Chapter 3: Making an External Assessment External Strategic Management Audit -Identify & evaluate factors beyond the control of a single firm. Increased foreign competition Population shifts Aging society Fear of traveling Stock market volatility Purpose of an External Audit Develop a finite list of opportunities that could benefit a firm threats that should be avoided Process of performing an External Audit: Gather competitive intelligence Assimilate information Evaluate
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When chosen‚ decide between acquisition and Greenfield This paper investigates how a firms’ strategy will influence the entry mode decision of the firm (MNC) and investigates whether acquisitions and Greenfield subsidiaries are being managed in the same or in a different way. Two types of international strategies for MNC’s 1) Global strategy: dominant strategic requirement: efficiency. As a result these firms integrate and rationalize their production. Subsidiaries act as ‘pipeline’ for headquarters
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cost controls and quality throughout the process‚ accounted for approximately 27% of total billings. What steps have been taken to overcome the firm’s growing pains?How do you assess the steps? The rapid growth of the firm was successful but challenging. Throughthe review of firms cultural systems‚structure‚and process had resulted in a significant set of changes. Organisational review raised several significant issues. They were collectively described as growing
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especially things like keeping in touch with govt Resource based view of the firm (RBV) -resource not necessarily controlled by company -sometimes firms might contract out resources -combines 2 perspectives -1) internal analysis of phenomena within a company -2) external analysis of industry and its competitive environment -useful for individual businesses and diversified firm because it reveals how core aspects of a firm can help exploit new product and market opportunities -3 key types of resources
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Sustainable Competitive Advantage Competitive advantage is gained when a firm acquires attributes that allow it to perform at a higher level than others in the same industry. 1. fig. 1 Starbucks Coffee Starbucks Coffee shops are almost always strategically placed to ensure a competitive advantage. WANT HELP STUDYING SUSTAINABLE COMPETITIVE ADVANTAGE? Get the Flashcards Take a Marketing Quiz * Firms can obtain a competitive advantage by implementing value-creating strategies‚ not simultaneously
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reasons: • understand the context of what is covered in lecture • properly frame your project • find leads to other concepts that may be particularly relevant to your project How is competitive advantage created? At the most fundamental level‚ firms create competitive advantage by perceiving or discovering new and better ways to compete in an industry and bringing them to market‚ which is ultimately an act of innovation. Innovations shift competitive advantage when rivals either fail to perceive
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reality it is not so.Taking no decision is sometimes a decision too. When firms faced with predictable and certain external environment and a stable organizational environment ‚a firm decides to continue with present strategy.there are no significant oppurtunities or threats. However it should be confused with companies that are inactive or which do not wish to change its strategy due to inertia. Several small and medium sized firms operating in a familiar market‚ more often in the niche market with
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essence of strategy is choosing a unique and valuable position rooted in systems of activities that are much more difficult to match. In answering the question ‘what is strategy?’‚ some theorists focus more on the role of strategy in allowing a firm to ‘position’ itself in an industry‚ hence to make choices regarding ‘what game to play’. Others focus more on the role of strategy in determining how well a given game is played. Strategy is about both: choosing new games to play and playing existing
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evaluate the needs and wants of the consumer. This inattention has resulted and isresulting in the collapse of long-established firms. Levitt uses examples from many industries includingthe railroad‚ petroleum‚ automobile‚ movie‚ and electronics markets‚ along with other references to grocerychains‚ dry cleaners‚ and buggy whip manufacturers to develop his case that firms have placed too muchimportance on their product and selling it‚ as opposed to adapting a broader‚ more flexible classification
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Get your projects done. www.projectguru.in Call: 0091 9873147443 Mailto: care@projectguru.in 02/23/10 - Marketing Myopia The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs‚ better than the competition. Today most firms have adopted the marketing concept‚ but this has not always been the case. In 1776 in The Wealth of Nations‚ Adam Smith wrote that the needs of producers should be considered
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