27 Questions
What is a characteristic of strategic decisions?
Addressing changes in the business environment
In what situations are strategic decisions likely to be made?
Situations of uncertainty
What do good strategy making and execution indicate?
Outstanding performance in the market
What do firms face when considering classical strategic questions?
Uncertain industry evolution
What do the answers to classical strategic questions help determine?
The firm's strategy
What does the value proposition reflect?
Explicit choices along three dimensions
What determines the firm's performance primarily?
Industry Effects and Firm effects
What does the Operating Model capture?
Business choices related to profitability
What does Thinking Strategically involve?
Choosing the 'How's of Strategy'
What are the three elements of a good strategy?
Diagnosis, Addressing, Coherent actions
What is the key point about managers' actions in determining firm performance?
They tend to be more important than forces exerted by the external environment
What does a good strategy require?
Conducting a critical assessment of the status quo and clear communication of guiding policies
What does Firm effects give an answer to?
"Why firms within the same industry differ" and "How differences among firms can lead to competitive advantage"
What does Strategy spell out?
The company's approach to exploit its capabilities & resources to create value to customers
What is the main focus of addressing the competitive challenge in a good strategy?
"Strategy formulation, resulting in corporate, business, and functional strategies"
"How do we profitably deliver the offering?" is captured by which concept?
"Operating Model"
What is the focus of the resource-based model in explaining superior firm performance?
Firm resources and sustainable competitive advantage
According to the text, what are the critical assumptions about resources in the resource-based model?
Availability and stability
What does the concept of Firm Resources encompass according to the text?
All assets, capabilities, organizational processes, firm attributes, information and knowledge controlled by a firm
In the context of strategic management, what do the STEEP analysis and environmental analysis primarily focus on?
External environmental factors and their impact
Which factor is NOT a focus of the resource-based model for explaining firm performance?
Customer value proposition
What is the main emphasis of addressing the competitive challenge in a good strategy, based on the text?
Improving efficiency and effectiveness through firm resources
What does the resource-based model primarily focus on in explaining superior firm performance?
Firm resources and sustainable competitive advantage
What is captured by the concept of 'Firm Resources' according to the text?
All assets, capabilities, organizational processes, firm attributes, information and knowledge controlled by a firm
What is the key point about managers' actions in determining firm performance according to the text?
Managers' actions play a critical role in determining superior firm performance
What are the two critical assumptions about resources in the resource-based model for explaining superior firm performance?
Valuable and rare resources leading to sustainable competitive advantage
What does the concept of 'Thinking Strategically' involve according to the text?
Anticipating competitive challenges and making trade-offs
Test your understanding of strategic management decisions characterized by long-term direction, scope of activities, gaining advantage over competitors, addressing changes in the business environment, and meeting stakeholder expectations. Explore how strategic decisions are made in situations of uncertainty.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
