Introducing Strategy Flashcards
Basic Definition of Strategy
Long-term direction of an organisation
Full Definition of Strategy
About the long-term direction of an organisation, formed by choices and actions about its resources and scope, in order to create advantageous positions relative to changing environment and stakeholder concepts.
Work of Strategy
To define and express the purpose of an organisation through its mission, values and objectives.
What Should a Strategy Statement Include?
An organisation’s goals, scope if activities and the advantages or capabilities it brings to these goals and activities.
Corporate Level Strategy
Concerned with an organisations’s overall scope.
Business Level Strategy
Concerned with how to compete.
Functional Strategy
Concerned with how corporate and business level strategies are delivered.
Exploring Strategy Framework 3 Major Elements
Understanding the strategic position, making strategic choices for the future and managing strategy in action.
Strategy Work
Done by managers throughout an organisation, as well as specialist strategic planners and external executives such as strategy consultants and investors.
Research on Strategy Context, Content and Process
Shows the analytical perspectives of economics, sociology and psychology can all provide practical insights for approaching strategy issues.
How Does Strategy Vary?
Fundamentals are similar, varies by organisational context, for example small business, multinational or public sector.
Four Strategy Lenses
Design, Experience, Variety and Discourse, will allow you to critically evaluate strategic issues from a variety of perspectives.
