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16 Cards in this Set
- Front
- Back
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Strategy formulation
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concerns developing a corporation’s mission, objectives, strategies and policies
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Situation Analysis
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the process of finding a strategic fit between external opportunities and internal strengths while working around external and internal weaknesses.
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SWOT
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Strengths-Weaknesses-Opportunities-Threats
Strategy= opportunity/capacity |
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Propitious niche
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where an organization can use its core competencies to take advantage of a particular market opportunity and the niche is just large enough for one firm to satisfy its demand
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Strategic sweet spot
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a company is able to satisfy customers’ needs in a way that rivals cannot.
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Strategic window
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a unique market opportunity that is available for a particular time
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Business strategy
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focuses on improving the competitive position of a company’s or business unit’s products or services within the specific industry or market segment it serves
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Cost leadership
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a lower-cost competitive strategy that aims at the broad mass market and requires efficient scale facilities, cost reductions, cost and overhead control; avoids marginal customers, cost minimization in R&D, service, sales force and advertising
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Differentiation
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involves the creation of a product or service that is perceived throughout the industry as unique. Can be associated with design, brand image, technology, features, dealer network, or customer service
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Cost Focus
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low-cost competitive strategy that focuses on a particular buyer group or geographic market and attempts to serve only this niche to the exclusion of others
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Differentiation Focus
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concentrates on a particular buyer group, product line segment, or geographic market to serve the needs of a narrow strategic market more effectively than its competitors
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Stuck in the middle
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when a company has no competitive advantage and is doomed to below-average performance
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Fragmented industry
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many small- and medium-sized companies compete for relatively small shares of the total market
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Consolidated industry
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domination by a few large companies
-Emphasis on cost and service -Economies of scale |
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Competitive advantage in a hyper-competitive market
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continuous series of multiple short- term initiatives that replace current products with new products before competitors can do so.
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Strategic Alliances
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a long-term cooperative arrangement between two or more independent firms or business units that engage in business activities for mutual economic gain.
-Obtain or learn new capabilities -Obtain access to specific markets |
