MGMT 45100 Study Guide - Final Guide: Cheng Wei, Value Chain, Product Differentiation
Document Summary
Describe and discuss strategic intent and strategic mission. Describe an organization"s various stakeholders and their different interests. Explain why it is important to study and understand the external environment. Describe and discuss the four activities of the external environmental analysis process. Identify and describe the six segments of the general environment. Identify the five competitive forces and explain how they determine industry profit potential and attractiveness. Describe the factors that raise the competitive nature of an industry"s rivalry. 2: changes in the internal environment, strategic myopia and inflexibility, lack of knowledge and poor use of assets. Define capabilities and how they affect the firm"s strategic success. Describe the four specific criteria that managers can use to decide which of their firm"s capabilities have the potential to create a sustainable competitive advantage. Discuss how a cost leadership strategy can position the firm relative to the five forces of competition and allow a firm to earn above-average returns.
