all industries Digitalization is transforming _______________ Strategic competitiveness Primary drivers of hyper-competition Stakeholders

Digitalization is transforming _______________

Globalization and Technology/Tech Change Vision Primary drivers of hyper-competition Competitive advantage Competitive landscape

Primary drivers of hyper-competition

Corporate Strategy & Leadership

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Sociology - Management

charlotte1oxhi Created by 10 mon ago

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Integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage.

is a condition firms achieve by formulating and implementing a value-creating strategy

when a firm is able to implement a strategy that creates value for customers relative to competitors

the full set of commitments, decisions, and actions firms take to achieve firms tale to achieve strategic competitiveness and earn above average returns

returns that are in excess of what an investor would expect to earn from other investments with similar risk

For the strategic management process to be effective, it must take into account the dynamic environment in which a firm operates - Hyper-competition cannot be ignored

exists when competitors engage in intense rivalry, markets change quickly, and often, and entry barriers are low

all industries

Economies of scare and large advertising budgets are not as helpful to firm performance as they once were

Globalization and Technology/Tech Change

global economy changes rapidly and constantly, and it obviously increases the scope competition against which firms must prepare if they want to be successful - EX: Zuckerberg learned mandrin

refers to the increasing economic interdependence among countries and their organizations as reflected in the flow of products, financial capital, and knowledge across country borders

Leads to higher performance standards with respect to multiple competitive dimensions (including quality, cost, productivity, product introduction time, and operational efficiency) - Contributes to hyper-competition, especially when customers dissatisfied with a product in their home country can turn to products produced elsewhere - but it works both ways (threat and opportunity)

Technology diffusion makes new technologies available to other, including competitors. - Disruptive technologies like AI destroy the value of existing tech and create new markets - Increasing knowledge intensity is the basis of technology and its application (Today, knowledge is a critical organizational resource and an increasingly valuable source of competitive advantage)

a set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain conditions. (it represents a focus on continuous learning and is critical to firms that wish to cope with hyper-competition)

This view derives from perspectives from I/O economics, which is the discipline that gave rise to the study of strategic management - key to success is choosing the right industry in which to contribute

firms can use porters 5 force model to determine the attractiveness of an industry measured by its profit potential

1. Resources: inputs into a firm 2. Capabilities: capacity for a set of resources to perform a task or activity in an integrated manner 3. Core competencies: capabilities that serve as a source of competitive advantage for a firm over its rivals

a picture of what the firm wants to be and, in broad terms, what it wants to ultimately achieve

specifies the businesses in which the firm intends to compete and the customers it intends to serve

the individuals, groups, and organizations that can both influence and are affected by the objective, actions, and outcomes of a firm - they are internal and external constituencies that have a strong interest in the firm and its management and results - firms cannot satisfy all stakeholders interests, so they need to prioritize these groups according to the power each group wields

people located in different areas and levels of the firm using the strategic management process to select actions that help the firm achieve its vision, fulfill its mission, and adhere to its values

decisive - nurture talent around them - create value for all stakeholders

refers to the complex set of ideologies, symbols, and core values that individuals throughout the firm share and that influence how the firm conducts business

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