Chapter Eight: Entrepreneurial Strategy and Competitive Dynamics1. Explain how the combination of opportunities‚ resources‚ and entrepreneurshelps determine the character and strategic direction of an entrepreneurialfirm.2. What is the difference between discovery and evaluation in the process of opportunity recognition? Give an example of each. The discovery phase refers to the process of becoming aware of a new businessconcept. The discovery of new opportunities is often spontaneous and unexpected
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helps a business determine its product and market growth strategy. Ansoff’s product/market growth matrix suggests that a business’ attempts to grow depend on whether it markets new or existing products in new or existing markets. The output from the Ansoff product/market matrix is a series of suggested growth strategies which set the direction for the business strategy. These are described below: Market Penetration: It’s a growth strategy for an existing business to focus on selling existing products
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ensure a competitive advantage. WANT HELP STUDYING SUSTAINABLE COMPETITIVE ADVANTAGE? Get the Flashcards Take a Marketing Quiz * Firms can obtain a competitive advantage by implementing value-creating strategies‚ not simultaneously being implemented by any current competitor. These strategies need to be rare‚ valuable‚ and non-substitutable. * Sustainable‚ competitive advantages are advantages that are not easily copied and‚ thus‚ can be maintained over a long period of time. The competition
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INTRODUCTION In order to run effectively a firm‚ leaders and managers must develop insight strategies that have large influence on the development of the business. Recently‚ a lot of companies realize the growing importance of human resources that influences on how successful the enterprises will be. Initially‚ we should have an understanding what strategic human resource management is. Strategy of Human Resource Management is seen as an approach that mentions how the long-term business aims
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the functional strategies are developed in coordination with the grand strategy‚ then the implementation of the functional strategies will in turn implement the grand strategy. Not only must functional strategies be consistent with the grand strategy‚ they must also be consistent with one another” (Novack‚ Dunn and Young‚ 1993‚ p. 31). Maintain commitment consistency among functional areas is the key to get results. Everyone has to work hard to define clearly jobs‚ goals‚ and strategies. The important
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emphasis on others and even perhaps ignoring certain aspects of the case situation. The Changing Role of Marketing Marketing Intelligence Market Segmentation Product Strategy Services Marketing Distribution strategy International Central Issue This case discussion may be focused on any‚ or all‚ or any combination of four major topics: Illustrate how mergers‚ acquisitions‚ spin-offs‚ as well as divestments‚ have affected the shape of the U.S. and global fast-food industry. Illustrate
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19. Discuss the advantages and disadvantages of management contract to both the hotel owner and the management company? The advantage of the management contract is: The management contract incurs minimum risk to the company as compared to sole ownership and joint-venture development since the management company has little or minimal equity invested in the hotel. The hotel management company only assigns a group of professional managers to operate the property for the owner. If political crisis
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14: Innovation and Entrepreneurship Review PowerPoint slides for Chapters 13 and 14 Lesson Activity Discussion Questions (DQ). Please post in the Discussion Forum by this week Friday 11:59 P.M. (PST). 1. Why is strategic control important in the strategy implementation process? What are the four major types of strategic control? What are the pros and cons of each? 2. The balanced scoreboard approach has gained popularity in recent years. What is this approach and how does it integrate strategic and
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QSPM: The Quantitative Strategic Planning Matrix (QSPM) is a viable tool for making strategy-formulation decisions. This powerful basis will assist managers of a firm to take alternative feasible strategies for their particular business. For developing a QSPM‚ there are six major steps as follows: Step 1 Make a list of the firm’s key external opportunities/threats and internal strengths/weaknesses. As we have done in SWOT analysis before. Step 2 Assign weights to each key external and internal
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formulate and direct their strategic management activities. Sophisticated planners‚ such as General Electric‚ Procter & Gamble‚ and IBM‚ have developed more detailed processes than less formal planners of similar size. Small businesses that rely on the strategy formulation skills and limited time of an entrepreneur typically exhibit more basic planning concerns than those of larger firms in their industries. Understandably‚ firms with multiple products‚ markets‚ or technologies tend to use more complex
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