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Strategy#3
| Question | Answer |
|---|---|
| What is Nudge Theory | solution for bounded rationality (how public & private organization can help people making better choices in their daily lives) |
| What are examples of bounded rationality (2) | 1, concept of fairness regulates the market 2,Mental accounting (refers to the different values a person places on the same amount of money, based on subjective criteria, often with detrimental results) |
| What is strategy based on resources & capabilities (3) | 1,basic strategy on internal resources & not external demand 2,relevant in industries with volatile customer prefences & fash changing technology 3,can lead to long-term stability |
| How can we link resources, capabilties & competitive advantage (2) | 1, Resources to organizational capabilities to strategy to competitive advantage 2,Industry key success factors to strategy to competitve advantage |
| What are 3 types of resources | 1,Tangible (physical like plant or financial like capital) 2,Intangible (Technology, Reputation, Culture,..) 3,Human (Skills, Motivation, Communication, Collaboration) |
| What are organizational capabilites (3) | 1,Resources are not productive on their own, capabilities is about how to use them 2,Core capabilities are basis for a firm´s strategy & performance 3,Disinctive capabilities are firm-specifics strengt that help to be low-cost or differenciate |
| What are two basic approaches for classifying firm´s activities + description | 1,Functional analysis (identifies organization capabilities within each firm functional areas) 2,Value chain analysis (identifies a dequential chain of the main activities that the firm undertakes) |
| What are two types of value chain in its analysis | 1,primary activities=interaction with costumers & final transformation of product 2,support activities=assisting primary activities |
| What can lead to strong organisational capabilties | Organizational routines (learning curve like) |
| What are 2 determinants of resourcas & capabilties | 1,strategic importance 2,relative strength |
| What are 2 important things while establishing a competitive advantage | 1,Scarcity 2,Relevance |
| What are 3 important things while sustaining a competitive advantage | 1,Durability (the durable the better) 2,Transferability (can´t they be copied/bought from other companies) 3,Replicability (cannot be replicate from competition) |
| What is a innovation (3) | 1,form of key link between technology and competitve advantage 2,it allows some firms to dominate their industries 3,it is responsible why new industries comes into being |
| What is invention & innovation | Invention= creation of new products or processes through new invention or new combiantion Innovation= initial commercialization of an invention |
| What is the life-cycle of inovation (5phases) | 1,Basic knowledge 2,Invention 3,Innovation 4,Diffusion 5,Imitation(supply side) & Adaption(demand side) |
| Who share profitability of innovation (4) | 1,Innovator 2,Followes 3,Suppliers 4,Customers |
| What are the 2 regimes of approriability | 1,strong regime = innovator captures a substantial share of value created (Pharmaceutics,e.g.) 2,weak regime = other parties derive most of the value (music streaming,e.g.) |
| What are 4 types of property rights | 1,Patents (exlusive right to product,desing,process) 2,Copyright(exclusive right to production,sales right,..) 3,Trademark(words,symbols,..) 4,Trade secret(legal protection for recepies,.e.g) |
| Except for property rights whhat also influence profitability of innovation (3) | 1,tactiness & complexity 2,lead time of innovation 3,complementary resources |
| What is 1,tacitness 2,complexity | 1,Tacitness(mlcenlivost) 2,Complexity(how difficult is to imitate the innovation) |
| Describe lead time of innovation (2) | 1,taciness & complexity are only temporary competitive advantage 2,lead time=time required for followers to catch up |
| How can we manage risk of emerging industries (3) | 1,cooperation with lead users 2,limiting risk exposure, if possible (like debt) 3,flexibility (to responde to unpredicted events) |
| What is Benchmarking (2) | 1, comparing one´s processes & performence to those of other (similar) companies 2,can help again too much satisfaction, because of past glories, hope for future & managering wishful thinking |
| What are 7 management styles (its influence on enviromnent) | 1,Laissez-Faire(positive) 2,Authoritarian (negative) 3,Affiliative "pribuzny" (positive) 4,Coaching (positive) 5,Pacesitting (negative) 6,Democratic (positive) 7,Visionary (very positive) |
| When do different management styles work the best | 1,LaissezFaire team experienced more then you 2,Authoritarian crisis 3,Affiliative conflict management 4,Coaching long-term performence 5,Pacesitting quick results 6,Democratic consesus on important topic 7,Visionary new vision |
| What can we do about key weaknesses | Outsource them is mostly the best option |
| What should be our goal while competing on emerging markets | to became industry standard, with network externalities(value depends on number of users) |
| What can we do if we win/lose "standard war" | Winning...if we have intellectual property rights to new standard technology Losing..go for niche-market |
| How can stimulate innovations (4) | 1,Cross-functionaal new product development team 2,Product chapionss (providing best employees with team) 3,Buying innovation 4,Open innovation (sharing amongs firms & external contributors) |
Created by:
semester1.IBWL
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