Strategy — definition?
Long-term direction guiding success.
Operational decisions — focus?
Routine tasks, not overall strategy.
Effectiveness — goal?
Choosing the right objectives.
Efficiency — aim?
Optimal resource use.
Competitive advantage — what?
Superior performance over rivals.
Sustainable advantage — duration?
Long-lasting competitive edge.
Operational effectiveness — focus?
Better execution today.
Strategy vs operations — difference?
Long-term direction vs daily execution.
Capabilities — what?
Unique strengths and resources.
Goals — define?
Desired organizational outcomes.
External analysis — purpose?
Identify opportunities and threats.
PESTEL — components?
Political, Economic, Social, Technological, Environmental, Legal.
Internal analysis tools?
RBV and VRIO.
VRIO — tests?
Valuable, Rare, Imitation costly, Organized.
Value chain — purpose?
Identify key activities for value.
Benchmarking — aim?
Compare performance to peers.
SWOT — combines?
Internal strengths/weaknesses with external opportunities/threats.
TOWS matrix — use?
Generate strategic options from SWOT.
Industry analysis tools?
Porter’s Five Forces, PESTEL.
Vertical integration — define?
Expanding control along supply chain.
Outsourcing — purpose?
Delegating activities externally.
Diversification — goal?
Expand scope across markets/products.
Portfolio management — task?
Allocate resources among SBUs.
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1. What best describes strategy in a firm?
2. Why is strategy important for a firm?
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