TAILIEUCHUNG - Lecture Crafting and executing strategy: Chapter 4 - Thompson, Peteraf, Gamble, Strickland

Chapter 4 - Evaluating a company’s resources, capabilities, and competitiveness. The objectives of this chapter are to: Learn how to assess how well a company’s strategy is working, understand why a company’s resources and capabilities are central to its strategic approach and how to evaluate their potential for giving the company a competitive edge over rivals, discover how to assess the company’s strengths and weaknesses in light of market opportunities and external threats. | CHAPTER 4 EVALUATING A COMPANY’S RESOURCES, CAPABILITIES, AND COMPETITIVENESS STUDENT VERSION QUESTION 1: HOW WELL IS THE FIRM’S PRESENT STRATEGY WORKING? Best indicators of a well-conceived, well-executed strategy: The firm is achieving its stated financial and strategic objectives. The firm is an above-average industry performer. SPECIFIC INDICATORS OF STRATEGIC SUCCESS Growth in firm’s sales and market share Acquisition and retention of customers Strengthening image and reputation with customers Increasing profit margins, net profits and ROI Growing financial strength and credit rating Leadership in factors relevant to market\industry success Continuing improvement in key measures of operating performance QUESTION 2: WHAT ARE THE FIRM’S COMPETITIVELY IMPORTANT RESOURCES AND CAPABILITIES? Competitive Assets Are the firm’s resources and capabilities. Are the determinants of its competitiveness and ability to succeed in the marketplace. Are what a firm’s strategy depends on to develop sustainable competitive advantage over its rivals. 4–4 QUESTION 3: IS THE COMPANY ABLE TO SEIZE MARKET OPPORTUNITIES AND NULLIFY EXTERNAL THREATS? SWOT Analysis Is a powerful tool for sizing up a firm’s: Internal strengths (the basis for strategy) Internal weaknesses (deficient capabilities) Market opportunities (strategic objectives) External threats (strategic defenses) 4–5 IDENTIFYING A COMPANY’S INTERNAL STRENGTHS A Competence Is an activity that a firm has learned to perform with proficiency—a capability. A Core Competence Is a proficiently performed internal activity that is central to a firm’s strategy and competitiveness. A Distinctive Competence Is a competitively valuable activity that a firm performs better than its rivals. IDENTIFYING A FIRM’S WEAKNESSES AND COMPETITIVE DEFICIENCIES A Weakness (Competitive Deficiency) Is something a firm lacks or does poorly (in comparison to others) or a condition that puts it at a competitive disadvantage in the marketplace. Types of

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• Competitive advantage
• Lecture Crafting and executing strategy
• Crafting strategy
• Executing the strategy
• Company’s strategy
• Distinctive strategy
• The mediating effect of entrepreneurial marketing
• The relationship between environmental turbulence
• Dynamic capability with sustainable competitive advantage
• An empirical study in Indonesian MSMEs
• Sustainable competitive advantage
• SEM PLS developed a model showing
• The competitive advantage of small and medium sized enterprises
• The competitive advantage of smal
• Medium sized enterprises
• Fundamentals of marketing
• Lecture fundamentals of marketing
• Marketing mix
• Marketing task
• Marketing management
• Creating competitive advantage
• Strategic management
• Executing strategy
• Business models
• Management information systems
• Introduction to management information systems
• Business information technology
• Information systems
• Achieve competitive advantage
• Differential Advantage
• Identity ManagementStrategic Branding Decisions
• Destination Branding
• Advantage of the firms
• Capital or unskilled labour
• Human resource capital
• Role of human resources
• Five competitive strategies
• Low cost provider strategies
• Best cost provider strategies
• Company’s resources
• Competitive assets
• Principles of Marketing
• Lecture Principles of Marketing
• Marketing strategy
• Competitor analysis
• Competitive strategies
• Market positioning
• Company’s competitive position
• Operations management
• Operations strategy
• Operations competitive dimensions
• Strategy design process
• Productivity measures
• Modern competitive strategy
• Competitive strategy
• Strategic planning
• Strategy execution
• Growth and innovation
• Strategy over time
• Company’s external environment
• Competitive forces
• Summary Doctoral thesis
• Enterprise knowledge management system
• Enhancing competitive advantage
• Small and medium enterprises
• Strategic alliances
• Acquisition strategies
• Vertical integration strategies
• Foreign markets
• Strategy options
• Profit sanctuaries
• Emerging industries
• High velocity markets
• Maturing industries
• Entering new businesses
• Strategic partnerships