Podcast
Questions and Answers
Game theory encourages managers to get in the mind of ______ and think forwards and reason backwards.
Game theory encourages managers to get in the mind of ______ and think forwards and reason backwards.
competitors
A business model describes the ______ of an enterprise including the domains of value creation, value configuration and value capture.
A business model describes the ______ of an enterprise including the domains of value creation, value configuration and value capture.
business logic
[Blank] platforms bring together two or more distinct, but interdependent groups of participants to create value on a platform.
[Blank] platforms bring together two or more distinct, but interdependent groups of participants to create value on a platform.
Multi-sided
The focus of part II is on ______ choices.
The focus of part II is on ______ choices.
Signup and view all the answers
How organisations relate to ______ in terms of their competitive business strategies.
How organisations relate to ______ in terms of their competitive business strategies.
Signup and view all the answers
How broad and diverse organisations should be in terms of their ______ portfolios.
How broad and diverse organisations should be in terms of their ______ portfolios.
Signup and view all the answers
How organisations are ______ and innovative.
How organisations are ______ and innovative.
Signup and view all the answers
How organisations pursue strategies through ______ development, acquisitions or strategic alliances.
How organisations pursue strategies through ______ development, acquisitions or strategic alliances.
Signup and view all the answers
Assess business strategy in terms of the ______ strategies of cost leadership, differentiation, focus and hybrid strategy.
Assess business strategy in terms of the ______ strategies of cost leadership, differentiation, focus and hybrid strategy.
Signup and view all the answers
Identify business strategies suited to ______ conditions.
Identify business strategies suited to ______ conditions.
Signup and view all the answers
Study Notes
Business Strategy
- Assess business strategy using four generic strategies: cost leadership, differentiation, focus, and hybrid.
- Identify effective strategies for hypercompetitive environments, where quick strategic shifts are crucial.
Strategic Business Units (SBUs)
- An SBU delivers goods or services in a specific activity domain.
- Small businesses can function as single SBUs, while large corporations may consist of multiple SBUs.
- SBUs can be categorized based on market criteria (shared customers, channels, competitors) or capabilities (similar strategic capabilities).
- The purpose of SBUs is to decentralize strategies, enabling tailored approaches to various external market demands.
Interactive Strategies
- Employ strategies regarding price and quality to respond to market dynamics, including low-cost pressures from rivals.
- Firms must innovate continuously to maintain competitive advantages.
Game Theory
- Organizations should utilize game theory to predict competitors' possible actions and strategize accordingly.
- Interdependency among competitors makes it vital to comprehend their thought processes and anticipated moves.
- Critical thought involves anticipating competitors and working backwards from potential outcomes.
Business Models
- A business model outlines the logic of an enterprise, encompassing aspects of value creation, configuration, and capture.
- Multi-sided platforms facilitate interactions between distinct, interdependent user groups, generating shared value.
Strategic Choices
- Leaders must decide how organizations interact competitively, manage corporate diversity, pursue international expansion, cultivate innovation, and implement strategies through organic growth, acquisitions, or alliances.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your understanding of business strategy concepts, including generic strategies, game theory, and business model components. Apply your knowledge of cost leadership, differentiation, and hybrid strategies to real-world scenarios. Assess the competition and cooperation strategies in business and identify the key components of a successful business model.
