Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

34 Cards in this Set

  • Front
  • Back
Operational effectiveness
performing similar activities better than rivals
operational effectiveness that’s gone too far. Competing soley on lean manufactoring practices
unique, inimitable activity, fit: theory about how to gain a competitive advantage
Strategic positions
variety based, needs based, access based
barrier to imitation, activities are not compatible, inconsistent image: activities, limit on internal coordination
competitors copy, repositioning and stradling
variety based strategy
based on the choice of product or service varieties, best when company can produce prodoct or service the best
needs based strategy
based on targeting a segment of customers, and fulfilling their needs
access based strategy
Segmenting customers who are accessible in different ways, geography
activities and strategy, activities reinforce position, optimizing effort, match resource and capabilities
Strategic management process
mission, objectives, external/internal, strategic choice, strategy implementation, competitive advantage
long-term purpose
specifice measurable allow to evaluate realization of mission
strategic choice
choose strategy (biz level and corp level), corporate structure, formal/informal mgmt, compensation
Competitive advantage
create more economic value than rival
economic value
percieved benefit vs cost to create
general environment
broad trends: technology, demographics, culture, economic climate, legal/political, specific international event
economy low
severe, sustained recession
biz cycle
alternation of recession to prosperity
10 trends to watch
resources feeling strain, globalization under fire, trust in business running out, bigger role for government, shifting consumption patterns, management as a science, asia rising, industries taking new shape, innovation and price stability
Industry analysis
select which part in the value chaint to analyze and which market/geography
Porter's 5 forces
(external analysis) analysis to develop strategy: suppliers, buyers, rivalry, threat of new entry, substitues
resource based view (internal analysis), resources and capabilities controled by firm
types of resources
(useful for RBV) financial, physical, human, organizational
Key assumptions of RBV
firm resource heterogenity and resource immobility
resource heterogenity
different firms have different resources
resource immobility
difficult/expensive to move resources to another firm
(internal analysis) Value Rarity Immitiability Organized
VRIO: No _ _ _
competitive disatvantage
VRIO: Yes No _ _
Competitive parity
VRIO: Yes Yes No _
Temporary competitive advantage
VRIO: Yes Yes Yes No/Yes
runs the spectrum of possibilities depending on what is done: parity, disatvantage or advantage