Definition of the strategy (choose the modern one)

• The determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals

• An integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage

If a firm is targeting customers in most or all segments of an industry based on offering the lowest price,

• it is following a cost leadership strategy

• it is pursuing a differentiation strategy

• it is following a focus strategy

If it targets customers in most or all segments based on attributes other than price

• it is following a cost leadership strategy

• it is pursuing a differentiation strategy

• it is following a focus strategy

a set of activities that a firm operating in a specific industry performs in order to deliver a valuable product for the market

• strategy

• value chain

• business process

The value chain concept was first described by

• Michael Porter

• Frederick Taylor

• Ichack Adizes

• Igor Ansoff

This core competence refers to systematic reductions in production costs over product lifetime

• Experience curve effects

• Location economies

• Economies of scale

Identifies a company's internal strengths and weaknesses, and the external opportunities and threats it faces

• SWOT

• PESTEL

• CAGE

• SPACE

Taking products first produced for the domestic market and selling them internationally with only minimal local customisation

• International (home replication) strategy

• Localisation (multi-domestic) strategy

• Global standardisation strategy

• Transnational strategy

makes sense when there are low cost/global integration pressures and low pressures for local responsiveness

• International (home replication) strategy

• Localisation (multi-domestic) strategy

• Global standardisation strategy

• Transnational strategy

considers each country or region as a stand-alone market worthy in itself of significant adaptation and attention

• International (home replication) strategy

• Localisation (multi-domestic) strategy

• Global standardisation strategy

• Transnational strategy