SPD4251_BPS_-_Lecture_1_SV

SPD4251_BPS_-_Lecture_1_SV - PEED – Bachelor of Arts in...

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Unformatted text preview: PEED – Bachelor of Arts in Business (General Mgt/Finance/IB) Subject Lecturer: Macy Wong Meeting 1 SPD4251 Business Policy and Strategy 2 A. Today’s Class Meeting ¡ Course Introduction & Syllabus Review \ Refer to Teaching Plan and Assessment File ¡ Introduction to Subject \ a. Basics of Strategy and Strategic Management \ b. Strategic Management Process 3 Strategy 4 Strategy: A firm’s theory about how to gain competitive advantage Strategy 5 Thinking Strategically: The Three Big Strategic Questions 1. Where are we now? 2. Where do we want to go? \ Business(es) to be in and market positions to stake out \ Buyer needs and groups to serve \ Direction to head 3. How are we going to get there? \ A company’s answer to “how will we get there?” is its strategy 6 hat Do We Mean By “Strategy”? ¡ Consists of competitive moves and business approaches used by managers to run the company ¡ Management’s “action plan” to \ Attract and please customers \ Compete successfully \ Conduct operations \ Achieve target levels of organizational performance 7 Answering the Question, “How Are We Going to Get There?” ¡ How to please customers ¡ How to out-compete rivals ¡ How to manage each functional piece of the business (R&D, production, marketing, HR, finance, and so on) ¡ How to respond to changing market conditions ¡ How to achieve targeted levels of performance 8 Elements of a Company’s Business Strategy 9 Strategic Management 10 ¡ Strategic Management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages What is Strategic Management? What is Strategic Management? 1-10 11 ¡ Analysis ⎯ Strategic goals (vision, mission, strategic objectives) ⎯ Internal and external environment of the firm ¡ Strategic decisions ⎯ What industries should we compete in?...
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SPD4251_BPS_-_Lecture_1_SV - PEED – Bachelor of Arts in...

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