Summary

Summary MST21306

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Course
MST21306

Institution
Wageningen University (WUR)

Book
Fundamentals of Strategy

Summary Management and Marketing

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Uploaded on January 26, 2016
Number of pages 58
Written in 2015/2016
Type Summary

mst21306
management and marketing

Book Title:Fundamentals of Strategy

Author(s):Gerry Johnson, Richard Whittington

Edition:november 2014
ISBN:9781292017211
Edition:3

Institution
Wageningen University (WUR)
Education
Management, Economics and Consumer Studies
Course
MST21306

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Lecture 1 Management
VUCA = volatile uncertain complex ambiguous, VUCA on knowledge and
predictability
In volatility we might known about the situation and we might be able to predict the
outcome of our actions. The issue is the rapid rate of change.
In uncertain situation, we might know the situation, but we are unsure how next to
proceed. The likelihood of surprise events, lack of predictability.
Complexity: a situation where we may know the outcomes of our actions, but we
may have many key decision factors, inability to make a judgment. Chaos
Ambiguity is low in both awareness and the predictability of the outcome of our
actions. For example, we are introducing a new business model or launching a new
combination of technology. Lack of clarity.

Core competence: The main strengths or strategic advantages of a business. Core
competencies are the combination of pooled knowledge and technical capacities
that allow a business to be competitive in the marketplace. Theoretically, a core
competency should allow a company to expand into new end markets as well as
provide a significant benefit to customers. It should also be hard for competitors to
replicate.
Core value: members of a company make decisions, plan strategies and interact
with each other. So what is important to the organization and its members. It’s
intrinsic.

Strategy: The determination of the long-run goals and objectives of an enterprise
and the adoption of courses of action and the allocation of resources. Long-term
direction of an organization.
Strategy desicions are:
● Require an integrated approach (both inside and outside an organization)
● Made in situations of uncertainty
● Affect operational decisions
● Complex in nature
● Involve considerable change

3 Levels of strategy:
Corporate strategy
Overall purpose and scope of the organization,
and how value is added to the constituent
businesses of the organizational whole.
Business strategy
How the individual businesses should compete
in their particular markets → competitive
strategy
Operational strategy

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