Formulation of Company Goals, External Analysis (SENSING), Internal Analysis (SENSING), Strategic Options (SEIZING), Decision & Implementation , Strategic Control

Plan = course of action, future oriented, Pattern: consistency in behavior over time, past oriented, Position: Location of product, external , Perspective: way of doing businesses, internal, Ploy: action to outsmart your competitors

Mission -> Objectives -> Strategy, Strategic Analysis (Industry, Customer & Competitors, Environment, Internal resources , Supporting Organizational Elements (Structure, Process, Reward, People)

Economic Logic (Understanding how the Organisation will generate value), Arenas (Where to be active: market, product) , Vehicles (How to get there? Aquisition, Franchise) , Staging (Speed & Sequenz of Move, methods & pathway) , Differentiation (How to win? image, price,..)

Proactive/Rational (clear goals/processes, driven by manager), Emergent („you can’t plan everything“ , strategy gets adapted by environmental change), Reactive/Constrained (not much room to move, constrained approach)

Market Performance: Produkt quality, innovation, customer service, Market Position: Sales, market share , Firm Performance: net income, return on sales , Financial: liquidity, credit rating, Power & Reputation: Image, Employees: Retention, Satisfaction , Society

dimension of organizational environment , Opportunities <-> Threats

Resource based model , Strenghts <-> weaknesses

Global Environment (Political, Legal, Technological,..-> PESTLE), Local Task Environment (Suppliers, Customers, Competitors,.. 5-Forced Framework) , Company

P - Political: corruption, stability , E - Economic: growth, inflation , S - Socio Cultural: growth rate, safety & health, T - Technological: innovation, R&D, L - Legal: law, E - Ecological: weather, climate: CO2 commission

Bargaining Power of Suppliers: charge higher prices , Bargaining Power of Buyers: Customers have many choices (cost switching) , Threats of Substitutes: Risk that customer switch to other products , Threats of new entrants/competitors: level How easy to enter the industry , Rivalry among competitors: Level of competition among existing businesses

Way of looking at companies, can be tangible (land,..)/ intangible (competences, relationships), heterogeneity: different companies have different resources , immobility: company culture (hard to acquire, replicat), VRIN: good resources are, Valuable, Rare, Difficult to Imitate, Non-Substitutable

On which market do we want to compete: Diversification,.., How do we compete on there markets: Cost leadership, Differentiation

New market/existing Product: Market Development , Existing Market/Existing Product: Market Penetration , New Product/New Market: Diversification , Existing Market/New Product: Product Development

industry wide/cost leadership, industry wide/differentiation , niche market/cost leadership , niche market/differentiation

Economic of Scales,.., Production on techniques , Product Design, Input Costs

tangible (size, color, material) , intangible (status,..) , increase relationship between customer & supplier (customer responsiveness)

Phase: Pre-Formation = Open Situation with no restricted scope of action Start critical juncture , Phase: Formation = Change is still possible but processes become self reinforcing, Phase: Lock-in = pattern become fixed, action become deterministic, changing is almost impossible

FINANCIAL: internal external capital, OPERATIONAL: efficient production, quality control , MANAGERIAL: strategy, leadership , TECHNICAL: IT system, innovation, R&D , HUMAN RESOURCE: talent development, collaboration , MARKETING: Brand Management

Introduction: early stage, high marketing, no high growth, Growth: many new entries, high heterogeneity: different companies/different resources, Maturity: more norms, exist market, high competition , Decline: only strongest survive, no growth

How individuals‘ cognitive processes shape their decision making behavior -> decision making is not purely rational -> bias/existing beliefs

1. Build 2. reconfigure 3. integrate -> internal/external competences , DC -> continuously adapting

Exploration = experimenting with new opportunities/ideas , Exploitation = Optimizing existing resources/capabilities, contextual= Individual balance exploitation/exploration in their daily work, structural: Organizations create separate units for different activities , sequential: temporal switch between exploration/exploitation

not self interested , goals are aligned with those of the company , needs are met, should be given autonomy

Upper Echelon = organization is reflected by the values attitudes and norms of its top managers, managerial background information , Bounded Rationality = imperfect word -> solution shouldn’t be perfect only satisfying