Podcast
Questions and Answers
Competitive intelligence involves gathering, analyzing, and distributing vast information known as ______ about anything that would help in competing in the market.
Competitive intelligence involves gathering, analyzing, and distributing vast information known as ______ about anything that would help in competing in the market.
intelligence
Strategic intelligence helps in understanding the competitors' future ______ and goals.
Strategic intelligence helps in understanding the competitors' future ______ and goals.
prospects
Market ______ refers to the degree by which a small number of companies dominate the market.
Market ______ refers to the degree by which a small number of companies dominate the market.
concentration
Entry ______ refer to the difficulties and challenges experienced by potential new entrants.
Entry ______ refer to the difficulties and challenges experienced by potential new entrants.
______ products are those that are highly similar or identical in features.
______ products are those that are highly similar or identical in features.
Oligopolistic market structure is characterized by few large sellers with a high level of ______ to one another.
Oligopolistic market structure is characterized by few large sellers with a high level of ______ to one another.
The step-by-step flow of activities toward the implementation of a strategy is known as the ______ management process.
The step-by-step flow of activities toward the implementation of a strategy is known as the ______ management process.
SWOT Analysis helps companies identify strengths, weaknesses, opportunities, and ______.
SWOT Analysis helps companies identify strengths, weaknesses, opportunities, and ______.
Situation analysis provides information necessary to formulate the company's ______ statements.
Situation analysis provides information necessary to formulate the company's ______ statements.
Competitive strategies are the techniques used for ______ in a certain industry.
Competitive strategies are the techniques used for ______ in a certain industry.
Blockaded entry refers to the point where barriers are too high that potential players cannot enter and ______ companies monopolize the prices.
Blockaded entry refers to the point where barriers are too high that potential players cannot enter and ______ companies monopolize the prices.
Strategy implementation involves developing procedures and activities to put the strategies into ______.
Strategy implementation involves developing procedures and activities to put the strategies into ______.
The ability of the company to adapt to changes in the business environment is referred to as ______ adaptation.
The ability of the company to adapt to changes in the business environment is referred to as ______ adaptation.
The power of ______ refers to their ability to drive the company's prices down.
The power of ______ refers to their ability to drive the company's prices down.
The ______ of suppliers is their ability to control an organization by raising prices.
The ______ of suppliers is their ability to control an organization by raising prices.
The Five Forces Model Framework assesses the ______ posed by new companies entering the market.
The Five Forces Model Framework assesses the ______ posed by new companies entering the market.
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Study Notes
Strategic Management Overview
- Encompasses decisions and actions by managers to assess organizational performance.
- Involves a systematic approach to achieve company goals through strategic management processes.
Strategic Management Process
- Situation Analysis: Conduct environmental scanning to provide insight for crafting vision/mission statements.
- Strategy Formulation: Develop various strategies:
- Operational Strategies: Short-term plans across departments like HR, finance, marketing, and production.
- Competitive Strategies: Tactics for competing within specific industries.
- Corporate Strategies: Long-term direction-setting plans for the organization.
- Strategy Implementation: Create procedures, programs, and activities to enact the formulated strategies.
- Strategy Evaluation: Assess the organization's performance against set goals.
Key Concepts in Strategic Management
- Electronic Age: A time characterized by extensive electronic transactions through the Internet.
- Globalization: The trend of markets and corporations becoming interconnected on an international scale.
- Global Brands: Recognized worldwide for quality and reasonable pricing while also showing social and environmental responsibility.
- Organizational Adaptation: Ability of companies to stay current with the business environment.
- Institution Theory: Suggests adaptation through benchmarking and imitating successful firms.
- Strategic Choice: Indicates organizations not only adapt but also reshape their business environment.
Five Forces Model Framework
- Power of Buyers: Buyers' ability to push prices lower.
- Power of Suppliers: Suppliers' control over pricing can influence organizational costs.
- Rivalry of Competitors: Companies respond to competitive forces exerted by rivals.
- Threat of Substitutes: Availability of similar products at lower prices presents challenges.
- Threat of New Entrants: New companies can disrupt markets through quality, features, and pricing strategies.
Types of Intelligence in Business
- Competitive Intelligence: Collecting and analyzing market information for competitive advantage.
- Strategic Intelligence: Understanding competitors' future goals and prospects.
- Tactical Intelligence: Operational information targeting short-term market strategies.
- Counter Intelligence: Protecting company secrets from competitors.
Market Structure Characteristics
- Market Concentration: Represents the extent of dominance by a few companies in the market.
- Entry Barriers: Challenges faced by new entrants attempting to enter the market.
- Product Differentiation: The effectiveness of distinguishing products from competitors.
Characteristics of Market Structures
- Atomistic Market: Numerous small sellers with minimal interaction.
- Oligopolistic Market: Few large sellers with significant interaction.
- Monopolistic Market: Presence of a single seller controlling the market.
Product Differentiation Characteristics
- Homogeneous Products: Very similar or identical product features.
- Differentiated Products: Products distinguished by design, quality, branding, etc.
Ease of Market Entry
- Ease of Entry: No substantial barriers for market newcomers.
- Moderately Difficult Entry: Some barriers exist, but only a minimal challenge for potential entrants.
- Blockaded Entry: Severe barriers preventing entry, allowing existing firms to dominate prices.
SWOT Analysis
- A foundational model used for environmental scanning to identify:
- Strengths: Internal capabilities that give advantage.
- Weaknesses: Internal limitations or deficiencies.
- Opportunities: External chances to improve performance.
- Threats: External challenges that could impact success.
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