Formulating Strategy
23 important questions on Formulating Strategy
Apart from the SWOT analysis, what other confrontation analysis measures are there?
2. Boston consulting group matrix
What are the steps of a SWOT analysis?
2. Find connections to see if the positives can be used to overcome the negatives
3. Identify extent to which strengths can be taken advantage of and how the threats can be minimized through it
What are the 3 broad ranges of strategic options?
2. Selling the company
3. Strategic change
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
I immediately started to enjoy learning again, and my grades soared. All of a sudden, everything went better. I highly recommend Study Smart to all students..
Being able to create my materials online made the process of studying so much smoother and quicker. I no longer have to spend a huge amount of my time on creating my summaries.
At first, my notes were a mess. Now I use Study Smart to take my notes in a perfectly structured way. It helps me to save a lot of time and do other things I enjoy.
Students that study with Study Smart get better grades. The system applies all the learning methods in such a way that both well-performing students and students who struggle perform much better.
Hi Chris, I would like to thank you very much. Last year I scored C on a course, and this year I got an A+ thanks to your method! Thank you very much!
The largest effect is that my child is more enthusiastic about school! Every parent wants their children to be happy at school, Study Smart made it happen.
In high school, I failed several exams, and that has really changed now. I actually needed this tool very much back then. Since I started studying with StudySmart, I haven't had any D's. My average score is now an A and those are results I would have never had in the past
With my old method, I passed only 3 out of 8 courses. Since I started taking my notes digitally in Study Smart, I have passed all my courses on the first try. For me, StudySmart takes away the stress of wondering if I will pass or not.
Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
What is gap analysis?
What 3 lines does the gap analysis form?
2. Extrapolation that is based on worst-cased-scenario, calculated as if all threats came true
3. The position mapping of where the company wants to be on a certain point in time, based on strategic objectives
When is selling the company the best strategic option?
When is changing the current strategy the best strategic option?
What 2 choices need to be made when formulating a new strategy?
2. Formulating strategy that is in par with all the elements of strategy as stated by Colis and Rukstad, deals with the design school
From what 2 fundamental types of competitive advantage are the 3 generic strategies derived? And what 2 types of market scope?
2. Premium costs
1. Narrow scope
2. Broad scope
What are the characteristics of the cost leadership generic strategy?
2. Usually for a quite standard product/service
3. Minimum level of satisfaction is achieved on limited set of attributes that customer perceives as relevant, also at low cost
4. Continuous cost reduction and focus on efficiency for cost advantage
5. High chance of success in industries where scale and scope advantages are achievable and sustainable.
What are the characteristics of the differentiation generic strategy?
2. By adding features to product that add surplus value, firm is able to charge premium prices
3. Premium prices cannot be related to just physical attributes
4. Established by brand reputation and image
5. Must be accompanied with persuasive marketing information to convince customer of high value of the product
6. High chance of success in markets where broad range of customer needs can be identified
What are the characteristics of the focus generic strategy?
2. Using cost leadership or differentiation in a very narrow market scope (niche market)
3. Emphasis on satisfying particular needs of customers
4. Requires full understanding of the niche market and the buyer behaviour of the target customers
What is industry analysis?
What does a good strategy statement contain according to Collis and Rukstad?
2. Scope - indicates where company is competing, describes which specific market segment or product-market they aim to serve
3. Competitive advantage - explains why a firm is better/different from competing firms
Which 2 elements of competitive advantage complement each other?
How are value proposition and the generic strategy of cost leadership linked?
How are value proposition and the generic strategy of differentiation linked?
What do generic strategy and formulation of strategy statements describe?
2. How it wishes to compete
3. Where it wishes to compete
What are the most common strategic moves?
2. Horizontal integration - 2/more firms integrate to combine resources, make skills available and gain access to important distribution channels and gain market share quickly
3. Backward integration/vertical integration - firm becomes its own supplier, happens through merger/acquisition of existing supplier, and gives firm in question more control
4. Forward integration - integration with player later in supply chain, allows for more control over distribution
5. Strategic alliance - cooperative agreement between 2 companies to achieve common goal.
What 3 categories do Johnson and Scholes distinguish strategies in?
2. Feasibility - whether the strategy can be implemented, and if enough resources are available
3. Acceptability - overseeing consequences of strategy, looks at risks with strategy and reactions from stakeholders
What are the 4 matrix possibilities of the strengths and weaknesses matrix?
2. O + W = correct weaknesses to exploit opportunities
3. T + S = use strengths to combat threats
4. T + W = correct weaknesses to combat threats
How does cost-leadership protect from the 5 forces?
2. Buyer power - customers will come back to your company due to low prices
3. Supplier power - even if suppliers threaten to raise prices, this will affect competitors more as cost leader has biggest margins and can therefore take biggest loss in theory
4. Threat of new entrants - likely reason for your low costs is scale economy, which is hard to enter as a new one
5. Threat of substitutes - as cost leader you are best positioned to match this tradeoff
How does the differentiation protect against the 5 forces?
2. Buyer power - might enhance switching costs, which reduces buyer power for your product
3. Supplier power - differentiation allows you to ask higher prices and therefore have higher margin, which makes the hit from supplier price raises less.
4. Threat of new entrants - more loyalty because of differentiation, leads to barrier for entrants
5. Threat of substitutes - differentiated product might imply switching costs.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
