BMGT 304 Strategic Management Mid Term || with Error-free Solutions

BMGT 304 Strategic Management Mid Term ||
with Error-free Solutions
5HBasicHStrategicHApproachesH-HFocusedHlowHCostH-HDollaramaH
FocusedHDifferentiationH-HStarbucks,HTeslaH
Best-CostHProviderH-H(ValueHoriented)HAmazon,HCostcoH
BroadHDifferentiationH-HApple,HHudsonHBay,HRBC.H
LowHCostHProviderH-HWalmart

BusinessHModelH-HVHorHR-HCH=HP

SustainableHcompetitiveHadvantageH(S.C.A)H-
HaHcompetitiveHadvantageHthatHotherHcompaniesHhaveHtriedHunsuccessfullyHtoHduplicateHa

ndHhave,HforHtheHmoment,HstoppedHtryingHtoHduplicate

BalancedHScorecardH-
HisHaHwidelyHusedHmethodHforHcombiningHtheHuseHofHbothHstrategicHandHfinancialHobjective

s,HtrackingHtheirHachievement,HandHgivingHmanagementHaHmoreHcompleteHandHbalancedH
viewHofHhowHwellHanHorganizationHisHperforming.

BalancedHScorecardsHmeasuresHaHfirm'sHoptimalHperformanceHbyH-H-
HPlacingHaHbalancedHemphasisHonHachievingH

bothHfinancialHandHstrategicHobjectives.
-
HTrackingHbothHmeasuresHofHfinancialHperformanceHandHmeasuresHofHwhetherHaHfirmHisHst

rengtheningHitsHcompetitivenessHandHmarketHposition.

FinancialHObjectivesH-H-
HCommunicateHtopHmanagement'sHgoalsHforHfinancialHperformance.

-HAreHfocusedHinternallyHonHtheHfirm'sHoperationsHandHactivities.

StrategicHObjectivesH-H-
HAreHtheHfirm'sHgoalsHrelatedHtoHmarketingHstandingHandHcompetitiveHposition.

-HAreHfocusedHexternallyHonHcompetitionHvis-à-visHtheHfirm'sHrivals.

SmartH-HSpecific,HMeasurable,HAttainable,HRealistic,HTimely

PESTELH-HFocusesHonHprincipalHcomponentsHofHstrategicHsignificanceHinHtheHmacro-
environment:
-HPoliticalHfactors
-HEconomicHconditionsH(localHtoHworldwide)H(FocusHonHthis)
-HSocioculturalHforces
-HTechnologicalHfactorsH(focusHonHthis)
-HEnvironmentalHfactorsH(theHnaturalHenvironment)

, -HLegal/regulatoryHconditions

TheHFiveHCompetitiveHForcesH-H-HCompetitionHfromHrivalHsellers
-HCompetitionHfromHpotentialHnewHentrants
-HCompetitionHfromHproducersHofHsubstituteHproducts
-HSupplierHbargainingHpower
-HCustomerHbargainingHpower

CorporateHStrategyH-HisHstrategyHatHtheHmulti-
businessHlevel,HconcerningHhowHtoHimproveHcompanyHperformanceHorHgainHcompetitiveHa
dvantageHbyHmanagingHaHsetHofHbusinessesHsimultaneously.

BusinessHstrategyH-HisHstrategyHatHtheHsingle-
businessHlevel,HconcerningHhowHtoHimproveHtheHperformanceHorHgainHaHcompetitiveHadva
ntageHinHaHparticularHlineHofHbusiness.

FitHTestH-HHowHwellHdoesHtheHstrategyHfitHtheHcompany'sHsituation?

PerformanceHtestH-
HCanHitHproduceHgoodHperformanceHasHmeasuredHbyHtheHfirm'sHprofitability,HfinancialHandH

competitiveHstrengths,HandHmarketHstanding?

TheHCompetitiveHAdvantageHTestH-H

StrategicHplanH-HlaysHoutHitsHfutureHdirection,HperformanceHtargets,HandHstrategy

StrategicHvisionH-
HdescribesHmanagement'sHaspirationsHforHtheHfutureHandHdelineatesHtheHcompany'sHstrate

gicHcourseHandHlong-termHdirection.

AnHeffectivelyHcommunicatedHvisionHisH-
HaHvaluableHmanagementHtoolHforHenlistingHtheHcommitmentHofHcompanyHpersonnelHtoHen

gageHinHactionsHthatHmoveHtheHcompanyHforwardHinHtheHintendedHdirection

MissionHStatementH-HaHstatementHofHtheHorganization'sHpurposeH-
HwhatHitHwantsHtoHaccomplishHinHtheHlargerHenvironment




VisionHStatementH-
HexpressesHwhatHtheHorganizationHshouldHbecome,HwhereHitHwantsHtoHgoHstrategically




CoreHvaluesH-
HareHtheHbeliefs,Htraits,HandHbehavioralHnormsHthatHtheHfirm'sHpersonnelHareHexpectedHtoHdi

splayHinHconductingHtheHfirm'sHbusinessHandHpursuingHitsHstrategicHvisionHandHmission.

ObjectivesH-HareHanHorganization'sHperformanceHtargets—
theHspecificHresultsHmanagementHwantsHtoHachieve.