Origin of Strategy

<p>It creates opportunities for unique advantages for each species. (C)</p> Signup and view all the answers

<p>Purchase price, function, and time utility (D)</p> Signup and view all the answers

<p>Increasing the customer base beyond current limits. (A)</p> Signup and view all the answers

<p>Your most dangerous competitors are those that are most like you. (A)</p> Signup and view all the answers

<p>They are essential for creating and executing effective strategies. (D)</p> Signup and view all the answers

<p>Type 1 problem (D)</p> Signup and view all the answers

<p>A hypothetical framework involving choices and trade-offs (D)</p> Signup and view all the answers

<p>Customer segmentation (D)</p> Signup and view all the answers

<p>Breaking down complex problems to their basic elements (A)</p> Signup and view all the answers

<p>Strategy involves making decisions about what to pursue and what to abandon (D)</p> Signup and view all the answers

<p>They have unclear problems and unclear solutions (C)</p> Signup and view all the answers

<p>By understanding interconnections and dynamics between components (B)</p> Signup and view all the answers

<p>80% of actions lead to 20% of outcomes (D)</p> Signup and view all the answers

<p>To have a unique advantage over its rivals. (D)</p> Signup and view all the answers

<p>Maximizing immediate profits without strategy. (B)</p> Signup and view all the answers

<p>Upside-down existing competitive relationships. (A)</p> Signup and view all the answers

<p>Inherent advantages of defenders. (C)</p> Signup and view all the answers

<p>A victory that incurs significant losses undermining any achievement. (B)</p> Signup and view all the answers

<p>Grand Strategy. (C)</p> Signup and view all the answers

<p>Leave an avenue for the competitor to retreat. (C)</p> Signup and view all the answers

<p>Creating a win-win situation. (C)</p> Signup and view all the answers

<p>The uncertainty and unpredictability in strategic outcomes. (D)</p> Signup and view all the answers

<p>Interactions among competitors, customers, and resources. (A)</p> Signup and view all the answers

<p>Understand competitors and customer needs. (C)</p> Signup and view all the answers

<p>By making competitors feel uncertain about competing. (A)</p> Signup and view all the answers

<p>Battles aim for immediate wins, while wars focus on broader victories. (A)</p> Signup and view all the answers

<p>Perform different activities or similar activities in different ways (B)</p> Signup and view all the answers

<p>Creating a cohesive interaction among a company's activities to enhance overall performance (A)</p> Signup and view all the answers

<p>The maximum value a company can deliver at a specific cost using available technologies and skills (A)</p> Signup and view all the answers

<p>Competitive convergence, making companies less distinguishable (D)</p> Signup and view all the answers

<p>Offering a standard set of activities to all customers (D)</p> Signup and view all the answers

<p>Trade-offs with other positions are necessary. (C)</p> Signup and view all the answers

<p>Choosing what not to focus on. (A)</p> Signup and view all the answers

<p>By creating pressures to improve operational efficiency. (C)</p> Signup and view all the answers

<p>Coordination prevents inconsistencies among diverse activities. (A)</p> Signup and view all the answers

<p>Expanding into unrelated markets without strategy. (B)</p> Signup and view all the answers

<p>Integration requires decision-making across various units. (A)</p> Signup and view all the answers

<p>Compromises and inconsistencies that erode competitive advantage. (B)</p> Signup and view all the answers

<p>The identification of a meaningful problem (A)</p> Signup and view all the answers

<p>Leaders must communicate the strategy and define trade-offs. (A)</p> Signup and view all the answers

<p>It complicates the execution of strategic plans (A)</p> Signup and view all the answers

<p>Focusing heavily on competitor behavior. (D)</p> Signup and view all the answers

<p>Simple consistency fit. (C)</p> Signup and view all the answers

<p>Strategy is what organizations effectively execute on a daily basis (C)</p> Signup and view all the answers

<p>Identifying gaps between current outcomes and aspirations. (B)</p> Signup and view all the answers

<p>Their businesses may lack a coherent strategic direction (A)</p> Signup and view all the answers

<p>They create pressures to improve effectiveness and are harder to imitate. (A)</p> Signup and view all the answers

<p>They may foster cynicism among employees (D)</p> Signup and view all the answers

<p>Creating a distinct operational method (C)</p> Signup and view all the answers

<p>Adapt the strategy to reflect new industry realities. (D)</p> Signup and view all the answers

<p>The specific demographic segments and geographies targeted (A)</p> Signup and view all the answers

<p>Define clear answers to a set of strategic questions (A)</p> Signup and view all the answers

<p>Management of cost drivers (A)</p> Signup and view all the answers

<p>Deep consumer understanding (A)</p> Signup and view all the answers

<p>Skills to execute the strategy and adapt to changes in the market (B)</p> Signup and view all the answers

<p>Strategy dialogues (D)</p> Signup and view all the answers

<p>It should convey a clear mission that guides decision-making (C)</p> Signup and view all the answers

<p>Operational effectiveness is necessary but does not lead to sustained competitive advantage. (A)</p> Signup and view all the answers

<p>Strategy focuses on a theory of competitive advantage (A)</p> Signup and view all the answers

<p>Potential loss of credibility and trust among employees (D)</p> Signup and view all the answers

<p>The accumulated best practices in an industry at any given time. (B)</p> Signup and view all the answers

<p>A clear competitive outcome to achieve (C)</p> Signup and view all the answers

<p>The organization finds an advantageous balance between aspiration and execution (C)</p> Signup and view all the answers

<p>A clear set of choices regarding how to compete (B)</p> Signup and view all the answers

<p>Performing different activities from rivals or similar activities in unique ways. (C)</p> Signup and view all the answers

<p>The interconnectedness of strategic choices (B)</p> Signup and view all the answers

<p>To embrace uncertainty and potential risk (D)</p> Signup and view all the answers

<p>Increased specificity in choosing where to play (D)</p> Signup and view all the answers

<p>It helps companies to make incremental improvements to existing processes. (C)</p> Signup and view all the answers

<p>A series of races among companies to outdo each other's similar strategies. (D)</p> Signup and view all the answers

<p>By creating a specific theory of ease and affordance in travel (B)</p> Signup and view all the answers

<p>Ikea providing ready-to-assemble furniture. (D)</p> Signup and view all the answers

<p>To maintain strict control over resources (A)</p> Signup and view all the answers

<p>It allows businesses to focus only on their core competencies. (D)</p> Signup and view all the answers

<p>A coherent and feasible strategic theory (C)</p> Signup and view all the answers

<p>By using unique configurations to reach specific customer segments. (A)</p> Signup and view all the answers

<p>A collection of activities that need to be completed (A)</p> Signup and view all the answers

<p>To measure the success and relevance of the strategy (B)</p> Signup and view all the answers

<p>It revolves around choosing to perform different activities than rivals. (A)</p> Signup and view all the answers

<p>A failure to establish distinct competitive strategies. (A)</p> Signup and view all the answers

<p>The inability to recognize the limits of operational effectiveness. (B)</p> Signup and view all the answers

<p>Carmike Cinemas catering to small-town audiences. (A)</p> Signup and view all the answers

<p>They perform similar activities more efficiently than their competitors. (C)</p> Signup and view all the answers

No two species can coexist if they exploit resources identically.

A feature that allows a business to outperform rivals in a specific area.

The process where species compete for resources without deliberate plans or strategies.

A deliberate plan to create and maintain a competitive edge.

Increasing the total demand for a product or service.

The total demand level within the defined target customer group.

A deliberate plan to increase a company's competitive edge and to compound it over time.

Companies with overlapping offerings that pose the greatest threat.

Clear problem, clear solution. Focus on embedding the solution procedurally.

Clear problem, unclear solution. Requires strategic thinking and analysis.

Unclear problem, unclear solution. Requires strategic framing and mindset shifts.

A clear understanding of the desired future state, requiring seeing with 'new eyes'.

Simplified representations of how things work. They help us understand complex situations.

Breaking down complex ideas into their fundamental building blocks. It involves challenging assumptions and testing orthodoxies.

A comprehensive understanding of how a system operates, including players, dynamics, rules, and incentives.

It's a hypothetical plan, a stimulus for change, a set of choices, and a series of trade-offs, with no guarantee of success.

A deliberate and well-considered action that dramatically changes a company's competitive position, often involving significant resources and a long-term perspective.

A state where competitors are balanced, no one has a clear advantage, and market forces remain relatively stable.

A unique capability that allows a company to outperform rivals in a particular market, creating a sustainable competitive edge.

The act of strategically changing the definition of a market to create a new advantage, often by expanding into a competitor's territory.

A victory that comes at such a high cost—in resources, manpower, or morale—that it's essentially a defeat.

A comprehensive, long-term plan that aligns a nation's or organization's goals with its resources to achieve overarching objectives, encompassing political, economic, and social aspects.

The uncertainty and unpredictability inherent in warfare, making it difficult to know the full picture and plan with perfect accuracy.

A result that is long-lasting and beneficial, ensuring future stability and success.

Damaging resources or harming relationships in ways that don't contribute to a sustainable outcome or strategic advantage.

A strategic option that provides a competitor with a way to exit a market or shift their focus to a different area.

The customer, who plays a crucial role in competitive dynamics, influencing choices and shaping market outcomes.

Strategy: the overarching plan for long-term success. Tactics: Specific actions taken to execute a particular strategy in the short-term.

The struggle between species or individuals for access to limited resources necessary for survival and reproduction, driving adaptation and evolution.

The assumption that individuals act primarily to maximize their own benefit and make decisions based on logical calculations.

A unique strength that allows a company to consistently outperform rivals, essential for long-term success and sustainability.

Performing similar activities better than your rivals. It involves improving efficiency and productivity through best practices.

The maximum value a company can deliver at a given cost, based on the best available technology, skills, and management practices.

Performing different activities than your rivals, or performing similar activities in different ways. Creating a unique position in the market.

Strategic decisions involve choosing what not to do, focusing on key areas while sacrificing others.

A company's activities should be interconnected and work together to support its overall strategic position.

When rivals imitate each other's improvements, leading to similar strategies and a race to the bottom.

Strategy involves a deliberate plan to be different, while operational effectiveness focuses on doing similar activities better.

Serving a broad customer base by specializing in a specific product or service variety.

Catering to the specific needs of a particular customer group, offering tailored solutions.

Reaching customers differently, adapting activities to access them effectively, based on factors like geography or scale.

A company that targets a specific subset of customers with unique needs, often overlooked by broader competitors.

A company that serves a wide range of customers, performing common activities to meet their general needs.

Choosing a set of unique activities to differentiate yourself from rivals, creating a sustainable competitive advantage.

Specializing in a certain selection of products or services to meet a specific need.

Understanding the specific needs of a customer group and tailoring activities to fulfill them.

A position that is difficult for competitors to copy or imitate, even if they try.

Reaching customers differently based on their geographic location, scale, or other access factors.

Tailored sets of activities, designed to create differences in the way a company operates compared to its rivals.

Trying to imitate a successful competitor's position while maintaining your existing one.

The way different activities within a company work together, creating synergy and enhancing competitive advantages.

Ensuring that all activities within a company support the same strategy, avoiding conflicting messages or actions.

When one activity leads to another, amplifying the overall impact and creating a positive feedback loop.

Streamlining activities to achieve the most with the least effort, eliminating redundancy and waste.

Positions that are built on strong systems of activities are more sustainable than those based on individual actions.

Hesitation and indecision in making strategic choices, often leading to a weakening of competitive advantage.

The danger of prioritizing growth over maintaining a focused and distinctive strategy, potentially diluting competitive advantage.

Expanding your business in ways that strengthen your position and maintain profitability.

Strategic leadership involves making clear choices, communicating the strategy effectively, and focusing the organization on achieving its goals.

Strategy is not just about creating a plan, but about addressing a problem that hinders the company's competitive advantage.

The overarching plan for defining a company's unique position, making trade-offs, and tightening fit among activities.

The difference between what people say they do (espoused theory) and their actual actions (theory-in-use).

When organizations have lofty strategic statements but lack concrete actions to support them, leading to cynicism.

Viewing strategy development as an ongoing process of learning and adapting to changing situations.

Defining the ultimate goal or desired outcome that the organization strives to achieve.

Choosing the specific markets, customer segments, and geographic areas where the organization will focus its efforts.

Developing a competitive strategy that outlines how the organization will differentiate itself and gain advantage in its chosen markets.

Identifying the essential skills, resources, and processes needed to execute the chosen strategy.

Establishing the organizational structure, processes, and systems necessary to support and manage the strategy's implementation.

Strategy involves making deliberate decisions that shape the direction of the organization, including 'Where to Play' and 'How to Win'.

True strategy is revealed by the organization's actual actions and behaviors, not just by its stated goals.

A significant difference between what an organization states its strategy is and how it actually operates leads to confusion, cynicism, and difficulty in improving.

Understanding the current situation of the organization by analyzing where it plays, how it competes, its capabilities, and its management systems.

Ensuring the organization's chosen strategy is aligned with its true aspiration, not just a lofty goal.

A specific method a business uses to create superior value for customers, resulting in better returns for the company.

Two major strategies for winning: lowering costs to be the cheapest or differentiating to be unique and premium.

Understanding cost drivers, minimizing expenses, and standardizing processes.

Deeply understanding customers, building strong brands, and creating unique experiences.

The essential activities an organization needs to excel at to achieve its strategy.

Systems that build, support, and measure a strategy, turning it from a wish list into a reality.

The interconnected process of making strategic choices, where each decision influences others.

Planning focuses on activities; strategy centers on achieving a specific competitive outcome through a coherent theory.

It's coherent (logical) and doable (realistic), explaining how a company will win in a chosen market.

Focusing on managing resources comfortably instead of taking bold strategic choices.

Embrace uncertainty, lay out a strategic logic, and be prepared to adapt based on real-world feedback.

Where to play, how to win, core capabilities, and required management systems, all summarized concisely.

Strategy is about making bold, uncertain choices to win; planning focuses on managing resources to execute those choices.