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Kocur Business Policy and Strategy Test 1
Terms in this set (29)
the art and science of:
cross-functional decisions that enable an organization to achieve it's objectives.
What is the output of strategic managament?
A strategic plan
Challenges to developing a strategic plan:
- future is unknown
Parts of a strategic plan:
Where are we no, where do we want to go, and how do we get there?
You can only maximize productivity to a certain point
Porter says strategic positioning can only be achieved by:
What is Strategy according to Porter?
- Make trade offs
- create a unique and valuable position
- create fit
-"what do we the business want to become?"
-Represents end state
- be starting point for strategies and objectives
-25 or less
- "what is our business"
-250 or less
- forward looking
mission statement components
2) Products or services
5) Concern for growth, survival, and profitability
7) Self concept
8) concern for public and employees
Porters Key Components of Vision
Types of BHAG
Opportunities and threats
- beyond the control of the firm
Key External Forces
Porters Five forces
-Rivalry among existing competitors
-Bargaining power of customers
-Bargaining power of suppliers
identifies factors in control of the firm, Strengths, weaknesses.
a strength that cannon be easily match or imitated.
Building competitive advantages involves
taking advantage of distinct competences
The resource based view
- internal resources are most important
- must be superior in:
- Physical resources
- Human resources
The Industrial organizational view
external forces are more important
firm performance is based on:
- economies of scale
-barriers to entry
-level of competitiveness
In order to achieve
a mission - objectives - strategies - tactics
Specific, Measurable, achievable, realistic, and time bound
Types of strategies
Types of Integration
Forward, backward, Horizontal and Vertical
Types of intensive
Related and unrelated
Porters Generic Strategies
Falls into 2 strategies: Cost advantage or differentiation
3 generic strategies
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