Crafting and Executing Strategy -- STUDY GUIDE for STRATEGY of the book; crafting and Executing Strategy chapter 1 to 9 Summary, samenvatting

Crafting and Executing Strategy -- STUDY GUIDE for STRATEGY of the book; crafting and Executing Strategy chapter 1 to 9 Summary, samenvatting What is company Strategy - ANSWER-Action plan for outperforming its competitors and achieving superior profitability What is Competitive Advantage - ANSWER-Provides buyers with superior value compared to rival sellers or same value at lower cost When is a company strategy Sustainable - ANSWER-The strategy is sustainable if it persists despite the best efforts of competitors to match or surpass this advantage What is Deliberate strategy - ANSWER-Proactive strategy elements that are both planned and realized as planned What is Emergent strategy - ANSWER-Reactive strategy elements that emerge as changing conditions warrant What is Business model - ANSWER-Logic for how it's strategy will create value for customers, while at the same time generate revenues sufficient to cover costs and realize a profit Winning Strategy - ANSWER-The Fit Test: how well does the strategy fit the company's situation (external, internal, dynamic)? The Competitive Advantage Test: can the strategy help the company achieve a sustainable competitive advantage? The Performance Test: is the strategy producing good company performance? (Competitive strength and market standing and profitability or financial strength) Formula - ANSWER-Good Strategy + Good Strategy Execution = Good Management Chapter 2 - ANSWER- Strategic Vision - ANSWER-Managements aspirations for the future and delineates the company's strategic course and long-term direction Mission Statement - ANSWER-Decries present business and purpose Core Values - ANSWER-The beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and mission Setting Objectives - ANSWER-They are quantifiable or measurable and contain a deadline for achievement Stretch Objectives: stretch an organization to perform at its full potential and deliver the best possible results Strategic intent - ANSWER-When a company relentlessly pursues an ambitious strategic objective, concentrating the full force of its resources and competitive actions on achieving the objective Objectives - ANSWER-Financial Objectives: relate to the financial performance targets management has established for the organization to achieve Strategic Objectives: Relate to target outcomes that indicate a company is strengthening it's market standing, competitive position, and future business prospects. Balanced scorecard - ANSWER-A widely used method for combining the use of a strategic and financial objectives,