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Business Policy Final Review

Classes 1 6 what is a firm understanding core

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(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)
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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 That thinking becomes outdated, so they don’t see the opportunities, because they’re caught in their own paradigm (set of values and beliefs) - What difference does management make on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
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