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strategy+and+general+management - Understanding the...

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Unformatted text preview: Understanding the Competitive Environment Strategy Professor Dixon with material from Professor Peter Arnold Professor Tomas Kohn Professor John Mahon Professor Melissa Schilling Strategy Defined What is strategy? Strategy is a coherent, integrated set of objectives and actions for using an organization’s resources to gain and secure a sustainable position of advantage vis a vis one’s competitors; No position of advantage is sustainable forever--- that is, a position of advantage will either erode or be overcome by the actions of others over time Strategies… The Choices Managers Make Question: Which choices (strategies) are better? Question: Which choices (strategies) are better? Answer: Answer: IT DEPENDS!! IT DEPENDS!! 2. What the firm may do (environmental factors) 2. What the firm may do (environmental factors) Question: Depends on what? Question: Depends on what? Answer: Answer: 1. What the firm wants to do (objectives) 1. What the firm wants to do (objectives) It depends on … It depends on … 3. What the firm can do (capabilities) 3. What the firm can do (capabilities) 4. What management wishes to do (leadership) 4. What management wishes to do (leadership) Strategic Dimensions - a short list Choice of distribution channels Quality standards for product or service Cost / Price position Degree of specialization By customer By location Technology policy Open Proprietary Brand-use policy Degree of vertical integration Ownership of operations Wholly-owned Joint-ventures (majority- or minority-owned) Alliances (equity and non-equity based) Interaction with governments Mostly External Issues (Industry Analysis) Mostly External Issues (Industry Analysis) ❏ Opportunities - Opportunities - seek them out seek them out ❏ Threats - Threats - fend them off fend them off Mostly Internal Issues Mostly Internal Issues ❏ Strengths - Strengths - build, reinforce, and go with them build, reinforce, and go with them ❏ Weaknesses Weaknesses - - reduce them, compensate for them reduce them, compensate for them S.W.O.T Analysis A tool for strategy definition Look Look from from OUTSIDE OUTSIDE Effective Strategies Effective Strategies can come about when senior can come about when senior managers: managers: Look Look from from INSIDE INSIDE Position the company so Position the company so competitors cannot challenge competitors cannot challenge it easily....
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