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11 Cards in this Set

  • Front
  • Back
strategy
management's action plan for running the business and conducting operations
Business model
the company's storyline for how the strategy will be a money-maker. top to bottom line
three tests of a winning strategy
performance test
competitive advantage test
goodness of fit test
what are the 5 tests of a strategic process
1. develop a strategic vision
2. setting objectives
3. crafting a strategy to achieve the objectives
4. implementing and executing the chosen strategy efficiently and effectively
5. evaluating performance and initiating corrective adjustments
strategic vision
management's views and conclusions about the dompany's direction and future product/market/customer/technology focus
mission statement
focuses on current business activities -- "who we are and what we do"
corporate level strategy
defines the businesses that the company will compete in
business level strategies
defines how the company will compete in those businesses
7 steps of industry analysis
1. dominant economic factors
2. industry's competitive forces (5 forces)
3. Driving forces of industry change
4. strategic group maps
5. competitor analysis
6. key success factors
7. conclusions: overall industry attractiveness
What are the 5 forces?
1. rivalry
2. new entrants
3. substitutes
4. buyers
5. suppliers
strategic plan
strategic vision + objectives +strategy