Definition Strategic Management
realizing deisred performance for stakeholders
Aspects of a solid value proposition
Specific
Problem-related
Exclusive
techniques to detect customers views
interviews, surveys, social-media analysis
cues to listen to from customers
reoccuring statements,
concrete scenarios
Aspects Value Proposition Canvas
Gain Creators,
Products & Services,
Pain relievers,
Gains,
Customer Jobs,
Pains
application of value proposition canvas
printed on poster,
use sticky notes, one idea per note,
different colors for different elements,
visualization,
involve team members close to customers
Steps of Value proposition canvas
Start with customer jobs,
Add pains and gains,
describe companys products,
outline intended creation of value
types of strategies
Position
performance-oriented action
uniqueness
change
initiative-management
resource allocation
Strategy for Position
strive for certain market position,
choose suitable environment
Strategy for performance-oriented action
aim for target performance,
use financial- or business-related indicators,
e.g. social or ecological results (“Triple-Bottom-Line”)
Strategy for Uniqueness
Define USP,
USP can be derived from indicators of good performance,
USP has to be sustainable on the long term
Strategy for Change
dynamic position,
constant change,
adapting and balancing changes
Strategy for initiative-management
conduct multiple initiatives,
plan deliberately, emergent initiatives
Strategy for resource allocation
limited tangible and intangible resources,
allocate and re-configure resources,
common cause of arguments
challenges for strategic management
uncertainty,
dynamic changes,
complexity
Steps of Corporate Strategy Formulation
Identification of opportunity and risk
Determining the company’s resources
Personal values of management
Acknowledgement of noneconomic resonsibility
Steps of Corporate Strategy Implementation
Organization structure and relationship
Organizational processes
Top leadership
Porter’s Value Chain
Company Infrastructure,
HR Management,
Technology Development,
Procurement,
Inbound Logistics,
Operation and Production,
Outbound Logistics,
Marketing and Sales,
Service
Competitive Advantage Framework
Resources need to fulfill VRIN-characteristics,
analyze broad range of resources
VRIN-characteristics
Valuable
Rare
Inimitable
Non-Substitutable
Gaining competitive edge factors
Resources,
Knowledge,
Capabilities,
Performance
types of resources
Material, immaterial
Resource-Based View
Resources are classified, difference in performance is explained with difference in resources,
efficient resource management lead to competitive advantage,
focus on inhomogeneities between companies,
resources are limited,
future value must pe predicted, switching costs
Advantages/Disadvantages of RBV
+microeconomic processes can be modeled,
+focus on heterogeneity as success factors
-only looks back
-resources are isolated, might have different value in combination
Capability-Based View
competitive advante originates when resource is used (vs when aquired),
advantage by predicting resources future value, coordinating combination of resources
Definition of capabilities
complex interactions,
connected to groups of people,
built over time,
Characteristics capabilities
competences to coordinate actions,
potentials,
result of imperfect managerial decision
distinction RBV/CBV
heterogenous resources vs capabilities,
result of acquiring vs using resources
Advantages/Disadvantages CBV
+more dynamic
-differences between resources and capabilities hard to define
-capabilities hard to measure
Knowledge-Based View
companies are social organizations with interactions, body of knowledge
Characteristics of Knowledge
explicit, implicit knowledge,
originate from social environments, experiences, concepts,
individual and collective level
Advantages/Disadvantages KBV
+Focus on most important resource
-difficlt to destinguish important and unimportant knowledge
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