Mgc1 Study Guide

Strategic Management (Chapters 4 & 9) 1. Identify elements of the external environment and indwelling resources of the firm to analyze before formulating a strategy. a. External surroundings: Industry and market analysis (industry profile, growth, and forces), Competitor analysis, Political and regulative analysis, Social analysis, Human Resources analysis, Macroeconomics analysis, and Technological analysis. Also forecasting future trends b. Internal Resources: Financial analysis, marketing audit, operations analysis, other intrinsic resources analysis (such(prenominal) as research and development, management information systems, engineering and purchasing.), human resources assessment. 2. Define nerve competencies and explain how they provide the footing for business strategy. a. Core Competencies: A unique skill and/ or knowledge an organization possesses that gives it an edge over competitors. A core competence is something a company does especially well sex act to its competitors. b. Think of core competencies as the roots of competitiveness and products as the fruits. c. It can provide a sustainable advantage if it is valuable, rare, effortful to imitate, and well organized. 3. Summarize the types of choices available for corporate strategy. a. Concentric i.

focuses on a single business competing in a single industry. b. perpendicular Integration i. involves expanding the domain of the organization into supply channels or to distributors. unsloped integration generally is used to eliminate uncertain-ties and reduce be associated with suppliers or distributors. c. Concentric Diversification i. involves moving into new businesses that are associate to the companys original core business. ii. Often companies such as Marriott pursue a strategy of concentric diversification to take advantage of their strengths in one business to gain... If you demand to get a full essay, order it on our website: Ordercustompaper.com

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