ACC 306 Chapter Notes - Chapter 2: Swot Analysis, Balanced Scorecard, Strategy Map
Document Summary
Two main competitive strategies: cost leadership, differentiation. Once a firm chooses which strategy to follow, there are various means of implementation: swot analysis, focus on execution, value-chain analysis, balance scorecard (bsc, sustainability, strategy map. Swot analysis: systematic procedure for identifying a firm"s critical success factors. Identification of critical success factors (csf"s) tied to strategy for example: Are required for each critical success factor/value propositions. S and w represents look at product lines, management, r&d, manufacturing, marketing, and strategy . O and t represents look at barriers to entry, intensity of rivalry among competitors, substitute goods, and customer/supplier bargaining . The csfs a manager executes depend on the chosen strategy. Differentiation firms must pay close attention to marketing and product development; requires strong coordination among functions. Can be improved through benchmarking and total quality improvement. Management accountants assist by gathering, analyzing, and reporting on relevant information. An analysis for better understanding the details of the organization"s competitive strategy.
