The management of strategy concepts - cheating paper for exam

Ch1. Strategic management and competitiveness – firms use the strategic management process to achieve strategic competitiveness and earn above-average returns. When a firm develops and implements a value-creating strategy. The globalization of industries and their markets and rapid and significant technological changes are the two primary factors contributing to the turbulence of the competitive landscape. Two major models to help develop their vision and mission, the I/O model is that the firm’s external environment has a large influence on more than the firm’s internal resources, capabilities, and core competencies. It is used to understand the effects an industry’s characteristics. The resource-based model is that the firm’s unique resources, capabilities, and core competencies more than the firm’s external environment. When the firm uses its valuable, rare, costly-to-imitate, and non-substitutable resources and capabilities to compete its rivals. Vision and mission are formed to guide the selection of strategies based on the information from the analyses of the firm’s internal and external environments. They provide direction to the firm and signal important descriptive information to stakeholders. Stakeholders are those who can affect, and are affected by a firm’s strategic outcomes. They have enforceable claims on the company’s performance. Strategic leaders are people located in different areas and levels of the firm using the strategic management process to help the firm achieve its vision and fulfill its mission. The effectiveness is increased when it is grounded in ethical intentions and behaviors. They demands decision trade-offs, often among attractive alternatives. They predict potential outcomes of their strategic decisions. They must first calculate profit pools in their industry. It reduces the likelihood of the firm formulating and implementing ineffective strategies.
Ch2. The external environment: opportunities, threats, competition, and