Business Strategy & Multibusiness Strategy

Week-5 DQs

1.        Select a domestic or international company and analyze its strategy and explain in detail which of the 15 grand strategies it employs?

A grand strategy refers to a mater long-term plan that directs the company or its actions towards achieving long-term business objectives. In other words, it is a comprehensive general approach that guides a firm’s major actions. There are basically 15 grand strategies such as concentrated growth, market development, product development, innovation, horizontal integration, vertical integration, concentric diversification, conglomerate diversification, turnaround, divestiture, liquidation, bankruptcy, joint venture, strategic alliances, and consortia.

McDonald's is the world's largest international Company in terms of chain of fast food restaurants, serving around 68 million customers daily in 119 countries across more than 36,000 outlets. Founded in the United States in 1940, the company began as a barbecue restaurant operated by Richard and Maurice McDonald. Among these 15 grand strategies, McDonald basically employs strategic alliances such as franchising and licensing strategies with foreign distributors as a way to enter new markets with standardized  products that can benefits from marketing economies. It also seems that McDonald’s long term objective is to develop the market share by deploying market development grand strategy in which it allows the opening of additional geographic markets- regional, national or international expansion. It is also attracting the new market segments by deploying the new channel distribution, advertising, and promotion.  Other strategies such as concentrated growth, product development and innovation are also employed but their usage rates are very low in compared to strategic alliances and market development.

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.

2.        Explain a profitable business model.  What are the various profitability business models? Which one is the company you picked in Discussion Question 1 using? 

A business model is the process of combining the long-term objectives and grand strategies in a unique way in order to create profits. A profitable business model reflects how a business creates and delivers value to the customers and transforms such value into profits of business. In other words, it shows how a firm will generate a profit and strategic actions that must be taken into account to succeed over the long-term. The major profitability business models are briefly outline as follows:

1.      Customer development customer solutions profit model: By using this model, companies will make money by finding ways to improve the customers’ economies and investing in ways for customers to improve their processes.

2.      Product pyramid profit model: This model can be effective when the customers have strong preferences in terms of products variety, styles, color, and price. Using this model, companies offer a number of variations which is so called product pyramid. In this pyramid, low-priced, high volume products are kept at the base of pyramid whereas high priced, low-volume products are kept at the top of pyramid. Most of consumer goods companies and automobile companies are inclined to use this model.

3.      Multicomponent system profit model: Some businesses whose production/marketing system includes the components that generate substantially different levels of profitability, are included in this model. In this model, the highest profit component can be used to maximize the profitability of the whole system.

4.      Switchboard profit model: This model creates a high-value intermediary in order to connect the multiple sellers to multiple buyers for reducing the costs for both parties in exchange of fees. In this model, as volume increases, profits also increases.

5.      Time profit model: Using this model, speed is used as profitable weapon so as to gain a first-mover advantage. Constant innovation is essential to sustain this model.

6.      Blockbuster profit model: This model is useful for some industries which have a few great product with a huge profitability. The companies which have high R&D, launch costs, and finite product cycles are likely to represent this model such as movie studios, software companies and pharmaceutical firms. 

7.      Profit multiplier model: Using this model, businesses reap the profits repeatedly from the same products, character, trademark capability or service. This model can be powerful for business which have strong consumer brands.

8.      Entrepreneurial profit model: This model stresses on small firms when diseconomies of scales exist in the firms.

9.      Specialization profit model: This model focuses on the growth through sequenced specialization. Most of consulting companies are using this design successfully.  

10.  Installed base profit model: This model is used to establish user base subsequently in order to buy the company’s brand of consumables or follow-on products. It is often protected with an annuity of profit stream.

11.  De facto standard profit model: A variant of the installed base profit model, this model can be appropriate when the installed base model becomes the de facto standard that governs the competitive behavior in the industry.

From above these 11 models, McDonald has been using the switchboard profit model because it basically employs the strategic alliances which allows multiple sellers to multiple buyers in exchange of fees or royalties between franchiser and franchisees. It is also seems that McDonald is using the profit multiplier model due to the fact that it allows the same trademark capability or service along with a strong consumer brand.

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.

3.        How can a firm pursue both low-cost leadership and differentiation strategies simultaneously? Can you present an example?

It is true that when companies have one or more resource capabilities that are really differentiated them from their key competitors and also have resources capabilities that let them operate at a lower cost will consistently outperform their rivals that do not. Gaining both advantages simultaneously need a deeper analysis and selection of business strategies and value chain activities. In order to pursue both low cost leadership and differentiation strategies, a firm must work on two major activities such as cost reductions through economies of scale, and product innovation through R&D than its competitors.

Facebook is a perfect example which has been pursuing both low-cost leadership and differentiation strategies in order to achieve a long term success and viability in the future. It is employing a low cost strategy by economies of scale in the sense that it has been offering advertisers and other customers desiring to get the widest audience exposure per dollar spent within a social networking venue. On the other hand, differentiation strategy is simultaneously is being employed in the sense that it has been constantly designed to go beyond the traditional online advertising. It has now using the digital bulletin boards which is totally different than traditional banners ads. It is also striving to use e-commerce-buying and selling digital items and virtual gifts. In addition, it has also opened itself to software developers/entrepreneurs who can make applications to be used on facebook where necessary.

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.

4.        Do you think it is better to concentrate on one source of competitive advantage (cost versus differentiation, versus focus, versus speed) or to nurture multiples in a firm's operation?

It is challenging question for strategic managers, whether it is better to concentrate on one source of competitive advantage (either cost, differentiation, focus or speed) or to nurture multiples in a firm’s operation. I personally think that it depends on the situation or life cycle of the firms. At introduction and growth phases, it is better to concentrate on one source of competitive advantage. However, later phases such as maturity and growth stages, it is better to nurture multiple sources in a firm’s operation

It is true that a firm that has multiple advantages (cost and differentiation and speed, for example) is obviously better off than one that has a single source of advantage. However, it is clear that the skills required to support each strategy are quite different. It may be difficult for a firm to compete on all three. Hence, having said this, nurturing all the strategies in a firm’s operations is very hard to achieve along with high risks and challenges. Thus, I think that it is better to concentrate on one source of competitive advantage at one time when firms are operating effectively and competitively than its rivals, and it should focus on multiple sources when firms are at maturity and decline stage of life cycles, and not performing well in comparison to its rivals then it should strive to nurture the multiple sources to gain sustainable market share.  

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.

The Mutibusiness strategy & Implementation

Week-6 DQs

1.        How does strategic analysis at the corporate level differ from strategic analysis at the business level?

Strategic analysis is concerned with whether a business or corporate achieves its competitive advantage by leveraging its core competencies that has been previously expected to arise. It is true that a competitive advantage can only be achieved by outperforming in some aspects of business at a lower cost than its competitors. For example, Samsung Inc. when focuses on just mobile industry, selling a mobile at a profit is concerned with business level strategy whereas when it focuses on which business units to keep (e.g. Mobile industry) and which to sell (e.g. outsourcing of battery) is concerned with corporate level strategy. Other major differences are highlighted as follows:

Strategic Analysis at the corporate level: The corporate level strategy is a top level strategy comprised of a broad of directors, chief executive, and administrative officers that is made up of multiple business units, operating in multiple markets (Pearce II, J.A.,& Robinson, R.B., 2012). It mainly deals with strategic domain choice so as to involve in such business which could maximize the value to stakeholders. Having said this, it strives to answer the question, how we structure the overall business so that all of its parts create more value i.e. synergy than they would individually? At this level, it is important to think how all these businesses fit together and how resources should be deployed to create a strong corporate value. Some of the important tools used in this analysis are porter’s generic strategies, Boston Matrix, ADL Matrix and VRIO analysis and so on. The organization’s design at this level of strategy corporates how organizational resources such as people, money, machine, material are allocated to gain a competitive advantage and support strategic goals.

Strategic Analysis at the business level: The business level strategy is a middle level strategy comprised of business and corporate managers (Pearce II, J.A.,& Robinson, R.B., 2012). It basically deals with specific business units that is formulated in order to gain a competitive advantage in the specific industry. It addresses the question like how do we win in this market? It is important to think that how a business unit can meet their customers’ need in the best possible way by using its core competencies. Some of the important tools used in this level are USP analysis, Porter’s Five Forces model, and SWOT analysis. Using these tools, a business unit can know how to strengthen the business competitive position by addressing the opportunities and threats in the particular market.

In conclusion, strategies for a firm may be classified by the level of the organization responsible for the strategy. Corporate-level strategies concern top management and address strategic issues of facing the organization as a corporate whole whereas business-level strategies deal with major business units or divisions of the corporate portfolio. Business-level strategies are generally developed by upper and middle-level business unit managers, in negotiation on key targets with the top corporate managers, and are intended to help the organization achieve its corporate level strategy.

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.

(n.d.) Retrieved from http://smallbusiness.chron.com/difference-between-corporate-strategy-business-strategy-57411.html

(n.d.) Retrieved from https://www.mindtools.com/pages/article/what-is-strategy.htm

2.        What is the portfolio approach? How would multi-business companies find it useful? What are the limitations and weakness of this approach?

The portfolio approach is a historical starting point for strategic analysis and choice in multi-business firms (Pearce II, J.A.,& Robinson, R.B., 2012).The portfolio approach would be useful tool for strategic managers to allocate resources in multi-business firms. This approach is pioneered by the Boston Consulting Group (BCG) for the purpose of helping managers to make a balance flow of cash resources among their various businesses by identifying their basic strategic options within the overall portfolio.

For example, Robert Cushman, CEO of Norton Company, 1971-1980 clearly stated that “Portfolio planning became relevant to me as soon as I became CEO. I was finding it very difficult to manage and understand so many different products and markets. I just grabbed at portfolio planning because it provided me with a way to organize my thinking about our businesses and the resource allocation issues facing the total company. I became, and still am, very enthusiastic.” Hence, having said this, it is now clear that using this approach is both useful as well as challenging in a real business world.

The usefulness in multi-business companies:

The usefulness of this approach in the multi-business companies are as follows:

a)      This approach conveys the large amount of information about diverse business units and incorporates these for making the strategic plans in a more simplified way. It also shows the similarities and differences among the different business units that can be useful incorporating the same logic in each of the business units.

b)      It helps manager to make priorities for sharing corporate resources among diverse business units.

c)      It clearly reflects the ways in which a corporate manager knows the sense of what should be accomplished- a balanced portfolio of businesses- and a proper allocation of various resources among these business units.

The limitations and weakness of portfolio approach:

While this approach is highly useful for managers, there are also several weaknesses and limitations of this approach which are as follows:

a)      It is true that this approach is not likely to address accurately in terms of value it generates among the different business units. It is not as easy as the matrices portrays in regards to its measurement for matrix classification.

b)      This approach assumes that there is a positive relationship between market share and profitability. It means that higher the market share, higher will be the profit. However, it is not true all the time because sometimes it may vary across industries and market segments, and a firm with low market share can generate superior profitability with differentiation advantages.

c)      This approach assumes the notion that firms should have self-sufficient fund. However, it does not consider the capital raised in capital markets.

d)     It typically fails to compare the competitive advantage a business received from being owned by a particular company with the costs of owning it. It is also true that this matrix is supposed to be wrong for average businesses in average-growth markets as limited options prevail in the basic strategic missions.

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.

(n.d.) Retrieved from https://hbr.org/1986/07/making-planning-strategic

3.        How can management empower operational personnel in implementing corporate and business strategies and in the development of functional tactics?

It is true that translating the strategies or tactics into actions and then into meaningful results takes management efforts while empowering operational personnel in implementing corporate and business strategies in the development of functional tactics. In many cases, business strategies are derived from corporate strategies, and functional tactics are derived from business strategies. However, empowering operating personnel by the management includes the following key activities to be undertaken into account:

1.      By Using standard operating procedures or policies: Operating personnel can be empowered through policies that provides guiding behavior, decisions, and actions at the firm's operating levels in such a manner, consistent with its business and functional strategies. They allows operating personnel to make decisions and take action quickly. For example, General Electric has been allowing the appliance repair personnel to decide about warranty credits on the spot, which used to take several days and multiple organizational tasks to complete.

2.      By Using Compensation rewards and bonus: It is also possible to empower the operating personnel through compensation plans. For this, firms first have to identify the strategic objectives of stakeholders and then approach them accordingly to fulfill their needs on the way they want. There are five bonus compensation plans that can be structured to provide the executive with an incentive to work toward achieving those goals (Pearce II, J.A.,& Robinson, R.B., 2012).

3.      By regulating and controlling their daily activities: Having a clear cut regulation and control, management can make sure that operating personnel is doing what they are assigned to do. For this, management has to carefully observe their daily activities in order to control if anything went wrong and rectify them immediately to achieve better results.

4.      By matching corporate and business strategies with operational tactics: It is true that when a company’s corporate and business strategies are well equipped with the operating tactics then there is high chance of getting the right actions done. It sometimes plays a pivotal role in empowering the operating personnel and achieving the company’s goals effectively.

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.

 (n.d.) Retrieved from https://hbr.org/2008/06/the-secrets-to-successful-strategy-execution

4.        What key concerns must functional tactics address in marketing? finance? production/operations? R&D? and human resources?

Functional tactics refer to the key routine activities that must be undertaken in each of functional areas-marketing, finance/accounting, production/operation, R& D, and Human Resource- in order to provide the business’s products and services. Stated another way, functional tactics translate thought or strategies into actions and then into meaningful results (Pearce II, J.A.,& Robinson, R.B., 2012). The key concerns that must be addressed by the functional tactics in the field of marketing, finance, production/operation, R&D, and human resource are outlined as follows:

Functional tactics in Marketing: The role of marketing function is to accomplish the firm’s objectives by improving the sales of business’ products or services in target markets. The functional tactics in the field of marketing include 4Ps and issues related to them are:

·         Product or service: It basically deals with the core product that is profitable to firms. It consists of products and services to meet the customers’ needs, their taste and preferences and other product related services.

·         Price: It deals with the price of business’s products or services. It includes setting of the price of products in compared to its competitors, discounts, price segment and pricing policies etc.

·         Place: It focuses on the target market, priority of geographic locations, channels of distribution, salesforce management, and distribution of goods and services.

·         Promotion: It includes key promotional strategies, advertising, communication mix, and appropriate medial selection.

Functional Tactics in Finance/accounting: The roles of finance and accounting are great in determining the financial fund or capital required to operate the business activities. The functional tactics in terms of finance/accounting are related with short term and long term capital and their relative values in contributing the overall success of the business. Some of the major tactics are:

·         Capital Acquisition: It deals with fund raising through internal and external sources, proportion of long-term and short-term loan, level of common stock and preferred stock, and required cost of capital.

·         Capital Allocation: It is basically concerned with division of funds to most important projects or activities, decision regarding capital and demands of capital for different tasks.

·         Dividend & working capital management: It addresses the level of cash flow required, credit policies, payment terms, and portions of dividend or earning levels to set dividend stability etc.

·         Accounting: It gives emphasis on the cost of creating products or services and value they create within different parts of businesses.

Functional Tactics in Production and Operation: The role of production and operation is very important for manufacturing companies and others. The production or operations functional tactics strive to address the choices about how and where the products or services will be manufactured or delivered, technology to be used, management of resources, plus purchasing and relationships with suppliers. Some of the major tactics are:

·         Facilities and equipment: It basically deals with kinds of facilities, integrated process, automation, and level of normal capacity etc.

·         Sourcing: It includes the supplier selection, sources of supply, and maintaining the relationship with suppliers etc.

·         Operation Planning and Control: It consists of work schedule, production time, inventory level setting, quality control measures, and job standard or specialization.

Functional Tactics in Research and Development: The role of R & D has been growing more rapidly than ever before due to advancement of new and better technologies to be used in the firms. Some of the major tactics regarding R&D are:

·         Basic Research, Product and process development: It focuses on the level of research required for innovation, breakthrough, product development and product growth.

·         Time Horizon: It includes the time period-short term or long term and business or marketing strategies to be used in the company.

·         Organizational Fit: It deals with cheaper R&D either in house or outsourcing, centralized or decentralized and relationship with other business units.

·         Basic R&D Posture: It includes the offensive or defensive posture in responding or leading innovation in the industry.

Functional Tactics in Human Resource: The role of Human resource function basically deals with people’s talent, skills and abilities in utilizing the organizational resources in a better way. Some of the major tactics in regard to HR are:

·         Recruitment, selection, and orientation: It deals with choosing the required human resources, recruiting them, selecting them and keeping them for longer period within the firms.

·         Career development and training: It requires the future need of HR, preparing them through training, and developing them.

·         Compensation and bonus: It deals with setting the appropriate level of payments, intrinsic and extrinsic motivations, and other benefits-bonuses, incentives etc.

·         Evaluation, Discipline, and control: It requires the employee evaluation, formal or informal policies to regulate the employees’ behaviors, and controlling individual or group performance etc.

·         Labor Relations, and equal opportunity requirements: It basically deals with labor-management relations, policies regarding minorities/women, and other hiring policies etc.

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.

(n.d.) Retrieved from http://onstrategyhq.com/resources/functional-tactics-implementation/

Internal Analysis & Long-Term Objectives and Strategies

Week-4 DQs

1.      Describe SWOT analysis as a way to guide internal analysis. How does this approach reflect the basic strategic management process? What are potential weaknesses and limitations of SWOT analysis?

A SWOT analysis can be defined as a historical technique in which a manager creates a brief overview of a company’s strategic actions. It is based on the assumptions that an effective strategy can be made by sound matching between firms’ internal factors (Strengths and Weaknesses) and its external factors (Opportunities and Threats). This, in turn, helps managers to make a good strategic decision by strengthening its strengths and opportunities and reducing its weaknesses and threats. This technique can be used as a guide to internal analysis as follows:

Strengths: A strength is a source or capability controlled by or available to a firm that gives it an advantage relative to its competitors in meeting the needs of the customers it serves (Pearce II, J.A.,& Robinson, R.B., 2012). Its strengths include the well-experienced employees, leading company of the nation, proximity to the market, collaborative effort from its government, the banks and shareholders, Brand reputation, Savvy people etc.

Weaknesses: A weakness is a deficiency in one or more of the company’s resources or capabilities relative to its competitors that provides a disadvantage in meeting the customer demands. The major weaknesses include lack of innovative employees, higher transportation costs, diseconomies of scale, capital restructuring issues, shortage of electricity, internal conflicts among the staffs, limited capital or financial resources etc.

Opportunities: An opportunity is a fundamental favorable situation in the company. The opportunities includes tax exemptions from government, technological changes, growing markets and customers, favorable relationship with stakeholders, job opportunities, huge profit and image etc.

Threats: A threat is a major unfavorable situation in a firm’s environment (Pearce II, J.A.,& Robinson, R.B., 2012). The major threats consist of entrance of globalized firms such as India tiers companies, increased bargaining power of buyers and suppliers, technological change, government restricted restructuring, unfair competition, economic liberalization, blockade or Nepal bandhs, devaluation of currency, civil war, decreased sales or profit margin etc.

SWOT analysis reflects the basic strategic management process in which a logical framework is made for guiding and analyzing the discussions and reflections of the firm’s alternative actions available to managers. For example, an opportunity to one manager may be potential threat to another. In such case, the SWOT analysis provides an organized framework for insightful discussions and information sharing in order to improve the managers’ choices or decision making in each of the strategic processes.

The potential weaknesses and limitations of SWOT analysis can be described as follows:

1.      It can overemphasize internal strengths and downplay external threats

2.      It can be static and can risk ignoring changing circumstances

3.      It can overemphasize a single strength or element of strategy

4.      A strength is not necessarily a source of competitive advantage

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.

2.      What is benchmarking? How can benchmarking assist in strategy development and formulation?

Benchmarking is a process of the comparing a firm’s specific activity with a competitor or other doing the same thing in the marketplace. Firms in the same industry often have different marketing skills, operating facilities, financial locations, technical know-how, brand name, managerial talent, level of integration and so on. These differentiating resources can be relative strengths or weaknesses depending upon the strategy a firm choses. While choosing the strategies, a manager should compare the firm’s key internal capabilities with its rivals so as to differentiate its key success factors.

The benchmarking can be used to support in formulating and developing the strategies in the following ways:

·         Benchmarking helps a firm to identify the best practices in the industry and utilizing these capabilities in formulating strategies within a firm to gain a competitive advantage.

·         Benchmarking helps in understanding a success and failure of a company that can be used to alter crucial strategies and adjust accordingly.

·         It teaches how a firm can lower its costs, and improve the efficiency that can lead to excellence.

·         It can be used to improve the quality and continuous improvement so as to win the market leadership.

In short, benchmarking can focus on roles, processes, or strategic issues. It can be used to establish the function or mission of an organization. It can also be used to examine existing practices while looking at the organization as a whole to identify practices that support major processes or critical objectives.

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.

3.    Compare and contrast value chain analysis and the resource-based view of a firm. What are the objectives of each?

The value chain analysis and Resource-based view of a firm are both important approaches that can be used to evaluate the firm’s strengths in comparison to its competitors. The value chain analysis is mainly concerned with creating a maximum value through proper distribution or logistics of goods or services. In contrast, Resource-based view is concerned with the proper utilization of resources to gain a competitive advantage in the marketplace.

Value Chain analysis: This analysis of a firm entails the analysis of key activities in creating values in each stage of supply chains. It consists of two major activities, primary activities are logistics, operation, sales and services, and supporting activities include human Resource management, procurement, and technology development etc. The primary activities are supported by its supporting activities. Ina addition, activity in the value chain analysis is measured in terms of the value it adds on its products to contribute the firm's overall value. It clearly shows that how a firm can reduce its costs and improve its efficiency in each of these stages to gain a competitive edge. The main objective of this analysis is to know and evaluate the major activities which are most valuable to achieve a competitive advantage.

Resource-based View: The resource-based analysis of a firm emphasizes on using available resources, knowledge and competencies to excel the firm's economic value. The resources can be intangible such as brand name, image and reputation, and tangibles such as human resources, capital, materials, and machines. These both resources would provide the value to their customers. The main objective of this analysis is to allocate and make a maximum utilization of available resources to achieve a competitive advantage

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.

4.    Explain how you might use value chain analysis, resource-based view, three circles analysis, product life-cycle analysis, and SWOT analysis to get a better sense of what might be a firm's key building blocks in attaining a strategic competitive advantage over competitors?

Analyses such as value chain analysis, resource-based view, three circles analysis, product life-cycle analysis, and SWOT analysis, are key approaches which give an emphasis on internal activities to create a competitive advantage in the marketplace over its rivals. The major purposes of these analyses are outlined as follows:

a. Value chain analysis: It focuses on improving the supply chain activities that add value to company’s products or service better than its competitors, so as to gain a competitive advantage in the market place.

b. Resource-based analysis: It emphasizes on proper allocation and utilization of resources such as tangible and intangibles to improve the firm’s economic performance.

c. Three circle analysis: It focuses on identifying the competitor’s offerings, customer demands and providing the products that can satisfy the customers better than its rivals.

 d. Product life-cycle analysis: It helps the firms to develop or adjust the strategies as per the different phases of product life cycles such as introduction, growth, maturity and decline.

e. SWOT analysis: It focuses on analysis of the internal factors such as strengths, weaknesses, and external factors such opportunities and threats so as to respond the quickly to its environment and exploit the opportunities.

In conclusion, it can be said that all these analyses are directly concerned with firm’s key building blocks in getting a better sense in terms of firm’s environment, resources, time, cost, methods in attaining a strategic competitive advantage over competitors.

References

Pearce II, J.A.,& Robinson, R.B. (2012). Strategic Management: Formulation, Implementation, and Control. New York: McGraw-Hill Irwin.