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Management

Chapter 6

QuestionAnswer
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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