What is a Strategy?

How do choose a position on the Business Landscape?

1. Choosing a subset of an industry's products or services (value-based positioning) What Products or services us a distinctive 2. . Choosing to serve most or all the needs of a particular group of customers (needs-based positioning) 3. Choosing customer segments where access requires a different set of activities (access-based positioning).

What is a mission statement

A mission specifies the businesses in which the film intends to compete and the customers it intends to serve. • Mission statements can inspire employees across an organization and remind them of the purpose of the company and each individual's role in achieving the goal"

What is Strategic Management?

Directs the organization toward overall goals and objectives • Includes multiple stakeholders in decision making • Needs to incorporate short-term and longterm perspectives • Recognizes trade-offs between efficiency ("doing things right") and effectiveness ("doing the right thing")

What is strategic fit?

Drives competitive advantage and sustainability • Fit is about combining activities - reinforcing one another - Discrete activities often affect one another - Enhances a position's uniqueness and amplifies trade-offs

PESTEL analysis

Political, Environmental, Social, Technological, Economic, Legal

Stakeholder strategy

Stakeholder strategy is an integrative approach to managing a diverse set of stakeholders effectively in order to gain and sustain competitive advantage.

Sustainable Competitive Advantage

The probability of a competitor matching every activity (the unique system of activities) is unlikely, especially with second-order and third-order systems because of the interdependence developed between the set of activities

What is Sustainable Competitive Advantage?

The probability of a competitor matching every activity (the unique system of activities) is unlikely, especially with second-order and third-order systems because of the interdependence developed between the set of activities

What is a vision statement?

Vision statements reflect a firm's values and aspirations and are intended to capture the heart and mind of each employee and, hopefully, many of its other stakeholders. • A firm's vision tends to be enduring while its mission can change with new environmental conditions. • A vision statement tends to be relatively short and concise, making it easily remembered.

What are the components of an organization's aspirations?

Vision: what the firm wants to be what it wants to ultimately achieve Mission:Specifies the businesses in which the film intends to compete and the customers it intends to serve. Values Guiding Principles: What is important to us.

What is analysis?

WHAT? • Analyze: "find the structure of" • Analysis ≠ intuition! WHY? • Assists us in identifying and understanding the main issues. • Helps us to overcome complexity • Enhance flexibility and innovation by supporting learning. • Improves decision processes.

What is corporate strategy?

is the pattern of decisions in a company that determines and reveals its objectives, purposes, or goals, produces the principal policies and plans for achieving those goals, and defines the range of businesses the company is to pursue, the kind of economic and human organization it is or intends to be, and the nature of the economic and non-economic contribution it intends to make to its shareholders employees, customers, and communities.

What is strategy?

strategy is the pattern or plan that integrates an organization's major goals , policies & action sequences into a cohesive whole. A well-formulated strategy helps to marshal and allocate an organization's resources into a unique and viable posture based on its relative internal competencies and shortcomings, anticipated changes in the environment, and contingent moves by intelligent opponents

What is Strategic Fit?

• Drives competitive advantage and sustainability • Fit is about combining activities - reinforcing one another - Discrete activities often affect one another - Enhances a position's uniqueness and amplifies trade-offs

What are successful characteristics of a strategy statement?

• Long-term -> enduring • Clarity -> reduces ambiguity among leaders • Coordination -> everyone "pulls" in the same direction • Incentives -> consistency allows uniform commitment • Efficiency -> fosters "fit" with existing strategy • Evaluation/ Adaptation -> measurable and flexible

What are Gast's Six Laws to Guide Mission Development

• What "want-satisfying" service or commodity do we produce and work constantly to improve? • How do we increase the wealth or quality of life of society? • How do we provide opportunities for the productive employment of people? • How are we creating a high-quality and meaningful work experience for our employees? • How do we live up to the obligation to provide just wages? • How do we fulfill the obligation to provide a just return on capital?

What is the purpose of strategy?

Create a Competitive Advantage that generates superior financial returns