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An Introduction to Business Strategy
What is Strategy?
A company's objectives and philosophy
Defining strategy
the five 'Ps' of strategy
a plan a ploy a pattern of behaviour a position with respect to others a perspective
strategy as a mix of the five Ps
Q Cutting price to try to drive a new entrant from the market would be an example of a
A. plan.
B. ploy.
C. pattern of behaviour.
D. position with respect to others. E. perspective.
Q Meeting with employees to explain the businesss goals in an attempt to get everyone on board would be an example of a
A. plan.
B. ploy.
C. pattern of behaviour.
D. position with respect to others. E. perspective.
What is Strategy?
Strategic management
strategic and day-to-day management the components of strategic management
strategic analysis strategic choice strategic implementation
different business types

big or small business manufacturing or service provider business domestic or multinational business private-sector or public-sector business for-profit or not-for-profit organisations
Q Deciding who in the organisation would be responsible for carrying out a strategy would be an example of
A. strategic analysis.
B. strategic choice.
C. strategic implementation.
D. routine management.
Q Identifying which parts of the business are underperforming would be an example of

Q Deciding to diversify into new products would be an example of

Strategic Analysis
Factors affecting strategic choices
Vision and mission
attitudes towards various stakeholders influences on a firm's vision and mission
corporate governance stakeholders' interests business ethics
cultural context
Factors influencing organisational purpose

Corporate governance Stakeholder views
Organisational purpose
Business ethics
Cultural context
Strategic Analysis
The business environment
PEST analysis ("Political, Economic, Social, and Technological analysis" ) Porter's five forces model
the bargaining power of suppliers the bargaining power of buyers
the threat of potential new entrants

the threat of substitutes the extent of competitive rivalry
Porter's Five Forces Model
Industry competitors
Source: Michael E. Porter Competitive Strategy: Techniques for Analyzing Industries and Competitors, (The Free Press, 1980)
Rivalry among existing firms

Potential entrants
Threat of new entrants

Potential entrants
Threat of new entrants
Threat of substitutes
Substitute products

Potential entrants
Threat of new entrants Bargaining power of suppliers
Suppliers
Substitute products

Potential entrants
Threat of new entrants Bargaining power of suppliers
Industry competitors Bargaining power

of buyers
Suppliers
Buyers
Substitute products
Q Under which of Porters five forces of competition would you classify an international agreement to eliminate restrictions on imports?
A. the bargaining power of suppliers.
B. the bargaining power of buyers. C. the threat of potential new entrants.
D. the threat of substitutes.

E. the extent of competitive rivalry
Strategic Analysis
PEST analysis Porter's five forces model
the bargaining power of suppliers
the bargaining power of buyers the threat of potential new entrants
the threat of substitutes

the extent of competitive rivalry
Factors affecting each of the forces
Strategic Analysis
PEST analysis Porter's five forces model
the bargaining power of suppliers
the bargaining power of buyers the threat of potential new entrants
the threat of substitutes

the extent of competitive rivalry
Factors affecting each of the forces Limitations of the five forces model
Strategic Analysis
Value chain analysis
nature of value chain analysis
sustainable competitive advantage
the value chain

primary activities

inbound logistics operations outbound logistics marketing and sales service

procurement technological development human resources management firm infrastructure
secondary activities
The value chain
After-sales service Marketing and sales Outbound logistics
Operations
Inbound logistics
Q According to Porter, management of the labour force is

A. one of the five forces of competition.
B. one of the primary activities in the value chain. C. one of the secondary activities in the value chain. D. none of the above.
Q According to Porter, purchasing and

shipping parts from suppliers is
A. one of the five forces of competition.
B. one of the primary activities in the value chain. C. one of the secondary activities in the value chain. D. none of the above.
Strategic Choice
Environment or market-based strategy
types
cost leadership differentiation focus
importance of establishing: the basis of a firm's competitive advantages the nature of the target market
Resource-based strategy
exploiting core competencies defining and establishing core competencies
Q Which strategy are No frills airlines pursuing?

A. Differentiation
B. Cost leadership
C. Focus
D. Resource-based
Business Strategy in a Global Economy

Why go global?
market size increased profitability
location economies scope for significant cost reductions using core competencies learning from experience in diverse markets
spreading risks keeping up with rivals
The global strategy trade-off

economies of scale or higher costs of customisation?
determinants of trade-off
Q Which of the following is a possible danger of going multinational?

A. Lower total revenue
B. Using core competencies
C. Lower unit profits

D. Reduced market size
E. Reduced scope for new techniques
Strategy: Evaluation and Implementation

Evaluation
importance of weighing up alternative strategies
how feasible are they? how do they relate to the firm's goals? how will they affect the firm's competitive position?
Implementation
need to assess the following
resourcing business culture and structure managing change

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An Introduction to Business Strategy

strategy as a mix of the five Ps

D. position with respect to others. E. perspective.

different business types

Q Identifying which parts of the business are underperforming would be an example of

Q Deciding to diversify into new products would be an example of

Factors influencing organisational purpose

the threat of potential new entrants

Porter's Five Forces Model

Porter's Five Forces Model

Rivalry among existing firms

Porter's Five Forces Model

Rivalry among existing firms

Porter's Five Forces Model

Rivalry among existing firms

Porter's Five Forces Model

Porter's Five Forces Model

Industry competitors Bargaining power

D. the threat of substitutes.

the threat of substitutes

Factors affecting each of the forces

the threat of substitutes

the value chain

inbound logistics operations outbound logistics marketing and sales service

The value chain

After-sales service Marketing and sales Outbound logistics

Q According to Porter, management of the labour force is

Q According to Porter, purchasing and

Q Which strategy are No frills airlines pursuing?

Business Strategy in a Global Economy

spreading risks keeping up with rivals

The global strategy trade-off

Q Which of the following is a possible danger of going multinational?

C. Lower unit profits

E. Reduced scope for new techniques

Strategy: Evaluation and Implementation

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