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19 Terms
1
Strategy
A goal-oriented plan a firm uses to gain and sustain a competitive advantage.
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2
Corporate Strategy
Decisions about the overall scope and direction of the corporation; it answers the question 'where to compete'.
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3
Business Strategy
The approach a firm takes to compete in a particular industry or market.
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4
Functional Strategy
Specific actions taken at the operational level to support broader business strategies.
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5
AFI Framework
A framework consisting of Analysis, Formulation, and Implementation for developing strategies.
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6
PESTEL Analysis
An analysis framework used to evaluate external macroeconomic forces: Political, Economic, Social, Technological, Environmental, and Legal.
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7
Porter’s Five Forces Framework
A model used to analyze the competitive environment of an industry through five forces: threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitutes, and industry rivalry.
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8
Core Competencies
Key strengths or advantages that a company possesses that are critical to its competitive advantage.
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9
VRIO Framework
A tool for assessing a firm's resources based on four criteria: Valuable, Rare, Inimitable, and Organized.
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10
Cost Leadership Strategy
A strategy focused on minimizing costs to provide lower prices, while still maintaining acceptable product quality.
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11
Differentiation Strategy
A business strategy that seeks to provide unique products or services that customers are willing to pay a premium for.
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12
Blue Ocean Strategy
A strategy that seeks to create a new market space, making the competition irrelevant.
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13
Types of Innovation
Includes Incremental, Radical, Disruptive, and Architectural Innovation.
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14
First-Mover Advantages
Benefits that a company gains by being the first to enter a market, such as brand recognition and market share.
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15
Intellectual Property (IP) Protection
Legal rights that protect inventions, brand names, and creative works from unauthorized use.
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16
Platforms
Business models that create value by facilitating exchanges between producers and consumers.
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17
Network Effects
The phenomenon whereby a product or service gains additional value as more people use it.
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18
Strategic Fit
The alignment between internal capabilities and external market opportunities to create a competitive advantage.
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19
Dynamic Capabilities
A firm's ability to adapt and reconfigure its resources in response to changing market conditions.
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