include assets that are rooted deeply in the firm's history, accumulate over time, and are relatively difficult for competitors to analyze and imitate. These include human, innovation, and reputational resources. |
| Four criteria of sustainable competitive advantage | Valuable, rare, costly-to-imitate, and nonsubstitutable capabilities. |
| Valuable capabilities | allow the firm to exploit opportunities or neutralize threats in its external environment. |
| Rare capabilities | Capabilities that few, if any, competitors possess. |
| Costly-to-imitate capabilities | Capabilities that other firms cannot easily develop. |
| Nonsubstitutable capabilities | Capabilities that do not have strategic equivalents. |
| Value chain activities | Activities or tasks the firm completes in order to produce products and then sell, distribute, and service those products in ways that create value for customers. |
| Support functions | Include activities or tasks the firm completes in order to support the work being done to produce, sell, distribute, and service the products the firm is producing. |
| Outsourcing | The purchase of a value-creating activity or a support function activity from an external supplier. |
| Internal analyses components | Resources, capabilities, core competencies, and discovering core competencies. |
| Uncertainty | The difficulty in identifying, assessing, and predicting change and trends in characteristics of the external environment. |
| Complexity | This increases because of the uncertain nature of interrelationships among the characteristics of the external enviroment and the related challenge regarding how to assess the effects of charges in one set of characteristics on other characteristics. |
| Intraorganizational conflicts | Often develop as a result of uncertainty and complexity. May exist between managers making decision as well as among those affected by the decisions. |
| Denial | An unconscious coping mechanism used to block out and not initiate major changes that may have some pain associated with them. |
| Judgment | Managers sometimes have to make decisions under conditions of uncertainty, complexity, and intraorganizational conflicts. |
| Capabilities | Combination of individual tangible and intangible resources. |
| Information uncertainty | Measures, are useful studying firms that are dependent on information for their prosperity. |
| Resource dependence theory | Measure to study firms that are dependent on resources. |
| Core rigidities | Something that once made a firm successful, but no longer creates success. |
| Resources | Represent inputs into a firm's production process, such as capital equipment, the skills of individual employees, brand names, financial resources, and talented managers. |
| Core competencies | The resources and capabilities that are a source of competitive advantage for the firm over its competitors. |
| Unique historical condititions | Can make duplication of capabilities costly. |
| Causal ambiguity | May prevent competitors from perfectly imitating a competency if the link between a firm's capabilities and core competencies is not identified or understood. |
| Social complexity | Means that a firm's capabilities are the product of complex social phenomena such as interpersonal relationships within the firm, or a firm's reputation with its customers and suppliers. |
| Value chain analysis | A framework that firms use to understand which parts of their operations or activities create value by segmenting the value chain into primary and secondary activities. |
| Supply-chain management | Consists of activities including sourcing, procurement, conversion, and logistics management that are necessary for the firm to receive raw materials and convert them into final products. |
| Operations | Consists of activities necessary to efficiently change raw materials into finished products. |
| Distribution | Consists of activities related to getting the final product to the customer. |
| Marketing (including sales) | Consists of activities taken for the purpose of segmenting target customers on the basis of their unique needs, satisfying customers' needs, retaining customers, and locating additional customers. |
| Follow-up service | Consists of activities taken to increase a product's value for customers. |
| Finance | Consists of activities associated with effectively acquiring and managing financial resources. |
| Human Resource | Consists of activities associated with managing the firm's human capital. |
| Management information systems | Consists of activities taken to obtain and manage information and knowledge throughout the firm. |
| Organizational culture | A firm with a unique and valuable _____ ______ that emerged in the early stages of the company's history may have an imperfectly imitable advantage over firms founded in another historical period |
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