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Strategy Continued Day Two Dr. Eric J Zackrison
Today : • Strategy • Strategy -> Values, Vision, Mission • Tools/Models • Game Theory • Competitive Advantage • Competing on Resources & Capabilities
Strategy: It’s About Winning • Creates a unique sustainable advantage. • Common Elements of Strategy – Long-term and consistent goals. – Deep understanding of the competitive environment. – Objective assessment of resources and capabilities. – Effective execution to reach the goals. • Strategy Aim: Creating Value • Key questions: – Where to compete? – How to compete?
Strategy Application: Students Have you used strategy in…..? • Sports • Clubs • Work • School
Strategic Fundamentals: Collis and Rukstad • Values Statement: What do we believe in, how will we behave • Vision Statement: What do we want to be. Aspiration. • Mission Statement: Why we exist. Our Purpose. • Strategy • Objective – the ends • Scope – the domain of activities • Advantage – the means to obtain the “ends” • Balanced Scorecard: How we will measure • The Strategic Sweet Spot: Where the needs of the customers’ and the resources of the company intersect in a way that rivals can’t compete given the context of the market place
Some examples of Stated Values Uber: We do the right thing. Period L.L. Bean: Treat your customers like human beings Adidas: Sport is the foundation of all we do Intel: Risk Taking Wegman’s: High standards are a way of life Prudential: Winning with integrity Affirm: No fine print Buffer: Listen first, then listen more Southwest Airlines: Live the SW Way: Warrior spirit, servant’s heart, fun-LUVing attitude
Some examples of Vision Statements and Mission Statements LinkedIn: Vision: Create economic opportunity for every member of the global workforce through the ongoing development of the world's first economic graph Mission: The mission of LinkedIn is simple: connect the world's professionals to make them more productive and successful Ikea: Vision: Make a better everyday life for the many people Mission: offer a wide range of well designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.
Some examples of Vision Statements and Mission Statements Southwest: Vision: To become the world’s most loved, most flown, and most profitable airline Mission: The mission of Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit Nike: Vision: Bring inspiration and innovation to every athlete* in the world. (*If you have a body, you are an athlete.) Mission: do everything possible to expand human potential. We do that by
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- Winter '16