Strategic Management - Midterm 2020

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Strategic Management - Midterm 2020 by Mind Map: Strategic Management -  Midterm 2020

1. Chap 1-Essential SM

1.1. Definition:

1.1.1. Art & Science of formulate,implement, and evaluate cross-functional decision

1.2. 3 Stages

1.2.1. Formulation S Develop V & M Identify org SWOT Long term objective/goals

1.2.2. Implementation S Require firm to : Establish annual objective Motivate employee Policies allocate resources Called as : ACTION STAGE

1.2.3. Evaluation S

2. Chap 6- Internal audit

2.1. Resource-Based View (RBV) approach

2.1.1. internal resources are more important for a firm than external factors in achieving and sustaining competitive advantage

2.1.2. Characteristic: Rare Hard to copy not easily substitutable

2.2. Function Management:

2.2.1. Planning

2.2.2. Organizing

2.2.3. Motivating

2.2.4. Staffing

2.2.5. Controlling

2.3. Marketing

2.3.1. Defining

2.3.2. Creating

2.3.3. Fulfill needs and want for S&P

2.3.4. Function: Customer analysis Sell S&P S&P Planning Pricing & Distribution Pricing Distribute Marketing research systematic gathering, recording, and analyzing of data about problems relating to the marketing of S&P uncover critical S & W (SWOT) Cost benefit analysis 3 Step perform analysis

2.4. finance/accounting

2.4.1. Function: investment decision allocation and reallocation of capital and resources to projects, products, assets, and divisions of an organization financing decision determines the best capital structure for the firm and includes examining various methods by which the firm can raise capital dividend decision concern issues such as the percentage of earnings paid to stockholders, the stability of dividends paid over time,

2.5. Value chain analysis (VCA)

2.5.1. process whereby a firm determines the costs associated with organizational activities from purchasing raw materials to manufacturing product(s) to marketing those products

2.5.2. to identify where low-cost advantages or disadvantages exist anywhere along the value chian s chain from raw material to customer service activities

2.6. Benchmarking

2.6.1. tool used to determine whether a firm’s value chain activities are competitive compared to rivals

2.6.2. value chain activities across an industry to determine “best practices”

2.7. Internal Factor Evaluation (IFE) Matrix

3. Chap 7- External audit

3.1. focuses on identifying and evaluating trends and events beyond the control of a single firm

3.1.1. The Industrial Organization (I/O) approach to competitive advantage advocates that external (industry) factors are more important than internal factors in a firm for achieving competitive advantage.

3.2. External factor of SWOT

3.2.1. Opportunities

3.2.2. Threats

3.2.3. 5 road type: economic forces social, cultural, demographic, and natural environment forces political, governmental, and legal forces technological forces competitive forces


3.3.1. gather competitive intelligence Key external factors should be: important to achieving long-term measurable applicable to all competing firms hierarchical in the sense