Chapter 6 Flashcards
Strategy
large scale action plan
Strategic managment
process that involves managers from all parts of organization in the formulation and the implemention of strategies and goals
why is planning important?
provides direction
new ideas
develops a sustainable advantage
strategic positioning !!
attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company
PErFORMING DIFFERENT ACTIVITIES FROM RIVALS OR SIMILAR IN DIFFERENT WAYS
MARIA MARIA MARIA!!!!!
Strategic-Management Process
EEGFCM
eorye eats grain from corn mills
Establish the mission and vision Gran Strategy Formulate CARRY OUT Maintain
Grand Strategies
Growth
Stability
Defensive
Growth Strategy
expanding
IMPROVES EXISTING PRODUCTS
Stability
no change
TOO FAST GROWTHS LEADS TO FOUL UPS
Defensive
reduction
REDUCES COSTS BY FREEZING HIRING
Strategy formulation
process of choosing among diff. strategies and altering them to best fit an organizations needs
strategy implemenation
putting strategic plans into effect.
control
engage people
keep it simple
stay focused
keep moving
competitive intelligence
gaining info about your competitor
SWOT analysis
strengths-threats
prevents weaknesses magnifying threats
weaknesses that prevent exploration
Three Core Processes of Business
pSO
Pso
PSO
PEOPLE-Consider who will benefit you in future
STRATEGY-Consider how success will be accomplished
OPERATIONS-Consider what path will be followed
