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StrategicManagementPart1Fall09

StrategicManagementPart1Fall09 - What are Strategy and...

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What are Strategy and Strategic Management? What is Strategic Positioning? What are the 5 Steps of the Traditional Strategic Management Process? Step 1: Mission and Vision Step 2: Grand Strategy Step 3: Formulation Next Time Step 4: Implementation Step 5: Strategic Control
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Strategy : a large-scale action plan that sets the direction for an organization. (p. 169) Strategic Management -a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals. (p. 169)
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Strategic positioning attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company…How?
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“Doing things differently from competitors, in a way that delivers a unique type of value to customers.” [needs, customers, market] Serving few needs (oil change, not full-service garage) of many customers (e.g., Jiffy Lube) Serving broad needs (wealth management) of few customers (target the very wealthy) (e.g., Bessemer Trust) Serving broad needs (full-service theatre) of many customers in a narrow market(small/mid size cities with 50,000-250,000 people) (e.g., Carmike Cinemas) Preserve what is distinctive about a company.
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Figure 6.1 p. 174
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Be sure to look at Table 6.1, p. 175 Mission Statement (What is our reason for being?) According to Peter Drucker (The Practice of Management, 1954) , there are three questions that need to be answered to define “reason for being”: Who are the customers? (i.e., Where are they; How do they buy; How can they be reached) What is the customer buying? (i.e., is the customer buying the product or the prestige of owning the product) What is the customer looking for? (e.g., price, quality, service)
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The Mission of Southwest Airlines 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. The Mission of Panera Bread Co. A loaf of bread in every arm. The Mission of Harley-Davidson We fulfill dreams through the experience of motorcycling, by providing to motorcyclists and to the general public an expanding line of motorcycles and branded products and services in selected market segments. What is our reason for being…
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Mission Statement of FedEx FedEx Corporation will produce superior financial returns for its shareholders by providing high value-added logistics, transportation, and related
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