ch 5 - Chapter 5: Strategy Intro Growth 5/22/10 Maturity...

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Intro Growth Maturity Decline 5/22/10 Chapter 5: Strategy Strategy – process of matching the internal competencies of the organization with the external opportunities available in the environment o Internal competencies Strategic Planning – process of developing long term directional guidance for the organization o Forces us to look outside and inside the business and try to think about some ways that we can take advantage of opportunities Look at: What we do well; what resources we have What we do “so-so”; could improve What we do poorly; should probably stop o Starts with: Indentifying “core competencies” – things we do really well Foundation of strategic planning Strategic planning model o Articulate mission, purpose, goals/objectives, business philosophy and values Write a mission statement “What business are we in”? o Guides and sets tone for goals/objectives o Needs to be customer focused In terms of what the customer is about, not what you’re all about o Needs to be motivational and inspiring o Needs to be specific o Skills and resources – people and assets available to carry out the goals and objectives (money, train, facilities, location) 1
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Distinctive competencies unique strength What they’re known for? Allow us to achieve superior position in the marketplace o Through: efficiency quality innovation customer responsiveness Ex. Wal-Mart – low price, whole foods – organic Competitive advantage Set yourself apart Two methods o Efficiency – cost leader, cheapest o Differentiation - quality, safety, innovativeness Industry environment – the different or unique characteristics of a particular industry (ex: restaurants having their unique characteristics; restaurants operate in a service industry) Strategic thinking – the ability to take in the competitive information about your environment and use it to formulate a competitive advantage o Seeing the big picture Business model – the process or the way that an organization conducts its business o o Environmental assessment
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This note was uploaded on 06/02/2010 for the course MGMT 3200 taught by Professor Sauley during the Spring '10 term at LSU.

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ch 5 - Chapter 5: Strategy Intro Growth 5/22/10 Maturity...

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