Strategy is NOT:
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Grandiose Statement
Failure to Face a Competitive Challenge
Operational Effectiveness
Competitive Benchmarking
Tactical Tools
,Stakeholders
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Organizations, groups, and individuals that can affect or be affected by a
firm's actions.
Why is SWOT Analysis used?
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To fully understand the business environment of a firm, one must analyze
both the general environment and the firm's industry & competitive
environment. Gathering industry information and understanding
competitive dynamics among the different companies in your industry is
key to successful strategic management; this is one of the most basic
techniques for analyzing firm and industry conditions; it is a framework for
analyzing a company's internal and external environments.
Environmental Monitoring
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Tracks the evolution of environmental trends, sequences of events, or
streams of activities. They may be trends that the firm came across by
accident or ones that were brought to its attention from outside the
organization. Monitoring enables firms to evaluate how dramatically
environmental trends are changing the competitive landscape.
,Competitive Advantage
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A firm that achieves superior performance relative to other competitors in
the same industry or the industry average; it is always relative, not absolute.
It refers to the factors that allow a company to produce goods or services
[better, cheaper, more responsive/efficient] than its competitors.
Difficult to substitute resources must:
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Imply that there are no other equivalent strategic resources/capabilities
Sociocultural Segment Trends
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More women in the workforce, greater concern for health and fitness
What must a firm do to create competitive advantage?
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, Provide goods or services that consumers value more highly than those of
its competitors, OR are similar to the competitors' at a lower price.
Rare resources must:
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Not be possessed by many firms
Environmental Forecasting
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Scanning, monitoring, and competitive intelligence are important inputs for
analyzing the external environment; involves the development of plausible
projections about the direction, scope, speed, and intensity of
environmental change; its purpose is to predict change. It asks questions
like:
How long will it take a new technology to reach the marketplace? Will the
present social concern about an issue result in new legislation? Are current
lifestyle trends likely to continue?
What is strategic management?
Give this one a try later!
Give this one a try later!
Grandiose Statement
Failure to Face a Competitive Challenge
Operational Effectiveness
Competitive Benchmarking
Tactical Tools
,Stakeholders
Give this one a try later!
Organizations, groups, and individuals that can affect or be affected by a
firm's actions.
Why is SWOT Analysis used?
Give this one a try later!
To fully understand the business environment of a firm, one must analyze
both the general environment and the firm's industry & competitive
environment. Gathering industry information and understanding
competitive dynamics among the different companies in your industry is
key to successful strategic management; this is one of the most basic
techniques for analyzing firm and industry conditions; it is a framework for
analyzing a company's internal and external environments.
Environmental Monitoring
Give this one a try later!
Tracks the evolution of environmental trends, sequences of events, or
streams of activities. They may be trends that the firm came across by
accident or ones that were brought to its attention from outside the
organization. Monitoring enables firms to evaluate how dramatically
environmental trends are changing the competitive landscape.
,Competitive Advantage
Give this one a try later!
A firm that achieves superior performance relative to other competitors in
the same industry or the industry average; it is always relative, not absolute.
It refers to the factors that allow a company to produce goods or services
[better, cheaper, more responsive/efficient] than its competitors.
Difficult to substitute resources must:
Give this one a try later!
Imply that there are no other equivalent strategic resources/capabilities
Sociocultural Segment Trends
Give this one a try later!
More women in the workforce, greater concern for health and fitness
What must a firm do to create competitive advantage?
Give this one a try later!
, Provide goods or services that consumers value more highly than those of
its competitors, OR are similar to the competitors' at a lower price.
Rare resources must:
Give this one a try later!
Not be possessed by many firms
Environmental Forecasting
Give this one a try later!
Scanning, monitoring, and competitive intelligence are important inputs for
analyzing the external environment; involves the development of plausible
projections about the direction, scope, speed, and intensity of
environmental change; its purpose is to predict change. It asks questions
like:
How long will it take a new technology to reach the marketplace? Will the
present social concern about an issue result in new legislation? Are current
lifestyle trends likely to continue?
What is strategic management?
Give this one a try later!
