Business Policy Final Review

Classes 1 6 what is a firm understanding core

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
(Classes 1-6) What is a Firm? Understanding core competencies & competitive advantage Analyzing an Industry Porter’s five forces Firm Strategy - Low Cost - Differentiation (Classes 7-13) * See notes -- What is strategy? Why is your IPC successful? - Why is your IPC successful in a particular industry while one of its competitors is not successful? - What enables your firm to gain and sustain a competitive advantage over time? - Why do once great companies fail? o Inability to adapt to changing markets o Company structure o Difficulty to grow any further o Diversifying consumer needs (changing cultures)
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
December 7, 2011 o They have a theory of business. It dominates the thought within the firm. That thinking becomes outdated, so they don’t see the opportunities, because they’re caught in their own paradigm (set of values and beliefs) - What difference does management make on performance? o Silvio Napoli’s case Captain Ayers and Art Restoration - Institutional memory - He was in Iraq - Ammunition was stolen – they gave them 48 hours to return it - Otherwise, they were threatening to bomb them – can’t threaten the local people - The firm as a collection of routines: within a problem, there should be a solution and becomes routine – it gets embodied as written rules as Standard Operating Procedures; others that don’t write it up make it a culture of the company, yet they
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern