Podcast
Questions and Answers
Which of the following is NOT a factor included in the PEST analysis?
Which of the following is NOT a factor included in the PEST analysis?
What is the primary goal of using a PESTLE analysis?
What is the primary goal of using a PESTLE analysis?
How does global warming directly impact the ski resort industry?
How does global warming directly impact the ski resort industry?
Which of the following is a potential legal implication of environmental regulations on automobile producers?
Which of the following is a potential legal implication of environmental regulations on automobile producers?
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What is a potential consequence of climate change on the automobile industry?
What is a potential consequence of climate change on the automobile industry?
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In the prisoner's dilemma scenario, what is the result if both players choose to cooperate?
In the prisoner's dilemma scenario, what is the result if both players choose to cooperate?
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What is the Nash equilibrium for the prisoner's dilemma?
What is the Nash equilibrium for the prisoner's dilemma?
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What is the key difference between a single-transaction and a multiple-transaction scenario in the prisoner's dilemma?
What is the key difference between a single-transaction and a multiple-transaction scenario in the prisoner's dilemma?
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Who is John F. Nash, famous for contributing to game theory, and what did he win?
Who is John F. Nash, famous for contributing to game theory, and what did he win?
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What does the quote "An individual can gain no benefit from changing his/her strategy, given that the opponent does not change strategies" imply about the prisoner's dilemma outcome?
What does the quote "An individual can gain no benefit from changing his/her strategy, given that the opponent does not change strategies" imply about the prisoner's dilemma outcome?
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What is a primary benefit of using hierarchical structures for coordination within an organization?
What is a primary benefit of using hierarchical structures for coordination within an organization?
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What is the main factor determining how individuals are assigned to organizational units?
What is the main factor determining how individuals are assigned to organizational units?
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What advantage does a loosely coupled hierarchy offer over a tightly coupled system?
What advantage does a loosely coupled hierarchy offer over a tightly coupled system?
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A hierarchical organizational structure aims to economize on coordination by:
A hierarchical organizational structure aims to economize on coordination by:
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Within an organization, modular hierarchies are beneficial because they facilitate:
Within an organization, modular hierarchies are beneficial because they facilitate:
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What is a crucial element in defining roles and career goals according to the text?
What is a crucial element in defining roles and career goals according to the text?
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What does 'objective resource appraisal' primarily involve?
What does 'objective resource appraisal' primarily involve?
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Which statement best describes the role of effective implementation in strategy?
Which statement best describes the role of effective implementation in strategy?
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Why are clear, consistent, and long-term goals important in a strategy?
Why are clear, consistent, and long-term goals important in a strategy?
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According to the provided text, what is one of the key elements required for a successful strategy?
According to the provided text, what is one of the key elements required for a successful strategy?
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How does the text describe the role of 'understanding the competitive environment'?
How does the text describe the role of 'understanding the competitive environment'?
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What does 'effective implementation' involve in a strategic context?
What does 'effective implementation' involve in a strategic context?
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Considering the elements of a successful strategy, what distinguishes 'objective resource appraisal' from other factors?
Considering the elements of a successful strategy, what distinguishes 'objective resource appraisal' from other factors?
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What factor primarily determines the ability to appropriate returns from innovations?
What factor primarily determines the ability to appropriate returns from innovations?
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Which industry exemplifies effective utilization of lead time to gain competitive advantages?
Which industry exemplifies effective utilization of lead time to gain competitive advantages?
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How do complementary resources contribute to innovation success?
How do complementary resources contribute to innovation success?
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What does the term 'tacitness' refer to in the context of innovation?
What does the term 'tacitness' refer to in the context of innovation?
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What is one potential outcome of having a longer lead time in innovation?
What is one potential outcome of having a longer lead time in innovation?
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What is the primary difference between invention and innovation?
What is the primary difference between invention and innovation?
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Which factor significantly affects the profitability of an innovation?
Which factor significantly affects the profitability of an innovation?
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What does a strong regime of appropriability allow an innovator to do?
What does a strong regime of appropriability allow an innovator to do?
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Which of the following is NOT a method of protecting intellectual property?
Which of the following is NOT a method of protecting intellectual property?
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Which scenario describes a weak regime of appropriability?
Which scenario describes a weak regime of appropriability?
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What is tacitness in the context of innovation?
What is tacitness in the context of innovation?
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Which party is NOT typically considered in the distribution of value created by an innovation?
Which party is NOT typically considered in the distribution of value created by an innovation?
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Which of the following is an example of a strong regime of appropriability?
Which of the following is an example of a strong regime of appropriability?
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Which of the following best describes the term 'innovation'?
Which of the following best describes the term 'innovation'?
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Study Notes
Strategy 1: The Concept of Strategy
- Session 1, Part 1 discusses the concept of strategy.
- The University of Vienna is offering a VO (lecture) course on Strategy 1.
Strategy 2: Organization Structure & Management Systems
- Session 1, Part 2 focuses on organization structure and management systems.
What is strategy?
- This session reviews what strategy is.
- Videos link to additional information (including discussion of successful entrepreneurs & royalty)
What about success?
- This session discusses elements of success.
- Examples include Sofia Vergara and Queen Elizabeth II.
- Questions about the contributing factors to success.
Key ingredients of a successful strategy
- Clear, consistent, and long-term goals
- Profound understanding of the competitive environment
- Objective appraisal of resources
- Effective implementation
Characteristics & Description
- Clear, consistent, and long-term goals - focused commitment to (career) goals
- Objective resource appraisal - deploying existing resources and drawing upon the resources of others
- Effective implementation - effectiveness as a (market) leader to show support for decisions
- Understanding the competitive environment - a deep and insightful appreciation of external environment when defining roles and career goals
From key ingredients to strategy analysis
- Key ingredients of successful strategy can be further classified.
- Strategy characteristics can be further categorized into elements and environment.
From key ingredients to strategy analysis
- Incompatibility with the external environment
- Market readiness
- Google Glass 2012 vs. Microsoft HoloLens 2022
- 10 years later...
The basic framework for strategy analysis
- Strategic fit between external and internal environment is key.
- The firm includes goals, resources, and systems
- The industry environment concerns competitors, customers, and suppliers.
- Inconsistent strategies may result in failure.
- Example: Alitalia vs. Ryanair, Wii vs. Playstation.
Understanding the external environment
- Examples of issues concerning customers or the external environment are shown through social media posts from Ryanair.
What is it that makes Ryanair successful?
- The operating income of Ryanair from 2012 to 2023 is presented graphically.
Understanding the internal environment
- Internal FIT (based on Porter's Activity System)
- How do the activities fit together to form a consistent, mutually reinforcing system?
- Example is Ryanair's strategy, showing how low operating costs, high aircraft utilization, no-frills offering, high labor productivity, etc. all interact.
The role of strategy analysis
- Strategy analysis improves decision processes.
- Strategy analysis assists with the identification and understanding of main issues.
- Strategy analysis helps to manage complexity.
- Strategy analysis can enhance flexibility and innovation by supporting the learning process.
Limitations to common tools of strategy analysis
- Strengths or weaknesses for Tesla
- Opportunity or Threat for the automobile industry?
- Details of Twitter's share price during Musk acquisition.
Limitations to common tools of strategy analysis - external shocks
- Disney's themeparks vs. streaming platforms.
- Disney+ races to 50 million subscribers.
The essence of strategies
- What do these “strategy statements” have in common?
- Be the low-cost provider
- Integrate a set of regional acquisitions
- Unrivaled customer service
- To always be the first mover
- (Specific goal) plan, method, or series of actions designed to achieve an effect
Where to find strategy
- Strategy begins in the thought processes of organizational leaders.
- For the entrepreneur, the starting point of strategy is the idea for a new business.
- In large companies, strategy formulation is an explicit management process.
- Most companies (especially public ones) value communication of their strategy to employees, customers, investors, and business partners.
- The mission statement describes the organizational purpose.
- The vision statement describes what the company wants to be.
- The strategy statement articulates the company's competitive game plan.
4 questions to challenge a strategy
- Where do we compete? - Markets, industries, regions
- What unique value do we bring? - Cost vs. differentiation
- What resources & capabilities do we utilize?- Human, tangible, intangible
- How do we sustain our unique value? - Barriers to imitation
The incorporation of strategy within the firm
- Corporate strategy - Key question: WHERE to compete? - Responsibility: Top management team
- Business strategy - Key question: HOW to compete? - Responsibility: Divisional management
- The scope of a firm's business has implications for the sources of competitive advantage.
Strategy as a descriptive tool
- Corporate and business strategy can be used to describe a business
- The answers to the questions WHERE to compete? and HOW to compete? tell us a lot about a company
Coca-Cola - basis for competitive advantage?
- Various images showing Coca-Cola advertisements & campaigns
Strategy as a descriptive tool (potential solution)
- Shows Coca-Cola's main elements and categories using a model.
Competing for the present, preparing for the future
- Strategy as Positioning - This concerns elements like product, geographical, & vertical scope of the company as well as their competitive advantage in those elements
- Strategy as Direction - This concerns the company's future as well as their goal setting
- Visualizes these two concepts alongside each other in relation to “present” and “future”
- Includes sections on how the company wants to be and what they want to achieve.
How is strategy made?
- Henry Mintzberg - intended, emergent, and realized strategies.
- Dwight D. Eisenhower quote.
Add-on The Eisenhower Matrix for task prioritization
- Presents an organization matrix for task prioritization based around urgency and importance.
- Categorizes tasks into Do, Decide, Delegate, and Delete.
Development of strategic plans
- Covers planning horizons of 2-5 years
- Summarizes specific actions to achieve performance goals
- Shifts focus from control to coordination.
- Sets priorities, milestones, resource commitments and financial projections.
Implementation of strategic plans
- Action (operating plan) for strategy implementation, broken down into short-term plans.
- Performance management for motivation and accountability.
- Resource allocation (capital budgeting) for major projects in business plans.
Next up: effective implementation - structures & systems
- Presents quotes from experts on structures and systems
- Shows an image relating to this topic
Follow up readings
- Indicates mandatory readings and optional readings based on topics covered in the slides.
Strategy - external growth strategies - Session 7 Part 1
- Covers session 7 part 1 with a visual representation of the topics covered
External Growth Strategies - Session 7 Part 2
- Covers session 7 part 2, presenting current trends in strategic management.
Current Trends/ Outlook for the future
- Provides a general outlook and analysis for the future
The new business environment
- Shows VUCA and BANI elements relating to the new business environment
- Presents overview of different business trends.
New directions in strategic thinking
- Strategic thinking in a digital world
- Discusses Business model innovation, more complex ecosystems like platforms, and new ways for doing business.
Redesigning organisations
- Relates complex business environments to broadening capabilities.
- Structures become more complex as the number of capabilities increases.
- Emphasizes the importance of informal organizations.
The changing role of managers
- Discusses new approaches to management and leadership in terms of decision making and leadership
- New approaches are highlighted in terms of leadership as well as management
Follow Up Readings Summary (Multiple Sessions)
- Indicates follow-up readings for various sessions (12, 13, 14, ...) based on topics covered throughout the material.
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Description
Test your knowledge on PESTLE analysis, the impact of climate change, and the fundamentals of game theory such as the prisoner's dilemma. This quiz covers key concepts and implications for industries like skiing and automotive. Challenge your understanding of these critical business strategies.
