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All Lecture notes for year 1 of Business studies
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notes for every lesson in semester 1 of business lectures detailed
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PHASE 2 – DIRECTION;Week 5 – strategy: theory about how to gain competitive advantage
Companies that failed because of strategic errors:
Nokia (failed to upgrade their phones to the latest technology)
Yahoo (charged people for their emails, Gmail was free)
Week 6 – strategy (online)
1. Summarise the strategy of an organisation in a ‘strategy statement’ DONE
2. Distinguish between corporate, business and functional strategies. DONE
3. Identify key issues for an organisation’s strategy using the Exploring Strategy
Framework. DONE
4. Understand dierent people’s roles in strategy work. DONE
5. Appreciate the importance of dierent organisational contexts, academic disciplines
and theoretical lenses to practical strategy analysis. DONE
Strategy: the long-term direction of an organisation
3 horizons -
1. Extend and defend core business
2. Build emerging businesses
3. Create viable options
1 – strategy statements have 3 main themes the goals, the scope/domain, and the advantages it
has.
Scope/domain = customers/clients, location. Advantage = how the organisation will achieve the
objectives set so the competitive advantage it has.
Use = small startup can use it to persuade investors
2 – corporate, business and functional strategies
Corporate = overall scope of an organisation and how value is added (geogrpahical scope. Diversity
of products, acquisitions of new businesses)
Business (competitive) = how individual businesses should compete in their markets (response to
competitors moves)
Functional = resources, processes, people (meeting financial needs)
3 – exploring strategy framework = offers you a comprehensive way of analyzing an organization's
position, considering alternative choices and implementing strategies.
Includes:
understanding the strategic position of an organisation
Impact on strategy of the external environment (industry/resources/culture)
assessing strategic choices for the future
Direction in which the strategy might move (international/entrepreneurship/innovation)
managing strategy in action
How strategies are formed and implemented (organizing/evaluating)
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