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MGMT303 > CH 6: strategic positioning > Flashcards

CH 6: strategic positioning Flashcards

1
Q

what is strategic positioning

A

Attempts to achieve sustainable comp adv. By preserving what is distinct about a company

ex: Performing different activities from rivals or similar activities in different ways

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2
Q

who developed strategic positioning

A

Michael Porter

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3
Q

3 levels of strategy

A

corporate
business
functional

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4
Q

corporate level

A

Focuses on the organization as a whole

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5
Q

level

A

Focuses on individual business units or product/service lines.

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6
Q

level

A

Applies to the key functional departments or units within the business units.

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7
Q

Three key principles underlie strategic positioning

A
  1. Strategy is the creation of a unique and valuable position.
  2. Strategy requires trade-offs in competing.
  3. Strategy involves creating a “fit” among activities.
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8
Q

ex of corportation level strat and question

A

ULTA
-what business or businesses should we be in

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9
Q

ex of bus level strat and question

A

Services unit
-how should we compete in this industry

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10
Q

ex of funct level strat

A

-marketing
-how can business funct support business level strats

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11
Q

Strategic management process

A

1-establish mission, vision, and value statements
2- asses current reality
3-formulate corporate, business, and funct. Strategies
4-execute strategies
5-maintain strat control

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12
Q

feedback

A

revise actions if necessary based on feedback

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13
Q

Establishing mission statement Qs

A

Who are our customers
What are our major products
What are our strengths

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14
Q

Establishing vision statement qs

A

Does it set standards
Is it well articulated
Is it appropriate for the org and the time

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15
Q

Establishing value statement Qs

A

Does it expresses the companies distinctiveness

Is it intended to guide all the organization’s actions

Will it be unchanging

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16
Q

Step 2: assessing the current reality

A

Look where the org stands internally/externally, to determine what is working and what’s not

See what can be changed to increase efficiency/effectiveness in achieving the organization’s vision

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17
Q

SWOT analysis

A

(STEP 2)
Environmental scanning-monitoring of an organization’s internal/external environments to detect early signs of opportunities and threats

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18
Q

what does swot scan

A

Strengths (internal)
Weaknesses(internal)
Opportunities (external)
Threats (external)

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19
Q

VIRO

A

(STEP 2)
Analyzes resource/capability to determine its competitive strategic question by answering 4 questions

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20
Q

4 questions of viro

A

VALUE
RARITY
IMITABILITY
ORGANIZATION

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21
Q

value

A

is it valuable

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22
Q

rarity

A

Is the resource or capability currently controlled by only a few firms or no other firms?

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23
Q

imitiablity

A

Is the resource or capability costly for other firms to imitate?

24
Q

organization

A

Is the firm organized to exploit the resource

25
Q

3 parts of forecasting

A

-forecasting
trend analysis
contingency planning

26
Q

forecasting

A

A vision or projection of the future

27
Q

Trend analysis

A

– Hypothetical extension of a past series of events into the future.

28
Q
  • Contingency planning
A

Creation of alternative hypothetical but equally likely future
conditions.

– Also called scenario planning and scenario analysis.

29
Q

Benchmarking

A

Process by which a company compares its performance with that of high performing

30
Q

what tools are included in step 2

A

swot analysis
viro
forecasting
benchmarking

31
Q

grand strategy

A

comes after assessing current reality

32
Q

Strategy formulation

A
  • process of choosing among diff strategies and altering them to best fit the org

Translates the broad miss/vis state into corporate strategy

33
Q

3 types of corporate strategies

A

growth
stability
defesnive

34
Q

growth stratgey

A

Involves expansion, in sales revenues, market share, # of employees, or # of customers.

35
Q

stabilitiy

A

Involves little or no significant change

36
Q

Defensive

A
  • Involves reduction in the organization’s efforts.
  • Retrenchment.
37
Q

BCG matrix

A

question marks- high GR, Low MS
stars- High GR, High MS
cash cows- Low GR, High MS
dogs- Low GR, low MS

38
Q

Diversification

A
  • operating several businesses in order to spread the risk (products may related or unrelated)
39
Q

Vertical integration

A

Firm expands into businesses that provide the supplies it needs to
make its products or that distribute and sell its products.

40
Q

Porter’s 5 competitive forces

A

Threat of new entrants
Bargaining power of suppliers
Bargaining power of buyers
Threats of substitutes
Rivarlity among competitors

41
Q

Porters 4 competitive strategies

A

cost leadership
differentiation
cost focus
focused differentiation

42
Q

Cost-leadership strategy

A

Keep the costs & prices of a prod/ service below those of competitors and target a wide market.

43
Q

Differentiation strategy

A

Offer prods that are unique compared to those of competitors and target a wide market.

44
Q

Cost-focus strategy

A

Keep the costs of a product below those of competitors and target a narrow market.

45
Q

Focused-differentiation strategy

A

Offer prods that are unique compared to those of competitors and target a narrow market.

46
Q

Strategy implementation

A

Putting strategic plannings into affect meaning dealing w roadblocks within the org structure/culture and seeing if the right ppl and control systems are available to execute the plans

47
Q

what is considered the greatest challenge for managers

A

strategy implementation

48
Q

Execution

A

Consists of using questioning, analysis and follow thru in order to mesh strategy w reality, align ppl w goals, and achieve results

49
Q

strategic control

A

Monitoring the execution strategy and taking corrective action if necessary

To keep on track you must
Engage people
Keep it simple
Stay focused
Keep moving

50
Q

3 core processes of business

A

People- consider who will benefit your future

Strategy-consider how will success be accomplished

Operations-consider what path will be followed

51
Q

It is common practice today for most small business owners to engage in strategic planning. T or F

A

F

52
Q

When other companies cannot duplicate the value provided by a competitor, then the competitor has established a(n) ______ competitive advantage.

A

sustainavble

53
Q

What does business growth rate refer to, as used in the BCG matrix?

A

The speed of industry growth

54
Q

The strategy of moving into new lines of business is called ______.

A

diversification

55
Q
A

MGMT303 (15 decks)

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