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Questions and Answers
What is a key aspect of an organization's resources?
What is a key aspect of an organization's resources?
- They are only physical assets
- They are hard to imitate and provide a competitive advantage (correct)
- They are only used for cost reduction
- They are only used for revenue growth
What is a potential outcome of a great combination of strategy and execution?
What is a potential outcome of a great combination of strategy and execution?
- Reduced uncertainty, lower cost, and faster target achievement (correct)
- No change in uncertainty and cost
- Increased uncertainty and higher costs
- Only higher revenue growth
What is internal alignment of the operating model with offering choices necessary for?
What is internal alignment of the operating model with offering choices necessary for?
- Increasing revenue only
- Executing the firm's strategy well and attaining a competitive advantage (correct)
- Hiring new employees only
- Reducing costs only
What is innovation primarily about?
What is innovation primarily about?
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What is the primary goal of an organization's machinery?
What is the primary goal of an organization's machinery?
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What is a key aspect of entrepreneurship?
What is a key aspect of entrepreneurship?
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Study Notes
Capability Building
- Recruiting experienced talent with relevant skills is a way to initiate capability building
Resources
- Resources can be categorized into two types: hard assets and soft assets
- Soft assets include human assets such as relationships, skills, and knowledge
- These assets are difficult to imitate and can provide an advantage to firms
Strategy and Execution
- A great combination of strategy and execution can reduce uncertainty, lower cost, meet targets faster, and be a source of advantage
Operating Model
- Internal alignment of the operating model with offering choices is necessary for a firm to execute its strategy well
- This alignment can help a firm attain competitive advantage and superior financial return
Key Skills
Creativity
- Forming a mental image or new idea about the future
- Critical thinking involves offering unique ways to solve defined problems
- Collaboration involves developing relationships with the right partners to attain objectives
- Communication involves engaging constituents to make them understand and accept your message
Innovation
- Involves having a new way of doing things with commercial success
- Targets solving, in a novel way, pain points of customers or non-customers who are willing to pay for the solution
- Solution can be delivered through a product or service
Organization Structure
- Machinery is an organization structure that can deliver the value planned
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