Exam (elaborations)
MGMT 310 - Exam 2 (1
MGMT 310 - Exam 2 (1
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MGMT 310 - Exam 2viewed as a framework, or tool for managers to allocate resources and evaluate activities, rather
than a fixed plan
provide value to customers; making trade-offs about which businesses to pursue, what products
to produce, and which customers to serve; and aligning resources to achieve organizational
objectives
choosing activities, making trade-offs, creating fit - ANS-strategy
creates more economic value than competitors by engaging in a strategy that is difficult or
impossible for others to duplicate and -exceeds the cost of producing the product or service -
ANS-competitive advantage
art of war, roman empire, rules of engagement, corporate planning - ANS-history of strategy
out think opponent > out maneuver - ANS-art of war
tactical implementation of military strategies that were contingent on internal and external
assessments - ANS-roman empire
generate better information than your rivals; Analyze that information to make informed choices;
Quickly select among choices; Convert strategic choices into decisive action
war and business share some similarities in that there is a desire to beat an opponent and
succeed in competition - ANS-rule of engagement
planning process involves the development of detailed forecasts and business-level goals and
objectives - ANS-corporate Planning
-What is the purpose of our business? (most critical)
-How will environmental forces impact our firm?
-What stakeholders are important?
-In what businesses or areas will we compete?
-Whom will we serve?
-How to distinguish our firm from competitors? - ANS-steps for strategic framework
a) Profit (Milton Friedman)
b) Stakeholder - ANS-purpose of business
-Goals
, -Internal resources
-Culture
-Employee capabilities - ANS-internal environment
-Industry analysis
-Customer analysis
-Supplier analysis
-Competitor analysis - ANS-external environment
an organizationally desired result, product, or end state
ultimate goal: core competencies - ANS-goal
a network of unique activities that strategically fit together and are difficult to replicate -
ANS-core competencies
a concept or picture of what a firm wants to achieve and how it plans to accomplish that
development of a vision is critical because this is typically what motivates people to join a firm
and perform beyond expectations. - ANS-vision
a statement that defines a firm's reason for existence
benefits:
•Define the purpose of the firm
•Build motivation and commitment among employees
•Provide direction and inspiration
•Serve as a focal point
•Assist in making strategic trade-offs - ANS-mission statement
series of quantifiable milestones or benchmarks by which a firm can assess its progress -
ANS-objectives
identifying how a firm can best align its resources to carve out a defensible position in the
marketplace
-Is the first step toward creating value for customers and achieving profitability
-Is both a planned and emergent and evolving process
-Is directed as a top-down process under the guidance of an upper management team lead by
the CEO
-Does not always flow in a linear fashion due to the dynamic nature of the business environment
-Involves making a series of strategic choices - ANS-strategy formulation
Choices to be made when formulating a strategy for a firm
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