Strategic management study guide. Strategic Management by Rothaermel Study Guide 2022-10-17
Strategic management study guide
Strategic management is the process of defining and implementing a company's direction and making decisions on allocating its resources to pursue this direction. It involves specifying the organization's objectives, analyzing the competitive environment, and identifying external and internal factors that are favorable or unfavorable to achieving these objectives. Strategic management provides overall direction to the enterprise and involves specifying the organization's objectives, developing policies and plans designed to achieve these objectives, and then allocating resources to implement the plans.
There are several key concepts that are important to understand in the study of strategic management. These include:
Competitive advantage: This refers to the unique advantage that a company has over its competitors. It could be a result of a company's strengths or a unique value proposition that it offers to its customers.
SWOT analysis: This is a tool used to identify a company's strengths, weaknesses, opportunities, and threats. By understanding these factors, a company can make informed decisions about how to position itself in the market and how to allocate its resources.
Strategic planning: This is the process of defining a company's direction and making decisions on allocating its resources to pursue this direction. It involves setting goals, analyzing the competitive environment, and identifying external and internal factors that are favorable or unfavorable to achieving these goals.
Business model: This refers to the way a company creates, delivers, and captures value. It includes the products or services the company offers, the target market it serves, and the channels it uses to reach its customers.
Corporate strategy: This refers to the overall plan for a company, including its business model, goals, and objectives. It determines how the company will compete in the market and allocate its resources to achieve its goals.
In addition to these concepts, there are several key tools and techniques that are commonly used in the study of strategic management. These include:
Porter's Five Forces: This is a framework developed by Michael Porter that helps companies analyze the competitive forces in their industry. It includes the threat of new entrants, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitutes, and the intensity of competitive rivalry.
BCG matrix: This is a tool developed by the Boston Consulting Group that helps companies analyze their portfolio of products or business units. It classifies products or business units as stars, cash cows, question marks, or dogs based on their relative market share and growth rate.
Ansoff Matrix: This is a tool developed by Igor Ansoff that helps companies analyze the risks and rewards of different growth strategies. It includes the options of market penetration, product development, market development, and diversification.
Overall, the study of strategic management is essential for any organization that wants to succeed in today's competitive business environment. By understanding the key concepts and tools of strategic management, companies can make informed decisions about how to position themselves in the market and allocate their resources to achieve their goals.
Strategic Management Study Guide childhealthpolicy.vumc.org
The SWOT Analysis is a useful methodological tool to analyze companies and arrive at a logical reasoning about where the companies stand in the strategic sense. Cost argument- firms with more effective management in diversity will have a cost advantage over those that are not. The key take away from this article for the readers is that the churn in the airline industry in the United States is unlikely to end soon and this means that any analysis has to take into account the highly volatile situation in the industry. What are the three criteria for assessing if a core competency creates value? Conduct of a firm reflects industry structure. Are there activities in the industry value chain presently being outsourced or performed independently by others that are a viable source of future profits? We therefore treat one another with dignity and respect, and do not entertain harassment, discrimination or incivility of any sort. To increase: attract and leverage human capital effectively through mechanisms that create products and services of value over time.
Strategic Management Study Guide Flashcards
What are the suggested strategies associated with each of the quadrants? Ubuntu - means respecting fellow human beings, treat them fairly, disagree honestly, enjoy their fellowship and work together for a common goal and help each other achieve it. Strategic analysis of an organization that uses value-creating activities. Why is it useful? The key theme in this article is that Nike is currently at a stage where it has to either diversify into other segments or risk placing all its eggs in one basket. Intangible property owned by a firm in the forms of patents, copyrights, trademarks, or trade secrets. We will make the time commitment necessary to prepare properly, make meaningful contributions and participate in group and class activities with thoroughness and dedication. In what types of firms does this difference tend to be the greatest? Strategic alliance- a cooperative relationship between two or more firms. Products of rivals are identical and supplies are readily available from several eager seller 3.
Strategic Management Study Guide
Buyers incur low costs in switching their purchases from one seller to another. Analysis of the pattern of social interactions among individuals. Pros- Reducing manufacturing or other costs in the value chain. Basic industry is experiencing annual sales and profits 6. Incentive bonuses paid to the referrers are cheaper than what they would have to pay headhunters to find candidates, plus the current employees would find good candidates because they are putting their reputation on the line for them. Book value- is primarily a measure of the value of its tangible resources: total assets- total liabilities.
Strategic Management Process
SWOT Analysis provides readers with the ability to assess companies critically and examine the market environment in which they operate. Buyers use products in the same ways 5. Strategic management is nothing but planning for both predictable as well as unfeasible contingencies. Through the continual interaction of explicit and tacit knowledge. Indeed, many western investors are keenly following China Mobile because it has the potential to emerge as the Most Important Brand from the Emerging Markets in the near future. Primary- inbound logistics, operations, outbound logistics, marketing and sales, and service. This article discusses the SWOT of the leading internet company, Google with specific reference to its current and future threats and opportunities.
Strategic Management by Rothaermel Study Guide
A distinctive competency is something that is unique to an organization and superior in some respects when compared to the competencies of other organizations that offer some value to their customers. Social capital- the network of friendships between talented people both inside and outside the organization. This article uses the PESTLE methodology to analyze the global aviation industry or the airline industry. This article applies the Porters Five Forces Framework to the case of the low cost British airline, Virgin Atlantic. Organizational flexibility argument- greater flexibility leads means better reactions to environmental changes. Price competition among rival sellers is vigorous 2.
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Technique for measuring the performance of a firm according to its balance sheet, income statement, and market valuation. The process becomes largely mechanical, substituting an overly simplified graphical model for the important contributions of the CEO or other managers experience. Eliminating the need to deal with a wide variety of suppliers and distributors. They can understand the reaction of environmental changes on the organization and the probable response of the organization with the help of strategic management. Only have sustainable competitive advantage if firms are unable to duplicate a particular strategy Managerial Activities that result in a structure of task and authority relationships; achieve coordinated effort through defining task and authority relationships. This means that business leaders have to change their internal and external strategies and ensure that the energy of the Millennials is channelized positively instead of negatively.
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Above all, this article argues that Indian firms must persuade the Indian Diplomats to adopt foreign policies that are according to Geoeconomic principles so that the economic interests of the nation and its firms are taken into account. Cash cows- have high market shares in low growth industries. Parts and deliveries arrive only hours before they are needed. Order custom essay Strategic Management Study Guide with free plagiarism report HR management- activities involved in the recruiting, hiring, training, development, and compensation of all types of personnel. The course is designed to equip the students with ability to prepare strategic plans. Distance from raw materials to production to customers is major factor 2. This article analyses the strategy of Microsoft through the SWOT Tool and discusses the match between the internal dynamics and the external business drivers.
Combining related activities of separate businesses into a single operation to achieve lower costs 3. . Successful products are in the maturity stage of product life cycle; aettract satisfied customers to new products as a reulst of positive past experiences 2. The key conclusions reached in this article are that despite the global economic slowdown, Starbucks has the opportunity to reach out to its existing consumer base by offering value added but lower priced options. Which 4 activities are support activities? Dogs- have weak market shares in low growth industries, weak positions and limited potential. Environmental scanning as it is increasingly important for day to day business operations is a catalyst that the course will zoom into. Factors should be actionable to provide insight regarding strategies 2.
Strategic Management Articles
We recognise that we are quantitatively judged by grades and minimum requirements. Creativity argument- less emphasis on conformity to norms of the past and diversity of perspectives will improve the level of creativity. Either companies can grow on their own which is the organic growth route or they can grow by merging themselves with other companies or acquiring smaller companies. We expect the same supportive conduct from staff in their relations with students and colleagues, both in the classroom and in any other area of interaction. Includes wage and salary administration, employee benefits, interviewing, hiring, firing, training, management development, employee safety, affirmative action, equal employment opportunity, union relations, career development, personal research, discipline policies, grievance procedures, and public relations. Industry newcomers use introductory prices to attract buyers and build customer base 1.
Resources are scarce because they were acquired through a unique series of events. This is what competitive advantage is all about and this article discusses some aspects of how firms need to gain and sustain competitive advantage. Costly to imitate because the social engineering required is beyond the capability of competitors, including interpersonal relations among managers, organizational culture, and reputation with suppliers and customers. Assign weight from 0. Support- general admininistration, human resource management, technology development, and procurement. The key themes of this article are the description of the four strategies and the examples pertaining to each strategy would help the readers to apply the theory behind the Ansoff Matrix to real world situations.