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Tutorial 1 Topic: Strategic Management and Strategic Competitiveness (Introduction To Strategic Management)
Tutorial 1 Topic: Strategic Management and Strategic Competitiveness (Introduction To Strategic Management)
TUTORIAL 1
TOPIC: STRATEGIC MANAGEMENT AND
STRATEGIC COMPETITIVENESS
(INTRODUCTION TO STRATEGIC
MANAGEMENT)
Groups Members
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QUESTIONS
1. An often spoken word in management is ‘strategy’. Explain what strategy is.
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conventional sources of competitive advantages no longer
guarantee success
Technology and cheap access to energy have altered the way the world
does business, by reducing the costs of certain types of business-to-
business transactions. These reduced transaction costs, driven by
changes in government policies and improved communications
infrastructure, have led to a wide array of business practices referred
to as globalization.
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In today's business environment, hyper competition is focused upon
making quick decisions intended to disrupt the competitive advantage of
market leaders. These types of decisions are now centered to create a
competitive advantage through strategic maneuvering.
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Strategic flexibility: strategic flexibility is a set of capabilities used to
respond to various demands and opportunities that are a part of a
dynamic and uncertain competitive environment. To achieve
strategic. Slack resources offer some flexibility to respond to
environmental changes. to be strategically flexible on a continuing
flexibility, many firms have to develop organizational slack basis, a
firm has to develop the capacity to learn
This model specifies that the industry in which a firm competes has a
stronger influence on the performance than the choices managers
make inside their organizations.
(b) Critically discuss the four assumptions (expectations) of the I/O model of
above average returns.
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The resource-based view (RBV) is a managerial framework used to
determine the strategic resources with the potential to deliver
comparative advantage to a firm. These resources can be exploited
by the firm in order to achieve sustainable competitive advantage.
12.Explain what core competencies of an organization are and how these core
competencies contribute to the competitive advantage of an organization do.
Strategic vision:
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Individuals and groups who can affect, and are affected by, the strategic
outcomes achieved and who have enforceable claims on firm’s performance
15.What are strategic leaders? Identify and name positions in your organization
that in your best opinion are strategic leaders. Why this is so?
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