Question:
Topic 1: Strategy, business model and competitive advantage Key takeaway:
Strategy contributes to successful performance, both for individuals and for organizations
Strategy evolves over time
Be familiar with some terminologies in strategy: business models, business strategy, competitive advantage, process of strategic making, strategic fit.
Topic 3: Evaluation a company’s External environment Key takeaway:
Many frameworks to do external environmental analysisAnalyze an organization’s external environment (PESTLE, Porter’s 5F).
Analyze competition and customer requirements (Strategic group analysis, Key success factors)
Recognize the uses and limits of each framework
Topic 4: Evaluation a company’s Resources, cost position and competitive strength Key takeaway:
Recognize how resource conditions create perfections in the competitive process that offer opportunities for competitive advantage
Be familiar with some terminologies in strategy: resource based view, VRIN framework, value chain analysis
Topic 5: The five generic competitive strategies Key takeaway:
Competitive strategy is about being different. It means deliberately choosing to perform activities differently or to perform different activities than rivals to deliver a unique mix of value. (Michael E. Porter)
Distinguish the two primary types of competitive advantage: cost advantage and differentiation advantage;
Appreciate the pitfalls of being “stuck in the middle” and the challenge of achieving effective differentiation and low cost together.
Topic 6: strategies moves, timing and scope of operations Key takeaway:
Offensives (Attack):
A tracking the weaknesses of rivals
Offering a better product at lower price
Blue ocean strategy
Defensive (protect):
Introduce new features
Add new model
Grand volume discount
Vertical integration
Forward integration
Backward integration
Topic 7: strategies for international markets Key takeaway:
Global entry options
Exporting
Licensing
Franchising
Foreign subsidiary
Strategic alliances
Joint venture
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