Summary Strategy Voor De Pre Master

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• 3 1.1.1 Define strategy

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• What defines a firm's strategy concerning competitive advantages?

  A firm's strategy reflects its theory to gain competitive advantages. Key elements include:
  

  1. Generates competitive advantages
  2. Based on assumptions and hypotheses
  3. Theories predict competition evolution
  4. Exploitation leads to profit.

• What is a firm's strategy compared to in the context of predicting competition?

  • Strategy resembles a theory.
  • It's a firm’s best guess about competition evolution.
  • Exploits evolution for competitive advantage.
  • Challenges in predicting competition behavior.

• What are the stages in evaluating competition and predicting interaction?

  1. General environment assessment.
  2. Industry analysis.
  3. Strategic group identification.
  4. Map competitors by:

  • Market commonality
  • - Resource similarity

  5. Predict competitive interaction.

• 4 1.1.2 The strategic management process

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• What are the different types of missions in a firm's strategic management process?

  Several categories of missions exist:
  

  • Missions that may not affect performance: common elements can diminish value.
  • Missions that can improve performance: visionary missions reflect shared values, leading to high performance.
  • Missions that can hurt performance: inwardly focused missions ignore economic realities, hindering competitive advantage.

• What is the primary purpose of a firm's mission according to strategic management?

  The mission serves to define:
  

  1. The long-term purpose of the organization.
  2. Aspirations for the future.
  3. Guiding principles for decision-making.

• How can a mission statement impact a firm's performance?

  Impact varies significantly:
  

  • May not affect performance: overly common statements lack uniqueness.
  • Can improve performance: mission aligns with core values, driving success.
  • Can hurt performance: overly personal or disconnected from economic realities.

• What characteristics define a visionary firm's mission?

  Visionary missions are:
  

  1. Central to the firm's operations.
  2. Reflected in widely-shared values.
  3. Inform strategic decisions and daily actions.

• What are high-quality objectives in relation to a firm's mission?

  High-quality objectives are:
  

  • Specific, measurable targets
  • Connected to mission elements
  • Easy to measure and track over time
  • Low-quality objectives either do not exist or lack connection to the mission

• What does external analysis entail for a firm?

  External analysis involves:
  

  • Identifying critical threats and opportunities
  • Examining competition evolution
  • Analyzing implications for threats and opportunities
  • Understanding the competitive environment

• What is the purpose of internal analysis in a firm?

  Internal analysis helps a firm:
  

  • Identify strengths and weaknesses
  • Understand potential competitive advantages
  • Recognize less viable resources
  • Determine areas requiring improvement