kyle turner business strategy exam 1
Strategy - correct answer ✔✔an integrated and coordinated set of commitments and actions designed
to exploit core competencies and gain a competitive advantage
Mintzberg's 5 P's of Strategy - correct answer ✔✔Plan, Ploy, Pattern, Position, Perspective
Plan - correct answer ✔✔Business model
Ploy - correct answer ✔✔move to outwit
Pattern - correct answer ✔✔consistency
Position - correct answer ✔✔place relative to your competitors
Perspective - correct answer ✔✔art vs science
Types of strategies - correct answer ✔✔intended, emergent, realized, and unrealized
Creation destruction - correct answer ✔✔industry mutation; out with the old, in with the new
External I/O model - correct answer ✔✔environmental pressures, competitors are similar, resources are
mobile, people are rational
Internal RBV - correct answer ✔✔unique resources, competitors are different, resources are immobile,
people are irrational
PESTEL external analysis - correct answer ✔✔Political, Economic, Social, Technological, Environmental,
Legal
, Political factor - correct answer ✔✔regulation
Economic factor - correct answer ✔✔discretionary income, home ownership/transportation
social factor - correct answer ✔✔demographics
technological factor - correct answer ✔✔diffusion and autonomy
environmental factor - correct answer ✔✔earth
legal factor - correct answer ✔✔IP rights
Environmental analysis - correct answer ✔✔scanning, monitoring, forecasting, assessing
Scanning - correct answer ✔✔looking for info
monitoring - correct answer ✔✔looking at info
forecasting - correct answer ✔✔predicting
assessing - correct answer ✔✔checking yourself
Competitor analysis - correct answer ✔✔objectives, strategy, assumptions, capabilities
Industry - correct answer ✔✔similar products, processes, and strategies
Porter's 5 forces - correct answer ✔✔threat of new entrants, bargaining power of suppliers, bargaining
power of buyers, threat of substitutes, rivalry
Strategy - correct answer ✔✔an integrated and coordinated set of commitments and actions designed
to exploit core competencies and gain a competitive advantage
Mintzberg's 5 P's of Strategy - correct answer ✔✔Plan, Ploy, Pattern, Position, Perspective
Plan - correct answer ✔✔Business model
Ploy - correct answer ✔✔move to outwit
Pattern - correct answer ✔✔consistency
Position - correct answer ✔✔place relative to your competitors
Perspective - correct answer ✔✔art vs science
Types of strategies - correct answer ✔✔intended, emergent, realized, and unrealized
Creation destruction - correct answer ✔✔industry mutation; out with the old, in with the new
External I/O model - correct answer ✔✔environmental pressures, competitors are similar, resources are
mobile, people are rational
Internal RBV - correct answer ✔✔unique resources, competitors are different, resources are immobile,
people are irrational
PESTEL external analysis - correct answer ✔✔Political, Economic, Social, Technological, Environmental,
Legal
, Political factor - correct answer ✔✔regulation
Economic factor - correct answer ✔✔discretionary income, home ownership/transportation
social factor - correct answer ✔✔demographics
technological factor - correct answer ✔✔diffusion and autonomy
environmental factor - correct answer ✔✔earth
legal factor - correct answer ✔✔IP rights
Environmental analysis - correct answer ✔✔scanning, monitoring, forecasting, assessing
Scanning - correct answer ✔✔looking for info
monitoring - correct answer ✔✔looking at info
forecasting - correct answer ✔✔predicting
assessing - correct answer ✔✔checking yourself
Competitor analysis - correct answer ✔✔objectives, strategy, assumptions, capabilities
Industry - correct answer ✔✔similar products, processes, and strategies
Porter's 5 forces - correct answer ✔✔threat of new entrants, bargaining power of suppliers, bargaining
power of buyers, threat of substitutes, rivalry
