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FINAL STRGY (Subject) / Final (Lesson)

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• How well a strategy works depends a great deal on the relative strengths and weaknesses of a XXXXX (competitive assets), and they determine whether its competitive power in the marketplace will be impressively strong or disappointingly weak. company’s resources and capabilities
• A XXXXX is a productive input or competitive asset that is owned or controlled by the firm resource
• . A XXX is the capacity of a firm to perform some activity proficiently (e.g. Apple’s product innovation capabilities, Nordstrom’s superior incentive management capabilities, PepsiCo’s marketing and brand management capabilities). capability
• The XXXX approach to competitive advantage contends that internal resources are more important for a firm than external factors in achieving and sustaining competitive advantage Resource-Based View
• The RBV contends that organizational performance will primarily be determined by XXXXX that can be grouped into three all- encompassing categories: (1) physical resources (plant and equipment, location, technology, raw materials, machines); (2) human resources (employees, training, experience, intelligence, knowledge, skills, attributes); and (3) organizational resources (firm structure, planning processes, information systems, patents, trade marks, copyrights, databases). “internal resources”
• . A firm’s strengths that cannot be easily matched or imitated are called XXXXX” → Building “XXXXX involve taking advantage of distinctive competencies.  “distinctive competencies ---- competitive advantages”
• Strategic management is a highly XXXX that requires effective coordination among functional areas of business. interactive process
• XXXX refers to “a pattern of behavior that has been developed by an organization as it learns to cope with its problem of external adaptation and internal integration, and that has worked well enough to be considered valid and to be taught to new members as the correct way to perceive, think, and feel.” Organizational culture
• ) Managers frequently miss the significance of changing external conditions because they are blinded by XXXX “strongly held beliefs
• XXXX is something a company is good at doing or an attribute that enhances its competitiveness in the marketplace (e.g. supply chain management, R&D, production, distribution, sales and marketing, customer service) A strength (the basis for strategy)
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• .XXXX (competitive deficiency) is something a company lacks or does poorly or a condition that puts it at a competitive disadvantage in the marketplace A weakness
• . XXXX is a big factor in shaping a company’s strategy, ranging from wildly attractive (an absolute “must” to pursue) to marginally interesting (because of the high risks or questionable profit potentials) to unsuitable (because the company’s strengths are ill- suited to successfully capitalizing on the opportunities). Market opportunity (strategic objectives)
• XXXXX can stem from: the emergence of cheaper or better technologies, rival’s introduction of new or improved products, the entry of lower-cost foreign competitors into a company’s marke . Threats (strategic defenses)
• The functions of management consist of five basic activities: (1) planning; (2) organizing; (3) motivating; (4) staffing; and (5) controlling The functions of management consist of five basic activities: (1) planning;     (2) organizing; (3) motivating; (4) staffing; and (5) controlling
• XXXX refers to “the process of defining, anticipating, creating, and fulfilling customers’ needs and wants for products and services.” Marketing
• XXXX refers to the examination and evaluation of consumer needs, desires and wants. Customer analysis
• XXXX– Successful strategy implementation rests on the ability of an organization to sell some products or services, including such marketing activities as advertising, sales promotion, publicity, personal selling, sales force management, customer relations, and dealer relations. → These activities are especially critical when a firm pursues a market penetration strategy. Selling Products/Services
• – This is important when a company is pursuing product development or diversification and it includes activities such as test marketing; product and brand positioning; devising warranties; packaging; determining product options, features, style, and quality; deleting old products; and providing for customer service. ) Product/Service Planning
• Sometimes an organization will pursue aXXXX primarily to gain better control over prices charged to consumers. forward integration strategy
• XXX includes warehousing, distribution channels, distribution coverage, retail site locations, sales territories, inventory levels and location, transportation carriers, wholesaling, and retailing. – Distribution
• XXXX is the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services and can uncover critical strengths and weaknesses. → Marketing research activi Marketing research
• XXX – This involves assessing the costs, benefits, and risks associated with marketing decisions (One key factor to be considered is “risk”). Cost/Benefit Analysis
• XXXX the allocation and reallocation of capital and resources to projects, products, assets, and divisions of an organization. Investment decision -
• XXXX determines the best capital structure for the firm and includes examining various methods by which the firm can raise capital. Financing decision -
• XXXX concern issues such as the percentage of earnings paid to stockholders, the stability of dividends paid over time, and the repurchase or issuance of stock, and determine the amount of funds that are retained in a firm compared to the amount paid out to stockholders. Dividend decisions -
• Organizations invest R&D because they believe that such an investment will lead to a superior product or service and will give them XXXXX competitive advantages
• XXXX is the cornerstone of all organizations and it represents a major source of competitive management advantage or disadvantage . Information
• . An effective XXXX thus collects, codes, stores, synthesizes, and presents information in such a manner that it answers important operating and strategic questions information system
• XXXX is the application of ethical principles and standards to the actions and decisions of business organizations and the conduct of their personnel. Business ethics
• The essence of socially responsible business behavior is that a company should balance strategic actions to benefit XXXX against the duty to be a good XXXXX shareholders ---- corporate citizen.
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• XXXX is the application of ethical principles and standards to the actions and decisions of business organizations and the conduct of their personnel. Business ethics
• A company’s unethical behavior risks doing XXXXX in the form of lost revenues, higher costs, lower profits, lower stock prices, and a diminished business reputation. considerable damage to shareholders
• Many XXXXX begin their global expansion as exporters and only later switch to another mode for serving a foreign market. manufacturing firms
• By manufacturing the product in a centralized location and exporting it to other national markets, the firm may realize substantial XXXX from its global sales volume. scale economies
• XXXX can make exporting uneconomical Tariff barriers
• XXXXX can make exporting uneconomical, particularly for bulk products. High transport costs
• XXXX is an agreement whereby a licensor grants the rights to intangible property A licensing agreement
• XXXXX is a specialized form of licensing in which the franchiser not only sells intangible property (normally a trademark) to the franchisee (with a royalty payment which amounts to some percentage of the franchisee’s revenues), but also insists that the franchisee agrees to abide by strict rules as to how it does business. Franchising
• Whereas licensing is pursued primarily by XXXX firms, franchising is employed primarily by XXXXX firms. manufacturing /// service
• XXXXX entails establishing a firm that is jointly owned by two or more otherwise independent firms (e.g. Fuji Xerox, Best Buy). → The most typical joint venture is a 50-50 venture, in which each of the two parties holds a 50% ownership stake and contributes a team of managers to share operating control. A joint venture
• XXXX refer to cooperative agreements between potential or actual competitors. Strategic alliances
• An alliance is a way to bring together XXXX that neither company could easily develop on its own (e.g. Microsoft and Toshiba established an alliance, in 2003, aimed at developing embedded micro processors for tiny computers). complementary skills and assets
• Strategy making is not just a task for top executives and XXXXX must be involved in the strategic planning process to the extent possible. “middle-and low- level managers”
• XXXX– The number of steps in the value chain that a firm accomplishes within its boundaries (Firms that are more vertically integrated accomplish more stages of value chain within their boundaries). Level of Vertical Integration
• XXXX The set of activities that must be accomplished to bring a product or service from raw materials to the point that it can be sold to a final customer. Value Chain –
• XXXXX – A firm incorporates more stages of the value chain within its boundaries and those stages bring it closer to the beginning of the value chain (i.e. closer to gaining access to raw materials). Backward Vertical Integration
• XXXXX- A firm incorporates more stages of the value chain within its boundaries and those stages bring it closer to the end of the value chain (i.e. closer to interacting directly with final customers). → Forward Vertical Integration
• A wide range of “somewhat” vertically integrated options exist, including various types of XXX and XXXX strategic alliances /// joint ventures.
• XXXX – A strategy of seeking ownership or increased control over a firm’s “competitors”. Horizontal Integration
• . XXXX – When less than 70% of a firm’s revenue comes from a single-product market and these multiple lines of businesses are linked. Related Corporate Diversification

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