its suppliers and competitors will have to adhere to the standard giving the

Its suppliers and competitors will have to adhere to

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its suppliers and competitors will have to adhere to the standard, giving the firm leverage over them 5. How are technical standards established? Chance Occurrence – car steel body Best Solutions -- nylon and polyester among synthetic fibers Government Imposed -- GSM standard in EU Large Installed Base – government adoption Industry Trade Associations -- H.320 standard for videoconferencing set by the ITU Strategic Alliances – Phillips Sony standard for CD 1. Explain the 3 value disciplines for deciding strategy according to Treacy and Wiersema Operational Excellence o Strategy is predicated on the production and delivery of products and services. The objective is to lead the industry in terms of price and convenience. Customer Intimacy o Strategy is predicated on tailoring and shaping products and services to fit an increasingly fine definition of the customer. The objective is long-term customer loyalty and long-term customer profitability. Product Leadership o Strategy is predicated on producing a continuous stream of state-of-the-art products and services. The objective is the quick commercialization of new ideas. 2. Explain the differences of intended, emergent and realized strategy Intended - the strategy that an organization hopes to execute. Intended strategies are usually described in detail within an organization’s strategic plan. o When a strategic plan is created for a new venture, it is called a business plan. o Deliberate - the parts of the intended strategy that the firm continues to pursue over time Emergent - is an unplanned strategy that arises in response to unexpected opportunities and challenges. Realized - the strategy that an organization actually follows. ; Realized strategies are a product of a firm’s intended strategy (what the firm planned to do), deliberate strategy (the parts of the intended strategy that the firm continues to pursue over time), and its emergent strategy (what the firm did in reaction to unexpected opportunities and challenges) 3. Explain the differences between strategies and tactics Strategy and tactics are both concerned with formulating and then carrying out courses of action intended to attain particular objectives. Strategy is concerned with how to deploy the resources at your disposal whereas tactics is concerned with how best to employ these resources. Strategy Tactics Scale of Objective Grand Limited Scope of Action Broad & General Narrowly focused Guidance Provided General & On- going Specific & Situational Degree of Flexibility Adaptable but not hastily changed Fluid, quick to adjust and adapt in minor or major ways Timing Before Action During Action Resource Focus Deployment Employment 4. Explain the differences between corporate and competitive strategy Corporate Strategy o The integrated set of decisions by a multi- industry firm, conglomerate, or diversified firm that defines the industries or businesses the corporation intends to be in and that seeks to achieve a balance or
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