Strategic Management Concepts External Environment &
Competitive Strategies Lecture Summary 2026 (Graded
A+)
Romantic View of Leadership - ANS-Leaders are the key force in determining an
Valuable Resource - ANS-A resource that provides value to the organization and helps
create competitive advantage.
Rare Resource - ANS-A resource that is not widely possessed by competitors.
Difficult to Imitate - ANS-A resource that competitors have difficulty duplicatin
Strategic Management Process - ANS-Strategy Analysis → Strategy Formulation →
Strategy Implementation.
Strategic Management Attribute #1 - ANS-Directs the organization toward overall goals
and objectives.
Strategic Management Attribute #2 - ANS-Includes multiple stakeholders in decision
making.
Strategic Management Attribute #3 - ANS-Incorporates both short-term and long-term
perspectives.
Strategic Management Attribute #4 - ANS-Recognizes trade-offs between efficiency and
effectiveness.
Sustainable Competitive Advantage - ANS-A competitive advantage that is unique,
valuable, and difficult for rivals to copy or substitute.
Operational Effectiveness vs. Strategy - ANS-Operational effectiveness alone is not
enough; strategy requires being different.
Organizational Rationality - ANS-Focuses on what is best for the total organization
rather than one individual department or function.
Individual Rationality - ANS-Focuses on what is best for a single functional area or
department, which may not be best for the overall organization.
Effectiveness - ANS-Long-term focus that proactively explores new opportunities.
, Efficiency - ANS-Short-term focus that aligns resources to take advantage of existing
product markets.
Managerial Ambidexterity - ANS-The ability of managers to balance effectiveness and
efficiency.
Deliberate Strategy - ANS-Strategy arising from intentional analysis and planning.
Emergent Strategy - ANS-Strategy arising from unforeseen environmental
developments, resource constraints, or changes in managerial preferences.
Realized Strategy - ANS-The strategy the firm actually follows; it combines deliberate
and emergent elements.
Key Stakeholders - ANS-Stockholders, employees, suppliers, creditors, customers,
government, and communities.
Zero-Sum Approach - ANS-Stakeholders compete for attention and resources; one
stakeholder's gain is another stakeholder's loss.
Symbiosis Approach - ANS-Stakeholders depend on one another and can receive
mutual benefits.
Top-Level Executives in Implementation - ANS-Executives champion and guide ideas
through strategic controls, organizational design, coordination, ethics, organizational
learning, continuous improvement, and entrepreneurship.
organization's success.
External Control Perspective - ANS-External forces can strongly determine
organizational success; leaders must anticipate and respond to changes outside the
organization.
Implication - ANS-leaders matter, but they must anticipate and respond to changes
outside the organization.
Triple Bottom Line - ANS-Financial + Social + Environmental performance.
Shared Value Concept - ANS-The idea that important beliefs shape a company's
people, organizational structures, control systems, and behavioral norms.
Vision - ANS-A broad, inspiring, long-term destination for an organization.
Mission Statement - ANS-The organization's purpose, basis of competition, and
competitive advantage; it is more specific than the vision.
Competitive Strategies Lecture Summary 2026 (Graded
A+)
Romantic View of Leadership - ANS-Leaders are the key force in determining an
Valuable Resource - ANS-A resource that provides value to the organization and helps
create competitive advantage.
Rare Resource - ANS-A resource that is not widely possessed by competitors.
Difficult to Imitate - ANS-A resource that competitors have difficulty duplicatin
Strategic Management Process - ANS-Strategy Analysis → Strategy Formulation →
Strategy Implementation.
Strategic Management Attribute #1 - ANS-Directs the organization toward overall goals
and objectives.
Strategic Management Attribute #2 - ANS-Includes multiple stakeholders in decision
making.
Strategic Management Attribute #3 - ANS-Incorporates both short-term and long-term
perspectives.
Strategic Management Attribute #4 - ANS-Recognizes trade-offs between efficiency and
effectiveness.
Sustainable Competitive Advantage - ANS-A competitive advantage that is unique,
valuable, and difficult for rivals to copy or substitute.
Operational Effectiveness vs. Strategy - ANS-Operational effectiveness alone is not
enough; strategy requires being different.
Organizational Rationality - ANS-Focuses on what is best for the total organization
rather than one individual department or function.
Individual Rationality - ANS-Focuses on what is best for a single functional area or
department, which may not be best for the overall organization.
Effectiveness - ANS-Long-term focus that proactively explores new opportunities.
, Efficiency - ANS-Short-term focus that aligns resources to take advantage of existing
product markets.
Managerial Ambidexterity - ANS-The ability of managers to balance effectiveness and
efficiency.
Deliberate Strategy - ANS-Strategy arising from intentional analysis and planning.
Emergent Strategy - ANS-Strategy arising from unforeseen environmental
developments, resource constraints, or changes in managerial preferences.
Realized Strategy - ANS-The strategy the firm actually follows; it combines deliberate
and emergent elements.
Key Stakeholders - ANS-Stockholders, employees, suppliers, creditors, customers,
government, and communities.
Zero-Sum Approach - ANS-Stakeholders compete for attention and resources; one
stakeholder's gain is another stakeholder's loss.
Symbiosis Approach - ANS-Stakeholders depend on one another and can receive
mutual benefits.
Top-Level Executives in Implementation - ANS-Executives champion and guide ideas
through strategic controls, organizational design, coordination, ethics, organizational
learning, continuous improvement, and entrepreneurship.
organization's success.
External Control Perspective - ANS-External forces can strongly determine
organizational success; leaders must anticipate and respond to changes outside the
organization.
Implication - ANS-leaders matter, but they must anticipate and respond to changes
outside the organization.
Triple Bottom Line - ANS-Financial + Social + Environmental performance.
Shared Value Concept - ANS-The idea that important beliefs shape a company's
people, organizational structures, control systems, and behavioral norms.
Vision - ANS-A broad, inspiring, long-term destination for an organization.
Mission Statement - ANS-The organization's purpose, basis of competition, and
competitive advantage; it is more specific than the vision.
