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LOS Chapter 1

Reading 9/16/12

Madonna success relentless drive. dedication, opportunism, reinvention
Lance Armstrong infectious commitment. analyzing the requirements for success, developing a strategy and executing flawlessly.
Vietnam strategy, endurance. total commitment over a long period.
Strategy - formulated and implemented understanding of game and how to maneuver
Characteristics of strategy for success Goals that are simple, consistent and long term. Profound understanding of the competitive environment. Objective appraisal of resources. Effective implementation.
Framework for strategy analysis The Firm: 1. goals and values, 2. resources and capabilities, 3. structure and systems RELATIONSHIP TO: The Industry Environment: Customers, Competitors, Suppliers
Is SWOT an effective framework? author prefers a simple, two way classification of internal and external forces.
Strategic Fit For success, it must fit with external environment and internal - goals, values, resources, capabilities, structure and systems.
Why businesses need strategies give direction and purpose, deploy resources effectively and coordinate decisions.
Strategy vs tactic S - overall plan for deploying resources to estab a favorable position. (war) T-scheme for a specific action (battles)
Strategic decisions are important involve a significant commitment of resources not easily reversible
Corporate planning long term planning, 5 years, set goals and objectives, forecasted econ trends estab priorities and allocated capital expend.
Planning to strategy making shift assoc with increasing focus on competition and having a competitive advantage. directed attention to profitability.
What is strategy? means by which individuals or organizations achieve their objectives. A plan, method or series of actions designed to achieve a specific goal or effect.
Strategy Choices Where to compete When to compete?
Corporate strategy defines the firm in terms of the industries and mkts in which it competes. Decisions include choice over diversification, vertical integration, acquisitions, allocation of resources. (top mgmt team)
Business Strategy (Competitive Strategy) concerned with how the firm competes within a participates within a particular industry or market. To prosper within the industry, it must estab a competitive advantage. (divisional mgmt)
Realized Strategy implemented
Intended Strategy conceived by the top mgmt team
emergent strategy decisions that emerge from the complex processes in which ind mgrs interpret the intended strategy and adapt.
Identifying a company's strategy mission, vision, principles, values statements
Strategy Improves Decision Making Simplifies by constraining the range of decision alternatives and acting as a heuristic. Permits the knowledge of many to be pooled and integrated. facilitates the use of analytic tools
Strategy as a Coordinating Device Way to communicate to organization's members. Buy-in needed and monitoring.
Strategy as a Target forward looking. establishes a direction of development.
Purpose of Strategy Analysis Not to provide answers but understand the issues.
Created by: Elisahbeth



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