Chapter 8 - Chapter 8 1. The Nature of Strategic Management...

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Chapter 8 1. The Nature of Strategic Management i. Strategy - A comprehensive plan for accomplishing an organization’s goals ii. Effective Strategies - A strategy that promotes a superior alignment between the organization and its environment and the achievement of strategic goals iii. Strategic Management - A comprehensive and ongoing management process aimed at formulating and implementing effective strategies, a way of approaching business opportunities and challenges. b. The components of Strategy i. Distinctive competence- An organizational strength possessed by only a small number of competing firms 1. Benchmarking- The process of learning how other firms do things in an exceptionally high quality manner ii. Scope- When applied to strategy, it specifies the range of markets in which an organization will compete iii. Resource deployment- How an organization distributes its resources across the areas in which it competes c. Types of Strategic Alternatives i. Business-level strategy - The set of strategic alternatives from which an
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Chapter 8 - Chapter 8 1. The Nature of Strategic Management...

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