About This Chapter
Building Strategy in Business - Chapter Summary
Find out about building strategy in business by studying the lessons in this chapter. Examine the definition and examples of Porter's five forces, get to know the definition of global strategy, and take a look at vertical integration. Discover additional lesson information, including:
- Processes of strategic management
- The balanced scorecard
- Porter's generic strategies
- Diversification of business
- Expansion methods for international business
- Plan and process for strategy implementation
Lessons were kept short to make it easier for you to make continuous progress on your lessons. Use any mobile device to log in to your account from wherever you are whenever you have spare time to work on your program. You can submit a question directly to your instructor. A test at chapter end will verify whether you understood the chapter's highlights.
1. The Strategic Management Process
We will be reviewing the strategic management process, starting with the four main steps of the process. These steps provide the foundation for understanding strategic management as a whole and will serve you well as you deal with management decision-making situations.
2. What is a SWOT Analysis?
In the business world, as in many other places, decisions aren't made lightly. Rather, management spends a long time considering the pros and cons of every choice. This lesson will teach you about one of the key ways they do that, the SWOT analysis.
3. Porter's Five Forces: Definition & Examples
There are many factors to consider when creating a business. One of the most important is the competitiveness of the industry. In this lesson, we look at Porter's Five Forces to analyze an industry's competitive forces.
4. Hypercompetition: Definition & Business Strategy Effects
During this lesson, we'll discuss and define the term hypercompetition, along with addressing four factors that can affect business strategies in a hypercompetive market. When you are through, take a quick quiz to see if you've mastered the details.
5. The Balanced Scorecard as a Strategic Management System
Executives of organizations need summary information to help them to make decisions. Learn about the balanced scorecard, which can be used as a strategic management system, and how it's used.
6. What Is a Balanced Scorecard? - Metrics & Examples
One of the most effective ways to determine the success of one's business, product, strategy, or employees is to measure results via performance appraisals. This lesson discusses one form of performance appraisal, the balanced scorecard.
7. The Benefits of Strategic Mapping
This lesson will define strategic mapping and why organizations and businesses use it. You'll learn about the benefits of strategic mapping, and you can test your knowledge with a quiz.
8. Porter's Generic Strategies: Low Cost, Differentiated & Focus
Michael Porter, author of 'Competitive Advantage,' suggested in 1985 that all companies pursue one of three general strategies. In this lesson, we'll learn what those strategies are and when each is appropriate to use.
9. Corporate-Level Strategy: Focus on a Single Industry
Focusing on a single industry is essential to a new company or a company that needs to improve its performance. In this lesson, we will discuss the benefits of focusing on a single industry.
10. What is Vertical Integration? - Definition, Examples & Benefits
What do firms do when they want to increase their competitiveness? Some companies adopt a vertical integration strategy. In this lesson, you will learn what vertical integration is and how it is used.
11. What Is Diversification of Business? - Strategies, Definition & Examples
Companies sometimes diversify their business activities to manage risk or expand into new markets. In this lesson, you'll learn about business diversification, different diversification strategies, and be provided some examples. A short quiz follows.
12. Global Strategy: Definition & Example
This lesson provides an overview of how companies transition from an international company to a global company using global strategy. We will use McDonald's, the largest food service retailer in the world, to demonstrate how and why global strategy is used.
13. International Business Expansion Methods
Oftentimes, the best opportunities for a business are not at home but abroad. In this lesson, you'll learn about different methods of taking advantage of the international market. You'll also have a chance to take a short quiz after the lesson.
14. Strategy Implementation: Plan, Process & Examples
This lesson presents the steps necessary for successful implementation of organizational strategies. It will explain how companies formulate their strategic plan, how the plan is implemented, and appropriate examples for clarification.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the CM Planning & Organizing Exam Study Guide - Certified Manager course
- Strategic Planning in Business
- Business Missions & Goals
- Value Chain Management
- Improving Customer Relations
- Improving Quality in Business
- Improving Efficiency in Business
- Improving Innovation in Business
- Project Management Definition & Skills
- Managing Structure & Culture in Business
- Building Teams & Work Groups
- Human Resources & Hiring
- Training & Assessment in an Organization
- Overview of Workplace Pay & Benefits
- Diversity at Work
- Coaching & Feedback in the Workplace
- Career Business Networking
- Mentoring at Work
- Holding Productive Meetings
- CM Planning & Organizing Exam Study Guide - Certified Manager Flashcards