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1. 3 Elements of 1. Diagnosis of competitive strategy through 13. Complement Product, service, or competency that adds
a good analysis of firms internal and external value to the original product offering when
strategy environ. the two are used in tandem
2. Guiding Policy to address competitive
14. core - unique strengths that are embedded deep
challenge accomplished through strategy
competencies within a firm
formulation
- allow firm to differentiate products and
3. Coherent actions to implement firm's
services from those of its rivals
guiding policy accomplished through
- develop through interplay of resources and
implementation.
capabilities
2. 4 questions 1. How do customers view us
15. core rigidity firm relies too long on competency without
of Balance 2. How do we create value?
honing, refining, and upgrading as the
Scorecard 3. What core competencies do we need?
environment changes
4. How do shareholders view us
16. Corporate where to compete in terms of industry,
3. Accounting use financial data and ratios derived from
Strategy markets, and geography
Profitability publicly available accounting data such as
income statements and balance sheets to: 17. Customer- allow companies to adapt because they
- Accurately assess firm performance oriented focus on how to best solve a problem for
- compare and benchmark firm performance vision consumers.
4. Activities distinct and fine grained business processes 18. dynamic firm's ability to create, deploy, modify,
such as order taking, the physical delivery of capabilities reconfigure, upgrade, or leverage its
products, or invoicing customers resources over time in its quest for
competitive advantage
5. Balanced Assess past performance, identify areas for
Scorecard improvement, and position the company for 19. Economic difference between a buyer's willingness to
Approach future growth Value pay for a product or service and the firm's
allows Creation total cost to produce it.
managers to: - amount of total perceived consumer
benefits equals the maximum willingness to
6. Balance - is a framework to help managers achieve
pay, the reservation price
Scorecard their strategic objectives more effectively
- harnesses multiple internal and external 20. Emergent describes any unplanned strategic initiative
performance metrics in order to balance Strategy bubbling up from the bottom of the
both financial and strategic goals. organization.
7. Black Swan High Impact of highly improbable event. 21. External customers, suppliers, alliance partners,
Events Demonstrate that managerial actions can Stakeholders creditors, unions, communities, government
affect the economic well-being of large at various levels, and the media.
numbers of people around the globe. 22. Firm effects attribute performance to actions managers
8. Business How firm intends to make money take. Managers' actions tend to be more
Model - stipulates how the firm conducts its important in determining firm performance
business with its buyers, suppliers, and than forces exerted on firm by its external
partners environment
9. Business how to compete: cost leadership, 23. Five major patents, designs, copyrights, trademarks,
Strategy differentiation, or value innovation forms of IP trade secrets
protection
10. Capabilities organizational and managerial skills
necessary to orchestrate a diverse set of 24. Functional How to implement chosen business strategy
resources and to deploy them strategically Strategy
11. Common Return on Invested Capital (ROIC), Return on 25. Game Theory Attempts to predict strategic behaviors by
Profitability Equity (ROE), Return on Assets (ROA), Return assuming that the moves and reactions of
Ratios on Revenue (ROR) competitors can be anticipated.