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14 Cards in this Set
- Front
- Back
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Strategy Defined |
-the work of generals -to engage the enemy under advantageous conditions |
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Strategic Perspective (1) Thinking Strategically |
-long term -big picture -mission driven -short run sacrifices for long run objectives -dealing with uncertainty ---environmental change (playing field and rules) ---competitive actions and reactions |
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Strategic Perspective (2) Strategic Planning and Decision Making |
-based on assessment of internal/external factors -Integrative across functional areas |
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Competitive Strategy (1) Competition |
-Strategies to neutralize, defeat, minimize, counteract action/reaction of the competition -No competition, no need for a strategy |
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Competitive Strategy (2) Strategic Goals |
-No goals, no need for a strategy -Competition gets in the way of achieving goals -Battle for market share |
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Competitive Strategy (3) Best Practices |
-Does not eliminate the need for strategy and strategy making -Does not provide competitive advantage |
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Competitive vs Marketing Strategy |
Marketing Strategy -Products and markets, 5th P, SW based on product Competitive Strategy -Company and competitors as organizations, in terms of resources and capabilities, SW company oriented |
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Purpose of Business Enterprise |
-Production of Goods and Services -Value creation ---Output value > costs ---Benefits society -Incentives ---capitalism, free markets --- labor, product, capital |
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Social Responsibility |
-Expectation that business will strive to improve the welfare of society -Triple bottom line (financial, social, environmental) -Acts as a constraint, (do no harm) -Secondary to primary responsibilities |
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Vision |
-massively inspiring, over-reaching and long-term - leader develops, articulates and implements |
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Mission Statement |
-encompasses purpose as well as basis of competition and competitive advantage -a good one addresses ---principal market ---principal products and services ---core beliefs, values ---boundaries (not too narrow/broad) ---acknowledges stakeholders |
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Measuring Effectiveness |
-Goal Attainment -Efficiency -Survival (Maintenance) -Growth -Profitability -Social Responsibility |
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Stakeholders Care |
-Suppliers -Host Community/Gov't -Owners/Investors -Creditors -Customers -Employees -Managers |
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Benefits of Growth |
Management Compensation Employment Future Profitability Share Price |
