Strategy (Continuation) Flashcards
• Aligns strategies and core competencies to outperform competitors.
Competitive Edge
is the process an organization undergoes to define its direction and make decisions on how to allocate resources to pursue that direction.
Strategy Formulation
The key steps in strategy formulation are:
1 . Link strategy directly to the organization’s mission or vision
2. Assess strengths, weaknesses, threats and opportunities, and identify core competencies.
3. Identify order winners and order qualifiers.
4. Select one or two strategies (e.g., low cost, speed, customer statement. service) to focus on
Characteristics that customers perceive as minimum standards of acceptability to be considered as a potential for purchase.
Order Qualifiers
- Characteristics of an organization’s goods or services that cause it to be perceived as better than the competition.
Order Winners
- is the monitoring of events and trends that present either threats or opportunities for the organization.
Environmental Scanning
External Factors
- Economic Conditions
- Political Conditions
- Legal environment
- Technology
- Competition
- Markets
Internal Factors
- Human Resources
- Facilities and Equipment
- Financial Resources
- Customers
- Product and services
- Technology
- Suppliers
- Others
- is a collection of statistically documented experiences drawn from thousands of businesses, designed to help understand what kinds of strategies work best in what kinds of business environments.
Primary Goal :
- to help managers understand and react to their business environment.
- assisting managers as they develop and test strategies that will achieve an acceptable level of winning as defined by various strategies and financial measures.
Profit Impact of Market Strategy (PIMS) database
specifies how the supply chain should function to achieve supply chain goals
focuses on streamlining operations to reduce costs and improve efficiency, ensuring that materials and products move seamlessly from suppliers to customers while minimizing waste and delays
SUPPLY CHAIN STRATEGY
involves minimizing the ecological footprint of operations by adopting practices such as reducing waste, conserving energy, and using eco-friendly materials to protect natural resources and reduce greenhouse gas emissions.
Sustainability strategy
aims to grow a company’s presence in international markets, reaching new customers and tapping into diverse revenue streams.
GLOBAL STRATEGY
is broad and covers the entire organization.
Organization STRATEGY
Focus on maintaining or improving the quality of an organization’s products or services.
Quality is generally a factor in both attracting and retaining customers.
may be motivated by a variety of factors. They may reflect an effort to overcome an image of poor quality, a desire to catch up with the competition, a desire to maintain an existing image of high quality, or some combination of these and other factors
QUALITY-BASED STRATEGY
focus on reducing the time required to accomplish various activities
TIME-BASED STRATEGY
It is a systematic approach used to assess the efficiency and effectiveness of projects, programs, and initiatives. It is an integral part of any planning process such as collecting, analyzing, and evaluating how “on track” a project is to achieve its desired outcomes, goals, and objectives.
Performance Measurement
