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Class notes

BMNG7321/d/p/w

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This is unit 1 - unit 3, lecture notes to provide in depth study knowledge regarding the units.

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  • June 15, 2024
  • 3
  • 2023/2024
  • Class notes
  • Reshma singh
  • Unit 1 -unit 3
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reshmasingh2
Theme 1: What is Strategy?

LO1: Explain the concept of strategy

 Definition: Strategy is a plan of action designed to achieve a long-term or overall aim.
It involves setting goals, determining actions to achieve the goals, and mobilizing
resources to execute the actions.
 Key Elements:
o Goals and Objectives: Clearly defined targets.
o Analysis: Understanding the environment, both internal and external.
o Action Plan: Specific steps and resources required.
o Implementation: Putting the plan into action.
o Evaluation: Measuring success and making necessary adjustments.
o
LO2: Explain the development of strategy in the twentieth and twenty-first century
 Early 20th Century:
o Military Influence: Strategy concepts borrowed from military tactics.
o Scientific Management: Frederick Taylor's principles focusing on efficiency.
 Mid 20th Century:
o Business Strategy: Rise of strategic planning in businesses.
o SWOT Analysis: Introduction of frameworks for strategic analysis (Strengths,
Weaknesses, Opportunities, Threats).
 Late 20th Century:
o Competitive Advantage: Michael Porter’s theories on competition and value
chains.
o Resource-Based View: Emphasis on internal capabilities and resources.
 21st Century:
o Digital Strategy: Integration of technology and digital transformation.
o Agile and Adaptive Strategies: Flexibility and rapid response to change.
o Sustainable Strategy: Focus on long-term sustainability and ethical
considerations.
LO3: Discuss the nature of strategy
 Dynamic and Evolving: Strategy is not static; it evolves with changing circumstances.
 Complex and Multifaceted: Involves various elements like finance, marketing,
operations, etc.
 Context-Dependent: Strategies differ based on the industry, market conditions, and
organizational goals.
 Forward-Looking: Strategy is about future positioning and preparing for potential
challenges.
LO4: Discuss the role of strategy
 Direction and Focus: Provides a roadmap and aligns organizational efforts.
 Competitive Advantage: Helps in differentiating from competitors.
 Resource Allocation: Guides effective utilization of resources.
 Risk Management: Identifies potential risks and prepares mitigation plans.
 Performance Measurement: Establishes benchmarks for assessing progress.
Theme 2: Understanding Strategic Management
LO5: Explain the concept of strategic management

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