Internal Assessment
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Description: Components of business strategy include analysis, formulation, implementation, and evaluation of plans to achieve organizational goals.
Description: A vision statement outlines an organization's long-term aspirations and future direction, inspiring stakeholders and guiding strategic decisions.
Description: A mission statement defines an organization's purpose, values, and primary objectives, guiding its operations and strategic decisions.
Description: Goals are broad, overarching aims that an organization or individual strives to achieve. Objectives are specific, measurable steps taken to accomplish those goals.
Description: Amazon's mission: Customer-centric online marketplace. Vision: Earth's most customer-centric company. Goal: Innovation, growth, customer satisfaction.
Description: Resource-Based Theory examines how a firm's unique resources and capabilities contribute to its competitive advantage.
Description: Types of intellectual property: patents (inventions), trademarks (brands), copyrights (artistic works), and trade secrets (confidential information).
Description: Patent protects inventions. Trademark safeguards brands. Copyright covers artistic and literary works against unauthorized use.
Description: VRIO analysis assesses a firm's resources by evaluating their value, rarity, imitability, and organization to determine competitiveness.
Description: VRIO analysis of Google: Valuable tech resources, rare search algorithms, hard-to-imitate AI, well-organized innovation culture.
Description: Value chain analysis examines activities within a company to identify competitive advantages and cost efficiencies.
Description: Value chain analysis of Tesla: Design, engineering, manufacturing, sales, and service innovation for electric vehicles and sustainable energy solutions.
Description: Product life cycle: Introduction, growth, maturity, decline stages marking a product's market evolution from launch to discontinuation.
Description: BCG Matrix assesses business units by growth rate and market share to determine strategic priorities.
Description: Apple's BCG Matrix classifies iPhones and iPads as Stars, Services as Question Marks, MacBooks as Cash Cows, and Accessories as Dogs.
Description: BCG Matrix assigns business units into four categories based on market growth rate and relative market share for strategic planning.
Description: Limitations of BCG Matrix include oversimplification, neglecting market dynamics, and not considering competitive factors and external influences adequately.
