Assignment
Strategic Management, Ch. 4
Key Concepts and Objectives
Posted by Alex
Below a list of some of the main key terms you will find in this chapter. Keep in mind that getting familiar with these may help you in the rest of the class.
• Chapter 4: Business-Level Strategy
o Define business-level strategy.
o Discuss the relationship between customers and business-level strategies in terms of who, what, and how.
o Explain the differences among business-level strategies.
o Use the five forces of competition model to explain how above-average returns can be earned through each business-level strategy.
o Describe the risks of using each of the business-level strategies.
• Chapter Concepts:
o Business-level strategy
o Managing relationship with customers
o Market segmentation
o Differentiation strategy
o Five forces of competition
Class, Exercise 2 refers to HOW INDUSTRIES DIFFER IN THEIR BUSINESS-LEVEL STRATEGY: Read it and then do the following.
Choose a firm in the Hotel Industry, then create a business-level strategy for that firm using an Integrated cost leadership/differentiation strategy. Complete Part One as follows:
• Research the hotel industry and describe the general environment and the forces in the industry.
• Using the dimensions of the general environment, identify some factors for each dimension that are influential for your industry.
• Next, describe the industry environment using the Five Forces model. Database services like Mint Global, Datamonitor, or IBIS World can be helpful in this regard. If those are not available to you, consult UoPx library for assistance.
• You should be able to clearly articulate the opportunities and the threats that exist.
BUSINESS LEVEL STRATEGY
Posted by Andrew
The text explains that "a business-level strategy is an integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets" (Hitt, Ireland, and Hoskisson, 2015, p. 105). Essentially, every company should be utilizing a business-level strategy otherwise they are failing to maximize their potential. This seems like a continuance of previous discussion on the internal and external environment. By analyzing both environments, a company has the information it needs to develop a strategy. The business-level strategy is just a deeper dive into this by specifically establishing your competitive advantage to succeed in the product markets
Strategic Management, Ch. 6
Key Concepts and Objectives
Posted by Alex
Below a list of some of the main key terms you will find in this chapter. Keep in mind that getting familiar with these may help you in the rest of the class.
• Chapter 6: Corporate-level Strategy
1 Define corporate-level strategy and discuss its purpose.
2 Describe different levels of diversification achieved using different corporate-level strategies.
3 Explain three primary reasons firms diversify.
4 Describe how firms can create value by using a related diversification strategy.
5 Explain the two ways value can be created with an unrelated diversification strategy.
6 Discuss the incentives and resources that encourage diversification.
7 Describe motives that can encourage managers to over diversify a firm.
• Chapter Concepts:
o Corporate-level strategy
o Levels of diversification
o Value-creating diversification
o Operational and corporate relatedness
o Related and unrelated diversification
o Motivations to over diversify
Class, Exercise 2 refers to WHAT DOES THIS ANNOUNCEMENT MEAN? Read it and then answer the following question:
• Analyze the firm's press releases regarding the announced acquisition. How is the firm categorizing the event?
Strategic Management, Ch. 8
Key Concepts and Objectives
Posted by Alex
Below a list of some of the main key terms you will find in this chapter. Keep in mind that getting familiar with these may help you in the rest of the class.
• Chapter 8: International Strategy
o Explain incentives that can influence firms to use an international strategy.
o Identify three basic benefits firms achieve by successfully implementing an international strategy.
o Explore the determinants of national advantage as the basis for international business-level strategies.
o Describe the three international corporate-level strategies.
o Discuss environmental trends affecting the choice of international strategies, particularly international corporate-level strategies.
o Explain the five modes firms use to enter international markets.
o Discuss the two major risks of using international strategies.
o Discuss the strategic competitiveness outcomes associated with international strategies, particularly with an international diversification strategy.
o Explain two important issues firms should have knowledge about when using international strategies.
• Chapter Concepts:
o International strategy
o Business-level strategy
o Corporate-level strategy
o National advantage
Class, Exercise 1 touches on Cross-Border Expansion. Read the scenario and then answer the following questions:
• Provide both a list of pros and cons to help the CEO wade through the decision.
• Do you think this is the best solution possible given the limited data provided?
Strategic Management, Ch. 9
Key Concepts and Objectives
Below a list of some of the main key terms you will find in this chapter. Keep in mind that getting familiar with these may help you in the rest of the class.
• Chapter 9: Cooperative Strategy
o Define cooperative strategies and explain why firms use them.
o Define and discuss the three major types of strategic alliances.
o Name the business-level cooperative strategies and describe their use.
o Discuss the use of corporate-level cooperative strategies in diversified firms.
o Understand the importance of cross-border strategic alliances as an international cooperative strategy.
o Explain cooperative strategies' risks.
o Describe two approaches used to manage cooperative strategies.
• Chapter Concepts:
o Cooperative strategy
o Strategic alliance
o Business-level cooperative strategies
o Corporate-level cooperative strategies
Class, after reading this chapter and understanding most of the concepts and key items, answer the following questions:
• What is a strategic alliance? What are the three major types of strategic alliances firms form for the purpose of developing a competitive advantage?
• What are the three corporate-level cooperative strategies? How do firms use each of these strategies for the purpose of creating a competitive advantage?
Generic Strategies
Posted by April
WealthPlan advisors is a financial planning and wealth management firm that was created when two similar businesses merged. The company's generic strategy is unique competency, and WealthPlan's strategy is to keep things simple, because simplicity will help retain clients. Scott Schlappi, the president of the company discusses a few key elements that I think are important. First, by the firm being small in size, they are able to be more personable with their clients. Personability can help organizations gain and maintain consumers; it shows that you are passionate about helping clients with their specific goals. The company conducts analyses using surveys that asks clients what the company does well and what can be improved. WealthPlan Advisors then focus on improving flaws, transforming their weaknesses into strengths. Another element that Mr. Schlappi touches on is the engagement of employees; allowing staff to participate in changing processes can strengthen a business. The management team values employees and clients which is why they encourage feedback.
Often times, goals and objectives are handed down to managers from senior leaders, Scott discusses how he would previously forecast 12 months ahead to determine what needs to be done to accomplish goals. However, when he began working at WealthPlan Advisors, his methods changed; he expresses that using a 3 to 5 year forecasting method is more advantageous than a short term forecast. It is necessary for executives to ask themselves, where do they see the company in a 3 to 5 year span and ensure that strategies aligns with the company's goals and objectives.