Strategy Flashcards
What is strategy?
the long-term direction of an organisation
Explain the Golden Circle
WHAT - every organisation knows what they are doing, HOW - some organisations know how they do it, WHY - very few organisations know why they do what they do
Strategy is about …?
How?
If you want to get your dream job you will get it by…..
Applying strategy
If you want to pass your propaeduic year you need to
Use tactics
How will you pass your next week’s exam
By operational
Strategy is about the how but it should be derived from….
the WHY and deliver the basis of WHAT
A Mission statement provides…..
Employees and stakeholders with clarity why the organisation is fundamentally there; Focuses on the emotional aspect of an organisation
To define and express the purpose of an organisation there are 4 ways to define:
Mission Statement, Vision Statement, Statement of Corporate Values, and Statement of Objectives
Mission is about the
WHY
A Vision Statement is about
what the organisation seeks to create in the future
A Statement of Corporate Values is about
the companies core values that are guiding an organisation’s strategy and define the way the organisation should operate. THEY DO NOT CHANGE WITH CIRCUMSTANCES!
An Objectives Statement is about
specific outcomes that are to be achieved; often is linked with financial terms - profit; Market-based Objectives - Market Share; Triple Bottom Line etc.,
Corporate level strategy
focused on the overall scope of an organisation and how value is added to the business units
Business level
concerned with the way a business seeks to compete in its market