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Management:
how exceptional managers realize a
grand design
Business plan: a document that outlines a
proposed firms goals, the strategy for achieving
them, and the standards for measuring success
1)
2)
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4)
Strategy
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Strategic management
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Strategic planning
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Determines not only the organizations long term goals for the
next 1-5 years regarding growth and profits
But also how to achieve them
3 reasons:
1) Provide direction and momentum
2) Encourage new ideas
3) Develop a sustainable competitive advantage
Encouraging
new ideas
plan is in place,
managers may just
focus on whatever is
in front of them,
until they get an
unpleasant jolt when
a competitor moves
out in front because
it has been able to
take a long-range
view of things
Strategic
planning can
help encourage
ideas by
stressing the
importance of
innovation in
achieving longrange success
Strategic
innovation, is
the ability to
reinvent the
basis of
competition
within existing
industries
Developing a
sustainable
competitive
advantage
The ability of an
organization to
produce goods or
services more
effectively than its
competitors,
thereby
outperforming them
Stay ahead in 4
areas:
1) In being
responsive to
customers
2) In innovating
3) In quality
4) In
effectiveness
Strategic positioning :
o attempts to achieve sustainable competitive
advantage by preserving what is distinctive about the
company
Growth
Stability
Defensive
Strategy implementation
5.Strategic control
Competitiv
e
intelligenc
e
SWOT
Forecastin
g
Opportunities Threats
Trend analysis and contingency planning
Strengths
Weaknesses
- Organisational weaknesses:
Drawbacks that hinder an
organization in executing
strategies in pursuit of its mission
Opportunities
Threats
(INTERNAL)
-
Bargaining power of
suppliers
Bargaining power of
buyers
Threats of substitute
products or services
Rivalry among
competitors
Porters 4 competitive
strategies
Cost leadership
Differentiation
Cost focus
Focused
differentiation
Single-product strategy vs
diversification strategy
The single-product strategy: focused but
vulnerable
-
Benefits
Detrimen
ts
Related
diversificati
on
Unrelated
diversificati
on
BCG matrix
-Evaluate strategic business units on the basis of
1) Their business growth rates
2) Their share of the market
Stars:
Cashcows:
Slow
Question marks:
Dogs:
People
Strategy
Operations
Foundation of execution
1) Know your people and your business, engage intensely with
your employees
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