Lit 5: Strategy: Responsible competitiveness
20 important questions on Lit 5: Strategy: Responsible competitiveness
What is strategic management?
What is shared value?
What are the 4 phases of the strategic management process?
2. Analyse internal and external environments
3. Formulate strategy
4. Implement and evaluate strategy
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What are the 2 perspectives on the value proposition?
2. Narrow perspective - how do responsible business practices relate to strategic management (and generate profit)
What is a strategic competitive advantage?
What is responsible competitiveness?
What is a vision statement?
What are the 2 theories in SWOT analysis?
2. Environmental model - how to create value for stakeholders
What are inside-out linkages?
How are the internal and external environment analysed?
2. External: Porter's 5 forces
What are the 3 strategic levels of a firm?
2. Business (unit) level
3. Functional level - for individual business functions
What are the 4 ways to approach CSR as a business?
2. Reactive - negative externalities
3. Active - positive externalities
4. Proactive - systems and commons solutions
What are positive and negative externalities?
What are the inactive way to approach CSR as a business?
logic:
not being irresponsible
reducing costs with help of ecology
obeying the law (to not incur extra costs in the form of fines)
challenges:
lack of entrepreneurship
ecology > social > economic
short-term orientation
What is the reactive way to approach CSR as a business?
logic:
reputation is key value
limits losses when problems appear
deal with negative externalities
challenges:
improvisation over solution
PR: window dressing, philanthropy
greenwashing - internal effects
What is the active approach to CSR as a business?
Logic:
social enterprise, entry strategy
big companies, purpose driven
linked to future market growth needs - positive externalities
challenges:
niche: scaling, valley of death
systems do not change - crowding out responsibilities
internal alignment in big companies
What is the proactive approach to CSR as a business?
logic:
fix the system in order to survive
first mover advantage
business is about networking
challenges:
creating the right partnership
negative frames in society
intention > realisation
What are the 2 key activities of strategy implementation?
2. Softwiring - human and knowledge components of strategy implementation
What is the bystander effect?
What is a wicked problem?
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