Strategic test 1

  1. What are the six segments of the General External Environment?
    • 1)    
    • Tech
    • change

    • 2)    
    • Dem
    • trends

    • 3)    
    • Cult
    • trends

    • 4)    
    • Econ
    • climate

    • 5)    
    • Legal/political
    • conclusions

    • 6)    
    • International
    • events
  2. What are Objectives?
    specific, measurable targets a firm can use to evaluate the extent to which it is realizing its mission 
  3. What is Strategy Implementation?
    a firm adopting organizational policies and practices that are consistent with its strategy 
  4. What is a Business Level Strategy?
    actions firms take to gain competitive advantages in a single market or industry 
  5. What is a Corporate Level Strategy?
    actions firms take to gain competitive advantages by operating in multiple markets or industries simultaneously 
  6. What is Competitive Advantage?
    a firm creates more economic value than rival firms
  7. What is Competitive Parity?
    a firm creates the same economic value as rival firms
  8. What is Competitive Disadvantage?
    a firm generates less economic value than rival firms
  9. What is economic value?
    the difference between the perceived benefit gained by a customer who purchases a firm's products or services and the full economic cost of these products or services 
  10. Emergent Strategy?
    theories of how to gain competitive advantage in an industry that emerge over time or have been radically reshaped once they are initially implemented 
  11. What is a Complementor?
    the value of a firm's products increases in the presence of another firm's product 
  12. What are Capabilities?
    a subset of a firm's resources, defined as tangible and intangible assets, that enable a firm to take full advantage of other resources it controls 
  13. What are Resources?
    the tangible and intangible assets that a firm controls, which it can use to conceive and implement its strategies 
  14. What are Strengths?
    Anything that helps a company gain a competitive advantage
  15. HBR article by Porter, “What is Strategy?”
    The essence of strategy is choosing to perform activities differently

    Strategy is making trade-offs in competing.

    • The essence of strategy is choosing what not
    • to do

    Its a search for a plan of action 
Card Set
Strategic test 1
Strategic test 1