MGMT 4813 Chapter 2
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| the task of crafting a strategy is | a job for a company’s whole management team—senior executives plus the managers of business units, operating divisions, functional departments, manufacturing plants, and sales districts (as per the strategy-making hierarchy shown in Figure 2.2).
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| as figure 2.2 shows, the strategy-making hierarchy in a single-business company consists of | business strategy, functional-area strategies, and operating strategies.
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| The primary role of a functional strategy is to | determine how to support particular activities in ways that support the overall business strategy and competitive approach
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| Tesla Motors' strategic vision, "to create the most compelling car company of the 21st century by driving the world's transition to electric vehicles," | charts a strategic course for the organization (“where we are going”) and provides a rationale for why this directional path makes good sense
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| crafting and executing a company's strategy primarily consists of |
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| when trade-offs have to be made between achieving long-term and achieving shot-term objectives, | long-term objectives should take precedence unless the short-term performance targets have unique importance.
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| An effectively worded mission statement should describe | the company’s current business and purpose: “who we are, what we do, and why we are here.”
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| company objectives | need to be broken down into performance targets for each of the organization’s separate businesses, product lines, functional departments, and individual work units.
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| management is obligated to monitor new external developments, evaluate the company's progress, and make corrective adjustments in order to | decide whether to continue or change the company’s strategic vision, objectives, strategy, and/or strategy execution methods.
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| A balanced scoreboard for measuring company performance | entails setting both financial and strategic objectives and putting balanced emphasis on their achievement.
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