Greetings and welcome to this session on strategy and practice.
My name is George Tovstiga and I'm Professor of Strategy at EDHEC Business School in France.
In this session, we examine deep-level analysis
approaches for making sense of firm internal factors
relevant to a firm's competitive position in view of
a particular strategic challenge that firm may be facing.
Firm internal factors comprise
those factors that reflected firm's internal basis of competitiveness,
the resources at its disposal, its processes,
structure and culture, and how well it exploits these when competing.
The analysis of these factors may be used to better
understand what the firm does well and where it has weaknesses.
Notably, the firm internal factors are within the control of future.
Before delving into the analysis of firm internal factors,
however, let's first define what we mean by the firm.
Numerous definitions exist in management literature,
of course, in its simplest form,
we may think of a firm as a collective of people bound by a common purpose,
engaging in activities guided by that purpose.
The simple model of the firm we use in this session indicates
five key components is strategy that
provides sends purpose and direction to those activities,
processes that bundled the activities,
resources and capabilities that enable the activities,
and an organizational culture that ensures overall coherence and cohesiveness.
Collectively, these elements comprise
the determinants of the firm's basis of competitiveness.
Firms and organizations can be thought of in much more integrated ways, of course,
in my own strategy work, however,
I have done this model to provide a useful starting basis.