MGMT 301 Chapter 6

Levels of Strategy

1. Corporate 2. Business 3. Functional

5 steps of the strategic management process

1. Establish the mission and the vision 2. Assess the current reality 3. Formulate the corporate, business, functional strategies 4. Execute strategies 5. Maintain strategic control

3 core processes of business

1. People 2. Strategy 3. Operations

3 overall types of corporate strategy

1.Growth Strategy 2. Stability Strategy 3. Defensive Strategy

1. Strategy is the creation of a unique and valuable position

1.few needs, many customers 2.broad needs, few customers 3.broad needs, many customers

Which of the following is NOT part VRIO? A) value B) rarity C) imitability D) organization E) resource

E) resource

Vertical Integration

Firm expands into businesses that provide the supplies it needs to make its products or that distribute and sell its products

Tools for assessing the current reality

SWOT analysis, VRIO analysis, forecastinc, benchmarking

strategic control

consists of monitoring the execution of strategy and making adjustments, if necessary

trend analysis

hypothetical extension of a past series of events into the future

stability strategy

is a grand strategy that involves little or no significant change

strategy implementation

putting strategic plans into effect

Organizational strengths

skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission

4 key activities to develop strategic thinking

understand the business, broaden the task and functional knowledge, set aside time to reflect, and to engage in lateral thinking

related diversification

when a company purchases a new business that is related to the company's existing portfolio

3 key principles of strategic positioning

1. Strategy is the creation of a unique and valuable position 2. Strategy requires trade-offs in competing 3. Strategy involves creating a "fit" among activities

Porter's 4 competitive strategies

1. cost-leadership 2. differentiation 3. cost-focus 4. focused-differentiation

Vicky keeps a close eye on her company's internal and external environment to discover possible opportunities for new products and to discern possible threats from the competition. In which activity is Vicky engaged? A) the synergistic approach B) SWOT analysis C) corporate spying D) management by observation E) competitive intelligence

B) SWOT analysis

Strategy formulation is the process of A) gaining information about competition and then selecting which information to react to. B) choosing among different strategies and altering them to best fit the organization's needs. C) strategically controlling your employees' actions. D) selecting the employees who best fit the organization. E) developing a strong diversity plan.

B) choosing among different strategies and altering them to best fit the organization's needs.

Cooper Technologies is a technology company that offers many IT services in Chicago. The company's services and products include computer training, support, monitoring, repair, network design, virus removal, and software upgrades. It even sells refurbished computers. The source of Cooper Technologies' strategic position is A) low-profit margin and many customers. B) broad needs and few customers. C) broad needs and many customers. D) high-profit margin and many customers. E) high-profit margin and few customers.

C) broad needs and many customers.

In 2009 and 2010, Toyota had to recall millions of automobiles due to uncontrollable acceleration. This recall forced upper-level management to rethink many things. For example, Toyota had become too focused on profits. As a business coach, where would you recommend Toyota begin? A) Step 1: Establish the mission, vision, and values statements. B) Step 2: Assess the current reality. C) Step 3: Formulate the grand strategy. D) Step 4: Implement the strategy. E) Step 5: Maintain strategic control.

C) Step 3: Formulate the grand strategy.

Tito knows that one of the reasons people do not return to his electronics store is because of the slow service. How would a SWOT analysis classify the slow service at Tito's electronic store? A) as a strength B) as a threat C) as a weakness D) as an opportunity E) as intelligence

C) as a weakness

Spotlight Movies has conducted market research about to where to open their next theater. They want to stay-focused on their mission to only open in markets with less than 200,000 people. Their strategy is A) few needs, many customers. B) broad needs, few customers. C) broad needs, many customers. D) few needs, few customers. E) broad needs, some trade-offs.

C) broad needs, many customers.

The BCG matrix is a means of evaluating strategic business units on the basis of their A) business costs and share of the market. B) differentiation and profitability. C) business growth rates and share of the market. D) BCG ratio. E) product quality and profitability.

C) business growth rates and share of the market.

In the BCG matrix, ________ are organizations that have slow growth but high market share, with income that often finances stars and question marks. A) sleeping giants B) dogs C) cash cows D) turtles E) sleepers

C) cash cows

When organizations endeavor (1) to keep their costs (and hence the prices of their products or services) below those of competitors and (2) to target a wide market, they are utilizing a ________ strategy. A) focused-differentiation B) differentiation C) cost-leadership D) reinventing E) cost-focus

C) cost-leadership

The second step in the strategic-management process is a(n) ________, where managers look at where the organization stands, and then determine what is working and what could be different to maximize efficiency and effectiveness in achieving the organization's mission. A) organizational vision statement B) company synergy assessment C) current reality assessment D) ethical and diversity evaluation E) grand strategy

C) current reality assessment

Over the course of 40 years, Frank grew his company to six package shipping stores. With his retirement approaching and the increased competition, he decided to reduce the number of locations to two. Frank's reduction of effort represents a A) merger approach. B) fixed plan. C) defensive strategy. D) growth strategy. E) stability strategy.

C) defensive strategy.

In order, the steps of the strategic-management process are A) establish the mission and vision statements, assess the current reality, conduct a trend analysis, and maintain the feedback loop. B) establish the mission statement, maintain strategic control, formulate the grand strategy, and implement the strategy. C) establish the mission, vision, and values statements; assess the current reality; formulate the grand strategy; implement the strategy; and maintain strategic control. D) establish the vision and values statements, develop a mission statement, formulate the grand strategy, implement the strategy, and maintain the feedback loop. E) determine the strategy; carry out the strategic plans; and establish the mission, vision, and values statements.

C) establish the mission, vision, and values statements; assess the current reality; formulate the grand strategy; implement the strategy; and maintain strategic control.

In 2003, Myspace launched a social networking website offering an interactive, user-submitted network of friends, personal profiles, blogs, groups, photos, music, and videos. Myspace was the largest social networking site in the world, from 2005 to 2009. Recently, it was purchased by Specific Media, an online platform where music fans can interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. Which of the following describes Specific Media's strategy? A) stability B) diversification C) growth D) defensive E) multiproduct

C) growth

"Who are our customers? What are our major products or services? In what geographic areas do we compete?" A good ________ will answer these questions. A) vision statement B) code of ethics C) mission statement D) value pact E) management belief statement

C) mission statement

A company's overall ability to execute is a function of effectively executing according to three processes, but Bossidy and Charan believe that the ________ process is the most important. A) operations B) leading C) people D) planning E) strategy

C) people

A forecast is a(n) A) glimpse of what just happened. B) execution of strategy and adjustments. C) projection for the future. D) analysis of the past. E) plan for implementing strategic plans.

C) projection for the future.

Which managers would be at Level 2: Business-Level Strategy? A) finance managers B) human resource managers C) retail unit managers D) operations managers E) marketing managers

C) retail unit managers

A SWOT analysis is a(n) A) search for the strengths, weaknesses, opportunities, and threats influencing an organization's competition. B) diversity and synergy method used in vertical integration. C) search for the strengths, weaknesses, opportunities, and threats affecting an organization. D) analysis of strategies, ways to improve, output methods, and threats influencing a company. E) inexpensive method of implementing a forecast.

C) search for the strengths, weaknesses, opportunities, and threats affecting an organization.

In Dr. De Bono's Six Thinking Hats, who wears the blue hat? A) the person serving as the fact gatherer B) the person discussing emotions C) the person serving as the control function D) the person exploring new ideas E) the person playing devil's advocate

C) the person serving as the control function

Michael Porter proposed that business-level strategies originate with the primary competitive forces in the firm's environment; these forces are the A) threats of new entrants and the bargaining power of buyers and suppliers. B) threats of substitute products and the services and competitive rivalries. C) threats of new entrants and substitute products or services, the bargaining power of suppliers and buyers, and competitive rivalries. D) threats of government paperwork and tax increases, the bargaining power of suppliers, and competitive rivalries. E) bargaining power of suppliers.

C) threats of new entrants and substitute products or services, the bargaining power of suppliers and buyers, and competitive rivalries.

Sales this year at Stars and Stripes Consignment have been high, and based on several factors, Stars and Stripes projects next year's sales to also be good. However, even with a forecast of continued strong sales, Starts and Stripes Consignment needs to develop a plan in case sales drop unexpectedly. ________ is the type of planning for alternative future conditions. A) Background planning B) Trend analysis C) A vision plan D) Contingency planning E) A managerial pact

D) Contingency planning

Why is the feedback loop important? A) It translates lower-level plans. B) It determines the organization's long-term goals for the next one to five years. C) It looks at what is working and what could be different to maximize efficiency. D) It monitors progress so that corrective action can take place. E) It describe how the company contributes to the world.

D) It monitors progress so that corrective action can take place.

________ is(are) included in strategic control. A) Implementing MBO B) A strong employee diversity and synergy agenda C) Seldom making adjustments to a strategy D) Monitoring the execution of strategy and making adjustments, if necessary, E) Developing a diversity plan

D) Monitoring the execution of strategy and making adjustments, if necessary,

________ requires a manger to visit an earlier step in the strategic-management process in order to revise actions if necessary. A) The organizational mission B) Strategy formulation C) The current reality assessment D) The feedback loop E) The planning process

D) The feedback loop

World Grocer sells high-quality products and grocery items that are unique to its highly populated area; in addition, it offers delivery for customers who are unable to leave their home and a number of regular workshops regarding healthy eating. By offering these types of products and services, World Grocer is pursuing a ________ strategy. A) cost-savings B) cost-focus C) value-focused D) differentiation E) focused-differentiation

D) differentiation

Carlos has written his mission, vision, and value statements. He has completed his organizational assessment. What is his next step? A) strategy implementation B) conduct a feedback loop C) maintain strategic control D) formulate functional strategies E) assess strategic thinking

D) formulate functional strategies

Organizational weaknesses

drawbacks that hinder an organization in executing strategies in pursuit of its mission

Organizational threats

environmental factors that hinder an organization's achieving a competitive advantage

Organizational opportunities

environmental factors that the organization may exploit for competitive advantage

business level strategy

focuses on individual business units or product/service lines.

corporate level strategy

focuses on organization as whole. The overall organizational strategy that addresses the question "What business or businesses are we in or should we be in?"

growth strategy

is a grand strategy that involves expansion—as in sales revenues, market share, number of employees, or number of customers or (for nonprofits) clients served. Often the growth strategy takes the form of an innovation strategy-growing market share or profits by innovating improvements in products or services.

defensive strategy (retrenchment strategy)

is a grand strategy that involves reduction in the organization's efforts

forecast

is a vision or projection of the future

strategic positioning

attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company "performing different activities from rivals, or performing similar activities in different ways"

focused differentiation strategy

is to offer products or services that are of unique and superior value compared to those of competitors and to target a narrow market

cost-focus strategy

keep the costs of a product below those of competitors and to target a narrow market

cost leadership strategy

keep the costs, and hence prices, of a product or service below those of competitors and to target a wide market

unrelated diversification

occurs when a company acquires another company in a completely unrelated diversification strategy

Does strategic management work for small as well as large firms?

small business performance

Diversification

strategy of moving into new lines of business. Companies generally diversify to either grow revenue or reduce risk.

Functional-level strategy

applies to the key functional departments or units within business units.

________ is another term for a defensive strategy. A) A retrenchment strategy B) A fixed plan C) The aggressive approach D) A growth strategy E) A stability strategy

A) A retrenchment strategy

11) ________ focus(es) on developing a comprehensive program for long-term success. A) Strategic planning B) Mission and vision statements C) Organizational diversity D) TQM E) A synergy agenda

A) Strategic planning

Lester, a chef and owner of Green Lantern, a popular restaurant, is always visiting his competitors to observe how they are doing things in their restaurants. He told one of his managers, "I eat dinner at a lot of restaurants because I want to know what is going on. I am always concerned that one of our competitors will surprise us with a new service or menu item, like ours but better." In which activity is Lester engaging? A) assessing current reality B) environmental planning C) TQM D) corporate spying E) management by observation

A) assessing current reality

Joelle wants to broaden her functional knowledge. Which of the following activities should she engage in? A) attending a business conference B) reading a business article C) writing a reflection journal D) wearing a blue hat E) studying the company's annual report

A) attending a business conference

In a staff meeting, Mark is employing Dr. De Bono's Six Thinking Hats. Doug expresses all the positives about being open on Thanksgiving. Rashmi presents the data from the last three years on sales from that day. Rafael explains why staying open late on Thanksgiving will not be in the employees or client's best interests. Sophie explores using the Internet only and not having the brick and mortar stores open. Which color hat would Rafael wear? A) black B) red C) yellow D) green E) blue

A) black

Ski Safety sells emergency safety and rescue products to ski patrols and rescue workers at prices that are below those of its competitors, which offer a larger line of more expensive products and focus on broader markets. Ski Safety is pursuing a ________ strategy. A) cost-focus B) cost-leadership C) differentiation D) narrow E) focused-differentiation

A) cost-focus

Bryan Barry suggests that to keep a strategic plan on track, organizations should A) engage people, keep it simple, stay focused, and keep moving. B) engage people, keep people happy, provide fun activities, and provide good benefits. C) provide fun activities, provide good benefits, and keep it simple. D) engage people, keep it simple, stay focused, and offer a good benefits package. E) aggressively compete, cut costs, focus on customer service, and engage people.

A) engage people, keep it simple, stay focused, and keep moving.

Organizational opportunities in a SWOT analysis are A) environmental factors that the organization may exploit for a competitive advantage. B) weaknesses within the organizational hierarchy. C) MBO skills and opportunities that should be emphasized. D) skills and capabilities that give an industry advantages in executing its strategies. E) problems that a specific industry needs to correct.

A) environmental factors that the organization may exploit for a competitive advantage.

What are the three sources of a unique and valuable strategic position? A) few needs, many customers; broad needs, few customers; broad needs, many customers B) low-cost products; huge market needs; unique products C) many needs, few customers; little need, many customers; narrow needs, few customers D) poor products available; few products available; no products available E) bad economy; strong economy; stable economy

A) few needs, many customers; broad needs, few customers; broad needs, many customers

PC's & More has shifted to sales and service of laptops and PCs, where it has the potential to triple the number of its customers. The company is no longer offering repairs on older types of office equipment because the demand for service on this equipment is low, and profits in that part of the business have dropped significantly. PC's & More is implementing a ________ strategy. A) growth B) cutting-edge C) stability D) defensive E) diverse

A) growth

Many customers shop at All Natural because of the employees' extensive product knowledge. In a SWOT analysis, the employees' high levels of product knowledge are an example of the company's A) strengths. B) threats. C) weaknesses. D) opportunities. E) intelligence.

A) strengths.

Four Seasons Lawn and Landscaping provides customers with quality and value, treats others as they want to be treated, and practices open communications with all stakeholders. These are part of their A) values statement. B) vision statement. C) mission statement. D) strategic formulation. E) reality assessment.

A) values statement.

According to Harvard Business School professor Michael Porter, strategic positioning means ________ to achieve sustainable competitive advantage. A) aggressive growth B) distinctive positioning C) collaborative planning D) strategic alliances E) retrenchment

B) distinctive positioning

Value Products is an organization that operates several companies that market food products, restaurant equipment, and paper and plastic products, and it even has a division that counsels restaurant owners, helping them launch new restaurants successfully. Value Products is pursuing a ________ strategy. A) single-product B) diversification C) focused-differentiation strategy D) differentiation E) multiproduct

B) diversification

The Platinum Platform, in Dubuque, Iowa, sells high-quality, unique bedding that is a real value to upscale homes in the area. No other company in its local area markets bedding of such quality and value. By offering this type of product, The Platinum Platform is utilizing a ________ strategy. A) cost-leadership strategy B) focused-differentiation C) cost-focus D) uniquely focused E) differentiation

B) focused-differentiation

Grandma's Bakery wants to begin selling gluten-free products and vegan products. The C-Suite executives have made the decision and are now wanting the change implemented. Whose planning will move this from the decision level into production? A) senior-level managers B) functional managers C) acquisition managers D) small-business managers E) strategic managers

B) functional managers

Effective execution requires managers to build a foundation for execution within which three core processes found in any business? A) leading, planning, and recruiting B) people, strategy, and operations C) diversity, people, and profitability D) people, planning, and leading E) leading, synergy, and diversity

B) people, strategy, and operations

Chris and his family have developed a successful business selling a liquid spray fertilizer to farmers. The fertilizer consists of rich, organic, composted material. Recently, Organic Seed, a national seed company, has been marketing a powdered chemical fertilizer to its customers; Organic's fertilizer is less expensive than Chris's product. Organic's efforts are an example of the ________ in Porter's model for industry analysis. A) buyers' negotiating influence B) rivalry among competitors C) threats of substitute products and services D) power of the suppliers E) threats of new ideas

B) rivalry among competitors

In the BCG matrix, ________ are companies that have high growth and high market share, and are definite keepers. A) sleeping giants B) stars C) cash cows D) turtles E) sleepers

B) stars

Many stores today have changed how customers shop. You can go online to buy your groceries, have a store clerk pick them out for you and then either drive up and pick them up or have them delivered. Besides groceries, you can do this with electronics, clothing, shoes, and even pharmaceuticals. How would you describe this change in business practices? A) strategic formulation B) strategic implementation C) strategic assessment D) strategic culture E) strategic neutrality

B) strategic implementation

The owners of Everything Outdoors, a family-owned garden center in a rural community, are concerned over the news that a large retailer with a garden center is building a new store on the other side of town. According to a SWOT analysis, this new retailer is a(n) ________ to Everything Outdoors. A) strength B) threat C) weakness D) opportunity E) intelligence

B) threat

Global Market has decided to increase its market share by hiring a marketing rep to visit businesses in the area and invite their employees to shop at Global Market and attend monthly health events that take place at Global Market stores. Each of the individual stores has hired two new employees to handle the anticipated increase in customer traffic. Global Market is using a ________ strategy. A) cutting-edge B) stability C) defensive D) growth E) diverse

D) growth

True Taste's Restaurant and Catering serves delicious vegetarian and vegan dishes. So, when the local community became interested in eating a healthier diet, True Taste's benefited. In a SWOT analysis, the changing community attitudes are an example of a(n) ________ for True Taste's Restaurant. A) strength B) threat C) weakness D) opportunity E) intelligence

D) opportunity

Contingency planning is also known as A) organizational opportunities. B) scenario goal-setting and plans. C) a trend analysis. D) scenario planning and scenario analysis. E) strategic planning.

D) scenario planning and scenario analysis.

In a SWOT analysis, organizational strengths are A) external opportunities that a company can take advantage of. B) environmental factors that the organization may exploit for competitive advantage. C) MBO skills that should be emphasized. D) skills and capabilities that give a company advantages in executing its strategies. E) means that give a specific industry an advantage in a down economy.

D) skills and capabilities that give a company advantages in executing its strategies.

Delux Technologies makes and sells only one product, a high-quality processor for mainframe computers. Delux was recently approached by Imagination Station, a large computer manufacturer, about purchasing their company. Imagination Station is engaging in A) unrelated diversification. B) focused-differentiation. C) related diversification. D) vertical integration. E) differentiation.

D) vertical integration.

________ is the process by which a company compares its performance with that of high-performing organizations. A) Trend analysis B) Synergy C) Contingency planning D) Forecasting E) Benchmarking

E) Benchmarking

You have been asked by a new a hair salon, Twist & Braid, to identify whether or not they should expand the business either by opening a new salon or expanding the current salon to offer new services. As a first step, you interview the owner and clients as they come in for their appointments. You also visit a few other local businesses and conduct interviews of people as they pass by. You also review Yelp and Facebook for reviews of the salon. Which of the following best describes the process you are implementing? A) re-envisioning B) branding C) VRIO D) MBO E) SWOT

E) SWOT

Armando, CEO of a successful medical supply company, is constantly reading press releases, ads, and news articles about his competition. He regularly checks information about new competitive products and visits trade shows to study his competition. Armando is involved in A) analyzing strengths. B) identifying weaknesses. C) describing threats. D) managing by observation. E) evaluating opportunities.

E) evaluating opportunities.

Global CEOs desire ________ even more than profit growth, stimulating innovation, customer loyalty, and finding qualified employees. A) an ethical workplace B) organization diversity C) an increased usage of MBO D) happy employees E) excellence in execution

E) excellence in execution

You are the CEO of a major corporation. You have been tasked by the board of directors to turn the company around as they just let the last CEO go for a difference in opinion. Being new, where would you focus your attention first? A) finding qualified employees B) stimulating innovation C) customer loyalty D) profit growth E) execution

E) execution

A local dance studio offers many services: tap and ballet lessons to young children (under age 10), additional jazz and hip hop lessons to preteens, competitive dance for teenagers, and ballroom dance for adults. We can say that the studio has achieved ________ because the studio's activities interact and reinforce one another. A) an effective defensive strategy B) a blue ocean strategy C) diversification D) contingency E) fit

E) fit

Growth, stability, and defensive strategies are common A) leadership strategies. B) cost-leadership strategies. C) types of differentiation plans. D) stabilization strategies. E) grand strategies.

E) grand strategies.

A+ Enterprises has a reputation of reliability and a winning customer service, qualities that helped to build this highly respected name brand over the last 15 years. Speaking at a recent business conference, Benjamin, the CEO of A+, told his audience, "We have built our reputation by changing little over the last several years, but consistently helping customers with great, caring service and a reliable product." Which type of strategy does A+ Enterprises use? A) defensive strategy B) merger approach C) retrenchment strategy D) growth strategy E) stability strategy

E) stability strategy

With small businesses in very competitive industries, small differences in performance may affect that company's survival. In this case, it is worth the effort for the company's managers to implement A) organizational diversity. B) a synergy agenda. C) MBO. D) TQM. E) strategic planning.

E) strategic planning.

The three key principles of ________ are the creation of a unique and valuable position, trade-offs in competing, and creating a "fit" among activities. A) company diversity B) an increased MBO C) a strong employee morale D) an environment with few or no competitors E) strategic positioning

E) strategic positioning

Edmond, the CEO of Hartman Manufacturing, said to his new vice president of accounting, "In the past I had resistance to new ideas by employees who felt that our plans threatened their influence or their jobs. So when you tell your collections department that we just hired a collection agency to handle bad debt, you may have to sell your collections manager and his supervisors on using the agency. You also have to emphasize the fact that nobody is going to be laid off." Selling middle and supervisory managers on changes to overcome their resistance is often a necessary part of A) reality assessment. B) strategy formulation. C) strategic control. D) operational control. E) strategy implementation.

E) strategy implementation.

In order to avoid failure, organizations need to consider A) the jobs of the future. B) the path for people to follow. C) who is going to get it done. D) where an organization wants to go. E) the how of execution.

E) the how of execution.

The basic assumption that the picture of the present can be projected into the future is the basis of a A) strategic goal. B) business plan. C) vision statement. D) SWOT analysis. E) trend analysis.

E) trend analysis.

An organization's vision statement needs to describe A) the organization's purpose or reason for being. B) what the company will market and its business plan. C) the organization's purpose or reason for being and its strategic intent. D) the organization's ethical and diversity standards. E) what the company wants to become and where it wants to go strategically.

E) what the company wants to become and where it wants to go strategically.

Porter's competitive strategies of cost leadership and differentiation focus on ________ markets, while the cost-focus and focused-differentiation strategies focus on ________ markets. A) narrow; wide B) specific; broad C) growth; specific D) diverse; narrow E) wide; narrow

E) wide; narrow

Execution

Using questioning, analysis, and follow-through in order to mesh strategy with reality, align people with goals, and achieve the results promised

lateral thinking

Thinking differently to try and find new and unexpected ideas. -white hat calls for gathering facts known or needed -yellow hat focuses on positivity and optimism -black hat entails judgement -red hat concentrates on feelings and intuition -green hat focuses in creativity -blue hat is the control function

VRIO

a framework for analyzing a resource or capability to determine its competitive strategic potential by answering four questions about its Value, Rarity, Imitability, and Organization

BCG Matrix

a means of evaluating strategic business units on the basis of (1) their business growth rates and (2) their share of the market

SWOT analysis

a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats

Benchmarking

a process by which a company compares its performance with that of high-performing organizations

contingency plan

also known as scenario planning or scenario analysis-creation of alternative hypothetical but equally likely future conditions.

sustainable competitive advantage

an advantage that cannot be copied by the competition

Porter's model for industry analysis

business-level strategies originate in five primary competitive forces in the firm's environment: (1) threats of new entrants, (2) bargaining power of suppliers, (3) bargaining power of buyers, (4) threats of substitute products or services, and (5) rivalry among competitors

strategic control 1

consists of monitoring the execution of strategy and making adjustments, if necessary. To keep strategic plan on track: -Engage people -Keep it simple -Stay focused -Keep moving

strategy formulation

the process of choosing among different strategies and altering them to best fit the organization's needs

current reality assessment

to look at where the organization stands and see what is working and what could be different so as to maximize efficiency and effectiveness in achieving the organization's mission

differentiation strategy

to offer products or services that are of unique and superior value compared with those of competitors but to target a wide market