Relationship between strategy and change - ANSWER-o Change is an integral
part of strategy and is the only certainty
o Strategy aims to define core competencies, understand the external
environment, and offer an integrative, consistent approach to decision
making.
o Any strategy is significantly influenced by environmental change and its
success should not be measure in financial terms.
Contribution of strategic marketing to business - ANSWER-strategy is
concerned with making major decisions affecting the long-term direction or
the business sustaining
Concept of marketing - ANSWER-business success through a process of
understanding and meeting customer needs
it defines how the organization interacts with its marketplace
,Focus of strategic business decisions - ANSWER-o Business definition -
marketing myopia
o Core competencies - what we do well (competitive advantage)
o Integrating functions areas within the organization - coordinating
marketing with other departments
o Consistency of approach and focus of the organization - actions may need
to be revised and changed; the focus needs to remain the same
Types of change - ANSWER-§ Driving change
· Political
· Economic
· Social
· Technical
§ Impact of change
· Volatility
· Globalization
· Intense competition
· Redefine
, § Result of change
· Opportunity
· Strategic drift
cyclical (predictable) yearly trends
evolutionary (unpredictable) impact of competition, environment
Balanced scorecard for measuring success - ANSWER-o involves taking both
financial and non-financial measures to examine the benefits delivered to all
of the organization's stakeholders
§ Financial measures
§ Customer measures
§ Internal activity measures
Innovation and learning measures
becomes the basis for evaluating the strategy
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NursingTutor1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
