Strategic management study guide. Strategic Management Study Guide Flashcards 2022-10-18
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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.
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Assign weight from 0. Strong Management Team 1. What are the suggested strategies associated with each of the quadrants? This article recommends three strategic options or alternatives based on the evaluation of the current corporate and business level strategies of Amazon. Competitors offer better-quality products at comparable prices 4. What is network analysis? In addition, access to accurate and timely as well as reliable information in times of Fake News is very important.
Cons- costs and expenses associated with increased overhead and capital expenditures. 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. Thus, corporates or for that matter, any entity needs to have a workable and viable BAU or Business as Usual Plan in place to carry on with their processes. Must enhance competitive advantage by creating superior customer value. How has the emphasis shifted between intangible and tangible resources as a result of changes in the competitive environment? We commit ourselves to excellence in our academic work by fulfilling and exceeding course requirements. Firm use strategic-management concepts? This is especially the case when such corporates have mission-critical functions without which, the entire mandate would collapse.
Misfit with rest of organization because of different markets, customers, managers, employees, values, or needs 5. Another role of strategic management is to keep a continuous eye on the goals and objectives of the organization. A means of obtaining valuable resources that can help an organization expand its product offerings and services 2. EBAD402 Integrity - means doing the right thing, even if nobody is watching, having courage to say no and courage to face the truth. Little attention is often given to nurturing the close working relationships and interpersonal connections that bring together the partnering organizations. Process- choice of tech, layout, process flow, location, line balancing, process control, transporting. What are the potential benefits of each? What are the three criteria for assessing if a core competency creates value? Buyers incur low costs in switching their purchases from one seller to another.
Explicit knowledge- knowledge that is codified, documented, easily reproduced, and widely distributed. General administration- general management, planning, finance, accounting, legal and government affairs, quality management, and information systems: activities that support the entire value chain and not individual activities. Innovation and learning perspective- measures of a firm performance that indicate how well firms are changing their product and service offerings to adapt to changes in the internal and external environments. Loss of flexibility resulting from large investments. Also provides information on drug interactions and frees up pharmacists from administrative tasks to devote more time to patient counseling. Product are in declining stage of life cycle 5.
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. Highly competitive or no-growth industry, indicated by low industry profit margins and returns 3. 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. New product has counter cyclical sales compared to present products 5. This article performs a SWOT Analysis of the consumer giant, Unilever.
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Important during Implementation Efforts directed at shaping human behavior; the process of influencing people to accomplish specific objectives Includes leadership, communication, work groups, behavior modification, delegation of authority, job enrichment, job satisfaction, needs fulfillment, organizational change, employee morale, and managerial morale. Are there activities in the industry value chain presently being outsourced or performed independently by others that are a viable source of future profits? Encouraging widespread involvement, Transferring knowledge, monitoring progress and development, and evaluating human capital. Overall, the course or module is concerned with the actions the organizations take to deal with the changes, opportunities, threats, challenges and surprises in their external and internal environment. This article discusses the recent developments in the global economy including the trade wars and examines Indian responses to them. Assign a 1-4 rating: 1 is major weakness. We will not rob ourselves, or past, present and future graduates of the honour and integrity that we all subscribe to.
Inventory - level of raw materials, work-in-prcess, and finished goods, especially what to order, when to order, how much to order, and materials handling 4. Inbound logistics- receiving, storing, and distributing inputs of a product. Developing and diffusing new technologies. When new, but related products have seasonal sales levels that counterbalance an organization's existing peaks and valleys 4. What is the balanced scorecard? What are dynamic capabilities? Internal business perspective- measures of firm performance that indicate how well firms internal processes, decisions, and actions are contributing to customer satisfaction. Environmental scanning as it is increasingly important for day to day business operations is a catalyst that the course will zoom into.
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Managers and employees from entire firm should be involved. Be specific; use ratios, percentages, and comparative numbers. The process becomes largely mechanical, substituting an overly simplified graphical model for the important contributions of the CEO or other managers experience. Sum weighted scores for each variable to determined total weighted score for organization. We therefore will not partake in plagiarism, wilful misrepresentation of sources, and unethical assistance or input from unapproved parties.
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These are some of the themes that would be addressed in this article. Nike is a global brand that is synonymous with quality and excellence. To increase: attract and leverage human capital effectively through mechanisms that create products and services of value over time. The course is designed to equip the students with ability to prepare strategic plans. What is the book value of a firm? What are the three types of restructuring? This article lists some steps that can be followed when preparing a personal SWOT Analysis. This article discusses diversification as a growth oriented and profitable strategy especially in the current market conditions where growth is hard to come by because of declining demand and oversupply at the same time.
Multiply factor's weight by rating to determine a weight score for each variable 5. Excess production capacity 6. They need to be both effective as well as efficient. Problems associated with unbalanced capacities along the value chain. Financial ration analysis and taking a broad stakeholder view. One of the major role of strategic management is to incorporate various functional areas of the organization completely, as well as, to ensure these functional areas harmonize and get together well.