Questions On Strategy

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Chapter 1.
(1.Strategy: it as theory-how to compete successfully (coherence decisions &actions). (plan-drafting plan, shaping individual campaigns, deciding engagements. (Action-distributing & military means to fulfill the ends of policy. (Integration-Remains applying an ideas(formulating)+Translated into action(implementing). (Integrating both planning & action (Intended+emergent s) (2purposes: explanation+prediction (requiring replications &experimentations. the repeated testing of theory under a variety of condition. (know it is hard to change strategy. past not guarantee future success.

(2. Fundamental questions in strategy (Why do firms differ? Cultural diff, Networks of relationships have powerful effect(keiretsu, guanxi) (How do firms behave(as() (What scope of the firm?:product&geographic scope. (What determines the international success or failure of firms?(strategy tripod) (Industry-based view-degree of competitiveness in industry determines firm performance. (OT,5force) (Resource-based view - firm specific diff in R&C drive performance(SW, VRIO) (Institution-based view - institutional forces, as economic reforms and gov policy

(3.global strategy-Strategies of firms around the globe, both international & non-international (domestic). both developed & emerging economies.
(4.globalization(new phenomenon, (long-run human history (A pendulum view: transportation &communication revolutions+breakdown of artificial barriers.

Chapter 2.
( 1.Industry-A group of firms producing products(G/S) that are similar to each other. (Industry competition: (Perfect competition (price set by market) (Industrial organization (IO) economics model (Industry structure(conduct(strategy)&firm performance(SCP model) (Original goal-regulators minimize firm’s excess profits (Strategists use IO model-earn excess profits.

(2.five forces framework(Translated&extended from the SCP model)- focal firm’s performance base the degree of competitiveness of the five forces within an industry (↑competitive force, depress profitability) (1.Rivalry among competitors (A large NO of competing firms (Rivals are similar in size, influence& product offerings (dominant players↓rivalry) (High-price, low-frequency purchases (Capacity is added in large increments (Industry slow growth or decline (High exit costs (2.Threat of potential entry ((Little scale/non-scale based low-cost adv(economies of scale). (Insufficient product diff (Little fear of retaliation (Not enjoy regulatory protection. Enrty barrier--industry structures ↑the cost of entry. High barrier-scale based economies, non-scale based adv(proprietary technology,know-how,prodcut differentiation, network externalities), product proliferation, product differentiation, excess capacity, gov policy. (3.Bargaining power of suppliers(ability of suppliers to ↑prices or ↓quality of g/s). ( A small NO of suppliers (Focal firm is not important customer (Suppliers provide differentiated products with few substitutes (willing &able to entry focal industry by forward integration.(↓power-↓dependence on certain suppliers.) (4. Bargaining power of buyers (a small NO of buyers (products provide little cost savings or add value. (Buyers purchase standard, undifferentiated products from focal firm (Buyers are having economic difficulties (B willing and able to vertically integrate backward. (5. Threat of substitutes (substitutes superior to existing products in quality& function (Switching costs to use substitutes low.

(3. Three generic strategies (1. Cost leadership- (how to compete successfully centers on low costs& low prices.Offer better value to customers (Target average customers for mass market-little differentiation (Key functional areas are manufacturing& materials management (High volume, low
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