Straunch Final

Strategy

A goal-oriented plan a firm uses to gain and sustain a competitive advantage.

Corporate Strategy

Decisions about the overall scope and direction of the corporation; it answers the question 'where to compete'.

Business Strategy

The approach a firm takes to compete in a particular industry or market.

Functional Strategy

Specific actions taken at the operational level to support broader business strategies.

AFI Framework

A framework consisting of Analysis, Formulation, and Implementation for developing strategies.

PESTEL Analysis

An analysis framework used to evaluate external macroeconomic forces: Political, Economic, Social, Technological, Environmental, and Legal.

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.

Core Competencies

Key strengths or advantages that a company possesses that are critical to its competitive advantage.

VRIO Framework

A tool for assessing a firm's resources based on four criteria: Valuable, Rare, Inimitable, and Organized.

Cost Leadership Strategy

A strategy focused on minimizing costs to provide lower prices, while still maintaining acceptable product quality.

Differentiation Strategy

A business strategy that seeks to provide unique products or services that customers are willing to pay a premium for.

Blue Ocean Strategy

A strategy that seeks to create a new market space, making the competition irrelevant.

Types of Innovation

Includes Incremental, Radical, Disruptive, and Architectural Innovation.

First-Mover Advantages

Benefits that a company gains by being the first to enter a market, such as brand recognition and market share.

Intellectual Property (IP) Protection

Legal rights that protect inventions, brand names, and creative works from unauthorized use.

Platforms

Business models that create value by facilitating exchanges between producers and consumers.

Network Effects

The phenomenon whereby a product or service gains additional value as more people use it.

Strategic Fit

The alignment between internal capabilities and external market opportunities to create a competitive advantage.

Dynamic Capabilities

A firm's ability to adapt and reconfigure its resources in response to changing market conditions.