Nursing homework help
Nursing homework help
Please answer the following prompt(s) in your initial post (you will not be able to see the posts of your classmates until you make your initial post). Discussion board posts are individual-level assignments. Please do not discuss with your group members or anyone else within/outside of your section.
(a) Identify one concept that was not clear to you from chapters 1 through 6. Elaborate why the concept was not clear in 50-100 words (i.e., minimum 50 words and maximum 100 words).
(b) Identify one concept from chapters 1 through 6 that you are most likely to use in your career. Elaborate how you will use it in your career in 50-100 words (i.e., minimum 50 words and maximum 100 words). Nursing homework help
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Chapter 1: What is Strategy?
LO 1-1 Explain the role of strategy in a firm’s quest for competitive advantage.
LO 1-2 Define competitive advantage, sustainable competitive advantage, competitive disadvantage, and competitive parity.
LO 1-3 Describe the roles of vision, mission and values in a firm’s strategy.
LO 1-4 Evaluate the strategic implications of product-oriented and customer-oriented vision statements.
LO 1-5 Justify why anchoring a firm in ethical core values is essential for long-term success.
LO 1-6 Explain the AFI strategy framework.
©McGraw-Hill Education.
Strategy and Competitive Advantage
Strategy: Goal-directed actions a firm takes
Gaining and sustaining competitive advantage
Superior performance relative to competitors in your industry
Company X
Company Y
Return on Invested Capital (ROIC) Nursing homework help
Average
| Industry | Average ROIC % |
| Consulting | 20 |
| Newspaper | -5 |
Competitive advantage
Competitive disadvantage
©McGraw-Hill Education.
2
Competitive Advantage and Economic Value Created
Exhibit 5.7
Jump to Appendix 7 long image description
©McGraw-Hill Education.
Baker, Sama Baker Sulaiman (BSBS) –
Differentiation Strategy: Achieving Competitive Advantage
Exhibit 6.3
SOURCE: Adapted from M.E. Porter (1980), Competitive Strategy. Techniques for Analyzing Industries and Competitors (New York: Free Press).
Jump to Appendix 4 long image description
©McGraw-Hill Education.
Under a differentiation strategy, firms that successfully differentiate their products enjoy a competitive advantage. Firm A’s product is seen as a generic commodity with no unique brand value. Firm B has the same cost structure as Firm A but creates more economic value, and thus has a competitive advantage over both Firm A and Firm C because (V − C)B > (V − C)C > (V − C)A. Although, Firm C has higher costs than Firm A and B, it still generates a significantly higher economic value than Firm A.
4
Baker, Sama Baker Sulaiman (BSBS) – Why people paying less for firm B?
Cost Leadership Strategy: Achieving Competitive Advantage
Exhibit 6.4
Jump to Appendix 5 long image description Nursing homework help
©McGraw-Hill Education.
Under a cost-leadership strategy, firms that can keep their cost at the lowest point in the industry while offering acceptable value are able to gain a competitive advantage. Firm A has not managed to take advantage of possible cost savings, and thus experiences a competitive disadvantage. The offering from Firm B has the same perceived value as Firm A but through more effective cost containment creates more economic value (over both Firm A and Firm C because (V − C)B > (V − C)C > (V − C)A. The offering from Firm C has a lower perceived value than that of Firm A or B and has the same reduced product cost as with Firm B; as a result, Firm C still generates higher economic value than Firm A.
5
Baker, Sama Baker Sulaiman (BSBS) –
Unique Strategic Positioning
Conscious trade-offs: [DIFFERENTIATION] or [COST LEADERSHIP]
What to do and what not to do
Successful strategy requires combining a set of activities for a unique position in an industry
Competitive advantage has to come from:
Performing different activities or
Performing the same activities differently than rivals
©McGraw-Hill Education.
6
What Strategy Is Not
Grandiose statements
Example: “We will be No. #1”
A failure to face a competitive challenge
Example: Blockbuster didn’t address Netflix, Redbox, Amazon Prime, and Hulu
Operational effectiveness, competitive benchmarking, or tactical tools
Examples: “pricing strategy,” “operations strategy,” “brand strategy”
©McGraw-Hill Education.
7
Element of Strategy: A-F-I Framework
8
Effective Vision
Captures an organization’s aspiration
Identifies what it ultimately wants to accomplish
Forward-looking and Inspiring: Motivates employees to aim for a target
Employees tend to feel part of something bigger than themselves.
Helps employees find meaning in their work
Allows employees to experience a greater sense of purpose
©McGraw-Hill Education.
9
Two Types of Vision Statements
Product-Oriented
Customer-oriented
Defines a business in terms of a good or service provided
Defines a business in terms of providing solutions to customer needs
To be the most efficient carrier in the railroad business
To make the world more open and connected
Myopic view of the competitive landscape
Less flexible
Focuses employees on problem solving for the customer
Customer needs may change
The means of meeting those needs may change also
We are building a new history in which our customers and our individual team members realize transformational growth (Vision statement for Central Maine and Quebec Railway)
©McGraw-Hill Education.
Vision Statement and Competitive Advantage
Vision Statement
Competitive advantage
| The vision is customer-oriented |
| Internal stakeholders help define the vision |
| Organizational structures align with the vision statement |
©McGraw-Hill Education.
11
Mission and Values
Mission
Values
Defines how the vision is accomplished
Principles to guide behavior of employees at all levels
The products and services it will provide
Ethical standards and norms
The markets in which it will compete
Helps employees understand the company culture
Deal with complexity and resolve conflict
Top management commitment to values or lip service
GMU’s core values? IDEA
Need strategic commitments/actions:
– Costly
– Long-term oriented
– Difficult to reverse. Nursing homework help
