The_Paradoxical_Twins__Acme_and_Omega_Electronics

MBA Exam1 Learning Objectives Chapter 1 Define strategic competitiveness, strategy, competitive advantage, above-average returns, and the strategic management process. Define resources, capability, and core competencies. Use the industrial organization (I/O) model to explain how firms can earn above-average returns. (Figure 1.2) Use the resource-based model to explain how firms can earn above average-returns. (Figure 1.3) Describe vision and mission and discuss their value. Define stakeholders and describe their ability to influence organizations. Identify different types of stakeholders (Figure 1.4) Who are strategic leaders' Describe the work of strategic leaders. Explain the strategic management process. (Figure 1.1) Topical Presentation Example: What is performance' Why is performance central to the study and practice of management' Identify and briefly describe 4 major approaches to measuring performance. Chapter 2 Explain the importance of analyzing and understanding the firm’s external environment. Identify, define and describe the 3 major areas of a firm’s external environment. (Figure 2.1) What are opportunities and threats and why is it important to identify them' Identify and describe the four activities of the external environmental analysis process. (Table 2.2) Identify and briefly describe the general environment’s six segments. Identify the five competitive forces and explain how they determine an industry’s profit potential. (Figure 2.2) What affects the strength of the five competitive forces' Define strategic groups and describe their influence on the firm. What is competitor analysis, what are its components, and why is it important' (Figure 2.3) Chapter 3 Explain the need for firms to study and understand their internal organization. Define value and discuss its importance. (Figure 3.1) Describe the differences between tangible and intangible resources. Define capabilities and discuss how they develop. Identify and describe four criteria of sustainable competitive advantage used to determine whether resources and capabilities are core competencies. (Table 3.4) What is a value chain and value chain analysis and how can they be used to identify and evaluate resources and capabilities. What are primary and support activities' Define outsourcing and discuss the reasons for its use. Discuss the importance of identifying internal strengths and weaknesses. Chapter 4 Define business-level strategy. What does business-level strategy involve' How is strategic competitiveness achieved with business-level strategy' Discuss the relationship between customers and business-level strategies in terms of who, what, and how. What is the purpose of business-level strategy' Identify and describe 5 business-level strategies. (Figure 4.2) Explain the differences among business-level strategies. Use the five forces of competition model to explain how above-average returns can be earned through each business-level strategy. Identify and describe the competitive risks of using each of the business-level strategies. Chapter 5 Define competitors, competitive rivalry, competitive behavior, multimarket competition, and competitive dynamics. Describe market commonality and resource similarity as the building blocks of a competitor analysis. Explain awareness, motivation, and ability as drivers of competitive behavior. Define competitive actions, competitive response, strategic action/response, and tactical action/response. Identify and discuss factors affecting the likelihood a competitor will take competitive actions. What are first movers, second movers and late movers' Identify and discuss factors affecting the likelihood a competitor will respond to actions taken against it. Explain competitive dynamics in slow-cycle, fast-cycle and standard-cycle markets.