Exam 1, Mgmt 4970
Know all about the 5Ps of strategy.
1. Plan- strategy is a plan
A consciously intended course of action developed purposefully in advance of action
2 essential characteristics:
o Made in advance of the actions to which they apply
Five Ps for Strategy (Plan, Ploy, Pattern, Position, and Perspective)
Strategy as Plan
a. Some sort of consciously intended course of action, a guideline (or set of guidelines) to deal with
b. By this definition, strategies h
a general way of positioning a firms business-level strategy within an industry.
What are two ways to compete?
Price and uniqueness
generic strategy that offers products or services with acceptable quality and features to
describes what the org hopes to become in the FUTURE; orgs aspirations
reasons for the orgs existence; captures orgs identity and provides "Who are we?"
the set of external conditions and forces hat have the potential to influence the
overall trends and events in a society such as: social trends, technological trends,
demographics, and econom
First mover advantage
when making a move into a market allows a firm to establish a dominant position that
other firms struggle to overcome.
Why is first mover risky?
Customers might not go for it
Have to commit time and money to it
theory that contends that the possession of strategic resources can provide an organization
with competitive advantages over its rivals
what an organization can do based on its resources
a unique abi
Process by which a firm approaches its cross-boarder activities and those of competitors
and plans to approach them in the future.
What are the advantages to international strategy?
1)Access to new customers
2) Lowering costs - econ
contends that the possession of strategic resources provides an organization with a
golden opportunity to develop competitive advantages (CA) over its rivals
Resources such as cash and trucks are not considered strategic because an
how actions and events involving top executives, firms, and industries influence a firm's
success or failure
(how the world is changing and how the changes might affect a particular firm)
a complex concept that involves many