Strategic Management (CH: 1,3,4,5) Exam Study Guide.
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Course
Strategic Management
Institution
Strategic Management
Strategic Management (CH: 1,3,4,5) Exam
Study Guide.
Strategy - answerthe coordinated means by which an organization pursues its goals and objectives.
Strategic management process - answera process that uses vision, goals and objectives, internal and
external analysis, and implementation levers...
Strategic Management (CH: 1,3,4,5) Exam
Study Guide.
Strategy - answer✔the coordinated means by which an organization pursues its goals and objectives.
Strategic management process - answer✔a process that uses vision, goals and objectives, internal and
external analysis, and implementation levers that can be used to help formulate and implement
strategy.
Strategic Management - answer✔the process by which a firm manages the formulation and
implementation of its strategy.
Competitive advantage - answer✔a firm's ability to create value in way that its rivals cannot.
Internal Perspective of Competitive advantage - answer✔focuses on resources and capabilities as
internal sources of uniqueness that allow firms to beat the competition.
External Perspective of Competitive advantage - answer✔focuses on the structure of industries and the
ways in which firms can position themselves within them for competitive advantage
Dynamic Perspective of Competitive advantage - answer✔bridges internal and externall, this view helps
explain why competitive advantages do not typically last over long periods of time.
Strategy Diamond: Arenas - answer✔Where will we be?
Strategy Diamond: Vehicles - answer✔How will we get there?
Strategy Diamond: Differentiators - answer✔How will we win in the marketplace?
Strategy Diamond: Staging and Pacing - answer✔What will be our speed and sequence of moves?
Strategy Diamond: Economic Logic - answer✔How will we obtain our returns?
Business strategy - answer✔strategy for competing against rivals within a particular industry or industry
segment
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