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Chapter One and Day 1 and 2 Strategy Outline: I. Strategy a. Definition- a firm’s theory about how to gain competitive advantage: Defines a desired objective and communications i. what will be done –typically creating products and services ii. by whom-who will do the work iii. how and where the work will be done iv. for whom, who will be offered the results v. why customers will pay and value it vi. An effective strategy does the following simultaneously: 1. Communicate a compelling purpose or vision to others 2. Connect organizational strengths with environmental opportunities 3. Exploit current success while exploiting new opportunities a. Exploitation- strategies try to create additional value using current resources and activities b. Exploration-strategies try to create new value from unfamiliar resources and activities. 4. Generate more resources than it uses 5. Respond to new conditions over time vii. Intended strategy- the set of ideas usually made explicit, that the strategist uses to inspire and direct activities. viii. Realized Strategy-is illustrated by the pattern of actual behavior over time. b. Mission and Vision i. Part of the Total Strategic Management Process 1. Mission-Statements which specifies a firm’s purpose or “reason for being” and the primary objective toward which the firm’s programs and plans should be aimed. a. More explicit about the who, what, when, where, why, and how than the vision statement. b. It must be clear and understood. c. Discusses what business firm competes. 2.
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This note was uploaded on 04/18/2011 for the course BUS 370 taught by Professor Camp during the Fall '09 term at Indiana.

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21download_doc-31.php - Chapter One and Day 1 and 2...

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