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37 Cards in this Set

  • Front
  • Back
What is stratedy?
Managemant's action plan for running the business and conduction operations.
Sustainable Competitive Advantage?
is when an attractive number of buyers prefer its products or services over the offerings of competitors
What is a business model?
It explains the rationale for why its business approach and strategy weill be a money maker.
What make a strategy a winner?
1. How well does the strategy fit the company
2. Is it helping to acheive a competitive advantage
3. Is it resulting in better perfromance
Good Management =
Good Strategy + Good Execution
What does the strategy-making, strategy-executing process entail?
1. Develping a strategic Vision
2. Setting Objectives
3. Crafting a strategy to achhieve objectives
4. Implementing the strategy
5.Evaluating performance
The strategy-making, strategy executing process? 5 Phses
1. Develop a vision
2. Set objectives
3. Craft strategy to acheive vision
4. Implementation of strategy
5. Evaluatin performance
Phase 1 of The strategy-making, strategy executing process
Develop a strategic vision
Phase 2 of The strategy-making, strategy executing process
Setting Objectives
Phase 3 of The strategy-making, strategy executing process
Crafting a strategy to achieve the objectives and vision
Phase 4 of The strategy-making, strategy executing process
Implementing and executing the strategy
Phase 5 of The strategy-making, strategy executing process
Monitoring developments, evaluating performance, and making corrective adjustments
A company's values are?
the beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company's business and strategic vision
Financial objectives?
Relate to the financial performance of a company. i.e. Profits, Dividend, margins, credit ratings
strategic objectives?
Relate to target outcomes that indicate a company's strenght. i.e. Market share, costs, quality, product selection
Strategic intent?
is when a company relentlessly pursues an ambitious strategic objective.
A company's Strategy-Making Hierarcy? 4 stages.
1. Corporate Strategy
2. Business Strategy
3. Functional-Area strategies
4. Operating strategies
Strategic Plan?
Lays out the compnay's future direction, performance targets, and strategy
The role of the Board of Directors. 4 rolls.
1. Be critics
2. Evaluate Executives
3. Institute Compensation plans for execs
4. Oversee financial reporting practics
The five forces model of competition?
1. Rival Sellers
2. New entrants
3. Substitute products
4. Supplier pressure
5. Buyer pressure
The 1st force of the Five-Forces model of Competition.
Competitive pressures associated with the market maneuvering and jockeying for buyer patronage that goes on among RIVAL SELLERS in the industry
The 2nd force of the Five-Forces model of Competition.
Competitve pressures associated with the threat of NEW ENTRANTS into the market
The 3rd force of the Five-Forces model of Competition.
Competitve pressure coming from the attempts of companies in other industries to win buyer to their own SUBSTITUE PRODUCTS.
The 4th force of the Five-Forces model of Competition.
Competitve pressures stemming from SUPPLIER bargaining power and supplier-seller collaboration
The 5th force of the Five-Forces model of Competition.
Competitve pressure stemming from BUYER bargaining power and seller-buyer collaboration
Driving forces?
are the major underlying causes of changing industry and competitive conditions.
Strategic group mapping?
is a technique for displaying the differnet market or competitive positions that rival firms occupy in the industry.
Strategic group?
is a cluster of industry rivals that have similar competitive approaches and market positions.
Key success factors?
Are the procust attributes, competencies, competitive capabilities, and market achievements with the greatest impact on future competitive success in the amrketplace.
is and activity that c aompany has learned to perform well
Core competence?
is an compaetitively important activity that a company performs better thatn other internal activities.
Distinctive competence?
is a competitively improtant activity that a company performs better than its rivals
Value Chain?
indentifies the promary activities that create customer value and the related support activities
Is a poetne tool for learning which companies are best at performing particular activities and then using their techniques to improve the effectiveness of a company's internal activies
Competitive Strategy?
Concerns the specifics of manamement's game plan for competing successfully and securing a competitive advantage over rivals.
The five generic competitive trategies.
1. Low cost provider
2. Differentiation strategy
3. Best cost provider
4. Niche low cost
5. Niche differentiation
Strategic alliances?
are collaborative arrangements where two or more companies join forces to achieve mutually beneficial strategic outcomes.