Business Strategy Study Guide
Bstrat Test 1 Study Guide/Notes
60 multiple choice
Chapters 1-4
Articles
Porter “what is strategy” “future retail wasteland” by stone and porter in bus. Week. Apr 16,2012 “Tata Takes on the World” “for Successful innovation, sell imperfect products”
3-4 questions over Capsim
Chapter 1 from jacy’s notes * Strategic competitiveness: when a firm successfully formulates and implements a value-creating strategy * Strategy: integrated and coordinated set of commitments and actions designed to exploit core competencies and gain competitive advantages * What the firm will and will not do * Competitive Advantage- implementing a strategy that competitors are unable to duplicate or find too costly to try to imitate * Ex make something that competitors can’t duplicate * Ex too much $$$ * Above-Average Returns: returns in excess of what investor expects in comparison to other investments of similar risk. * Risk: Investor’s uncertainty about economic gains/losses resulting from a particular investment. * Average Returns: returns equal to what investor expects in comparison to other investments with similar risk. * Strategic Management Process- full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns * The competitive landscape: * Hyper-competition: assumptions of market stability are replaced by notions of inherent instability because of the emergence of a global economy and rapid technological change * The global economy: goods, services, people, skills, and ideals moving freely across geographic borders * Globalization- increasing economic interdependence among countries and their organizations as reflected in the flow of goods and services, financial capital, and knowledge across country borders. * Only companies capable of meeting global standards typically have the capability to earn
60 multiple choice
Chapters 1-4
Articles
Porter “what is strategy” “future retail wasteland” by stone and porter in bus. Week. Apr 16,2012 “Tata Takes on the World” “for Successful innovation, sell imperfect products”
3-4 questions over Capsim
Chapter 1 from jacy’s notes * Strategic competitiveness: when a firm successfully formulates and implements a value-creating strategy * Strategy: integrated and coordinated set of commitments and actions designed to exploit core competencies and gain competitive advantages * What the firm will and will not do * Competitive Advantage- implementing a strategy that competitors are unable to duplicate or find too costly to try to imitate * Ex make something that competitors can’t duplicate * Ex too much $$$ * Above-Average Returns: returns in excess of what investor expects in comparison to other investments of similar risk. * Risk: Investor’s uncertainty about economic gains/losses resulting from a particular investment. * Average Returns: returns equal to what investor expects in comparison to other investments with similar risk. * Strategic Management Process- full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns * The competitive landscape: * Hyper-competition: assumptions of market stability are replaced by notions of inherent instability because of the emergence of a global economy and rapid technological change * The global economy: goods, services, people, skills, and ideals moving freely across geographic borders * Globalization- increasing economic interdependence among countries and their organizations as reflected in the flow of goods and services, financial capital, and knowledge across country borders. * Only companies capable of meeting global standards typically have the capability to earn