Strategy Chapter 1

A model, to improve performance and competitive advantage, that links three independent strategic management tasks: Analyze, Formulate, Implement

Superior performance relative to other competitiors in the same industry

Underperformance relative to other competitiors in the same industry

Outperforming competitors or the industry average over a prolonged period of time

Performance of two or more firms at the same level

An integrative management field that combines analysis, formulation and implementation in the quest for competitive advantage

The set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitiors

A strategy is good when it enables a firm to achieve superior performance

A statement about what an organization ultimately wants to accomplish

A stretch goal that pervades the organization with a sense of winning

Description of what an organization actually does and the market it will compete in

Statement of principles to guide an organization as it works to achieve its vision and fulfill its mission

Ethical standards and norms that govern the behavior of individuals within a firm

Questionmark, dog, star, cow matrix

Help managers to cope with difficult situations