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Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as a whole, which is studied in macroeconomics.
Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position.
Strategy is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty. In the sense of the "art of the general", which included several subsets of skills including military tactics, siegecraft, logistics etc., the term came into use in the 6th century C.E. in Eastern Roman terminology, and was translated into Western vernacular languages only in the 18th century. From then until the 20th century, the word "strategy" came to denote "a comprehensive way to try to pursue political ends, including the threat or actual use of force, in a dialectic of wills" in a military conflict, in which both adversaries interact.
A business model describes how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts. The process of business model construction and modification is also called business model innovation and forms a part of business strategy.
Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.
Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity which otherwise is or could be carried out internally, i.e. in-house, and sometimes involves transferring employees and assets from one firm to another. The term outsourcing, which came from the phrase outside resourcing, originated no later than 1981. The concept, which The Economist says has "made its presence felt since the time of the Second World War", often involves the contracting out of a business process, operational, and/or non-core functions, such as manufacturing, facility management, call center/call center support.
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning.
Marketing management is the strategic organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm's marketing resources and activities.
Marketing strategy is an organization's promotional efforts to allocate its resources across a wide range of platforms and channels to increase its sales and achieve sustainable competitive advantage within its corresponding market.
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust law, anti-monopoly law, and trade practices law; the act of pushing for antitrust measures or attacking monopolistic companies is commonly known as trust busting.
A strategic partnership is a relationship between two commercial enterprises, usually formalized by one or more business contracts. A strategic partnership will usually fall short of a legal partnership entity, agency, or corporate affiliate relationship. Strategic partnerships can take on various forms from shake hand agreements, contractual cooperation's all the way to equity alliances, either the formation of a joint venture or cross-holdings in each other.
Competitive intelligence (CI) is the process and forward-looking practices used in producing knowledge about the competitive environment to improve organizational performance. It involves the systematic collection and analysis of information from multiple sources, and a coordinated CI program. It is the action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in strategic decision making for an organization.
Strategic sourcing is the process of developing channels of supply at the lowest total cost, not just the lowest purchase price. It expands upon traditional organisational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, payment for goods and services to sourcing production lines where the labor market would increase firms' ROI. Strategic sourcing processes aim for continuous improvement and re-evaluation of the purchasing activities of an organisation.
Knowledge process outsourcing (KPO) describes the outsourcing of core information-related business activities which are competitively important or form an integral part of a company's value chain. KPO requires advanced analytical and technical skills as well as a high degree of specialist expertise.
VRIO is a business analysis framework that forms part of a firm's larger strategic scheme, proposed by Jay Barney in 1991. The basic strategic process of any firm begins with a vision statement, and continues on through objectives, internal & external analysis, strategic choices, and strategic implementation.
In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. The greater the selection of a good is in the market, the lower prices for the products typically are, compared to what the price would be if there was no competition (monopoly) or little competition (oligopoly).
Sales outsourcing refers to indirect sales process through which the seller sells products or services to buyers while making some profits.
On-demand outsourcing is a trend in outsourcing wherein major internal operations processes of a company are being shifted to a provider that is paid for by the number of transactions involved. The business transferring the services pays for the quality, special skills and the competence of the service provider's employees. There has been an expansion of the outsourcing concept to include on-demand outsourcing. This refers to the process undertaken by business managers to adopt an outsourcing policy that ensures that the specific business and supplies including technical manpower are accessed as the need arises. It focuses a business strategy to improve its goods and services and to drive a business towards quality improvement.
Xavier Vives is a Spanish economist regarded as one of the main figures in the field of industrial organization and, more broadly, microeconomics. He is currently Chaired Professor of Regulation, Competition and Public Policies, and academic director of the Public-Private Sector Research Center at IESE Business School in Barcelona.
The composition-based view (CBV) was recently developed by Luo and Child (2015). It is a new theory that explicates the growth of firms without the benefit of resource advantages, proprietary technology, or market power. The CBV complements some existing theories such as resource-based view (RBV), resource management view, and dynamic capability – to create novel insights into the survival of firms that do not possess such strategic assets as original technologies and brands. It emphasizes how ordinary firms with ordinary resources may generate extraordinary results through their creative use of open resources and unique integrating capabilities, resulting in an enhanced speed and a high price-value ratio that are well suited to large numbers of low- to mid-end mass market consumers. The CBV has been commented as “a new view with significant application” for emerging market firms and for small and medium sized enterprises in many countries. The view cautions though that composition-generated advantages are temporary in nature and that composition itself mandates special skills in distinctively identifying, leveraging, and combining open or existing resources inside and outside the firm.
References
- 1 2 3 4 Stern, Carl; Deimler, Michael (2006). The Boston Consulting Group on Strategy . New Jersey, USA: John Wiley & Sons, Inc. pp. 2–7. ISBN 978-0-471-75722-1.
- ↑ Chen, Sheng-Syan; Ho, Kim Wai; Ik, Kueh Hwa; Lee, Cheng-few (2002-01-01). "How Does Strategic Competition Affect Firm Values? A Study of New Product Announcements". Financial Management. 31 (2): 67–84. doi:10.2307/3666223. JSTOR 3666223.
- ↑ Boyer, Marcel; Gravel, Éric; Lasserre, Pierre (May 2004). "Real Options and Strategic Competition: A survey" (PDF). Real Options. Retrieved 9 May 2017.
- ↑ Aggarwal, Rajesh K.; Samwick, Andrew A. (1999). "Executive Compensation, Strategic Competition, and Relative Performance Evaluation: Theory and Evidence" (PDF). Journal of Finance . 54 (6): 1999–2043. doi:10.1111/0022-1082.00180. S2CID 154817522.
- ↑ Chen, Yutian; Dubey, Pradeep; Sen, Debapriya (2011). "Outsourcing Induced by Strategic Competition". International Journal of Industrial Organization. 29 (4): 484–492. CiteSeerX 10.1.1.531.695 . doi:10.1016/j.ijindorg.2010.10.001. S2CID 13409054.
- ↑ Bess, J. Randall (2001). "The Building of Strategic Capabilities for Sustainable Competitive Advantage: Case Studies in the New Zealand Seafood Industry" (PDF). Massey University. Retrieved 9 May 2017.
- ↑ Van Zandt, Timothy (August 2012). "Firms, Prices, And Markets" (PDF). INSEAD. Retrieved 9 May 2017.
- ↑ Thu Thuy, Nguyen (2008). Capital Structure, Strategic Competition and Governance. Erasmus Research Institute of Management. ISBN 978-90-5892-178-9.
- ↑ Martini, Jeffrey (2013). "Syria as an Arena of Strategic Competition" (PDF). RAND Corporation. Retrieved 9 May 2017.
- ↑ Ming-Te, Hung; Tai-Ting, Tony Liu (2011). "Sino.U.S. Strategic Competition in Southeast Asia: China's Rise and U.S. Foreign Policy" (PDF). Political Perspectives. Retrieved 9 May 2017.
- ↑ "Pentagon's Joint Concept for Competing". USNI News . 2023-03-09. Retrieved 2023-03-19.