Preview

What is Business Strategy

Satisfactory Essays
Open Document
Open Document
526 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
What is Business Strategy
Chapter 1- What is strategy?

Strategy- how to do better than your rivals
What is the present situation?
Where do we want to go?
How will we get there?
Strategy- doing things differently from rivals- competitive advantage
Effectiveness & Efficiency
Doing things differently than others either differently providing value
Beauty is in the eye of the beholder
Efficiently- “don’t care about value- but do it more efficiently
Google focusing more on efficiency
Sustainable Competitive advantage
Ex. Costco- thinking of efficiently and is it sustainable and why?
2 ways to measure strategy?
Ex. McDonalds
Low price- dollar menu
Drive thru window
Huge volumes of sales- success leads to more success (economy of scale) sustainability
Are these strategies sustainable or not?
Business itself & rivals compared to other fast food industry
Drive thru- all stores copy it
Brand management
4 generic strategic approaches
Efficiency
Effectiveness
Best-cost provider (balance between efficiency & effectiveness)
Niche’s market’s needs (efficiency /effectiveness)
Strategy evolves over time- not a one time change
Proactive & Reactive
Customer Value Proposition
What value and what price
Profit Formula

Entrepreneurship idea!
1. Is it easy for others to copy the idea? Competitive Test
2. Is there a good fit with the economic model? Strategic Fit Test
3. Can you make a profit? Performance Test

Chapter 2- Strategy Making

Task1, Task 2- Vision
Future aspirations of a company
Provides direction- where we are going…
Proctor and gamble vision statement
Balance between flexibility & forward looking
PUTTING THE VISION INTO PLACE!!!
Vision magnetic field giving direction to all employees
Hold meetings to personally explain
Memorable slogan
Positive payoffs
Mission statement
Specific, unique identity
Present- what the company does
TASK 20 SETTING OBJECTIVES
Specific, measurable & deadline
Converting the mission
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Good Essays

    PROJ 586 Project Charter
    • 544 Words
    • 3 Pages

    PROJ 586 Project Charter

    The purpose of this project is to fulfill our company mission and strategic plan. The key elements of the strategic plan, ranked according to priority, with #1 being the top priority, are as follows:…

    • 544 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Mgt 498
    • 950 Words
    • 4 Pages

    Mgt 498

    Select the goal that it is setting out to achieve by implementing the new process. It is imminent for the company to have a mission and a goal to achieve.…

    • 950 Words
    • 4 Pages
    Good Essays
    Read More
  • Better Essays

    Riordan’s Competitive Advantages
    • 1106 Words
    • 5 Pages

    Riordan’s Competitive Advantages

    The research will describe which competitive advantages Riordan has in common with McDonald’s and Burger King. This study will estimate, which competitive strategies Riordan could use to improve innovation and sustainability of business operations both in the United States and in the global market. Research will explain why those competitive strategies were chosen and estimate how they may affect sustainability of long-term organizational performance. The examination will also explain how the global market would affect the business strategy of Riordan.…

    • 1106 Words
    • 5 Pages
    Better Essays
    Read More
  • Powerful Essays

    Southwest Airline case study
    • 2348 Words
    • 10 Pages

    Southwest Airline case study

    The sustainability of competitive advantage depends on three conditions, the first is the particular source of the advantage, secondly sustaining advantage requires change, it demands that a company exploit, rather than ignore industry trends, it also demands that a company invest to close off the avenue along which competitors could attack and lastly, to sustain its position a firm may have to destroy old advantages to create new higher ones. (Portal, 1990)…

    • 2348 Words
    • 10 Pages
    Powerful Essays
    Read More
  • Better Essays

    Why Strategy Is Important to Business
    • 1282 Words
    • 6 Pages

    Why Strategy Is Important to Business

    Strategic management begins with the company’s vision, mission, and goals. With these in the forefront of the decision making process, CEOs and higher-level managers or officer, and company executives develop, devise and create strategic plans for the long-term success of the firm. A strategy is a company’s game plan (Pearce & Robinson, 2011); it is a framework created and initiated at the start of a business used to clearly define company objectives for the overall present and future success of the company. Dobson, Starkey, & Richards (2004), in their book, “Strategic Management: Issues And Cases” state, “A well defined strategy integrates an organization’s major plans, objectives, policies and programmes and commitments into a cohesive whole” (Ch. 1). Top-level managers, such as CEOs, board of directors, and administrative Officers, are involved in the umbrella of the company’s strategic planning. Dobson et al. (2004) define management, “,,,in terms of its function as those activities that serve to ensure that the…

    • 1282 Words
    • 6 Pages
    Better Essays
    Read More
  • Best Essays

    Strategy Importance in Business
    • 3173 Words
    • 13 Pages

    Strategy Importance in Business

    situation is mentioned in this report. Two hypotheses are laid down and tested as well. This…

    • 3173 Words
    • 13 Pages
    Best Essays
    Read More
  • Better Essays

    Business Strategy - Terminology, Planning Techniques and Tools
    • 4227 Words
    • 17 Pages

    Business Strategy - Terminology, Planning Techniques and Tools

    In this report I will be investigating what business strategy is all about, its context and terminology and the various issues involved in planning. I will look at the different techniques that can be used in strategic planning and will proceed to carry out an audit on my chosen business (Sega Corporation) using some of these techniques and analyse / evaluate my findings and offer any ideas or recommendations I might have.…

    • 4227 Words
    • 17 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Business Level Strategy
    • 4078 Words
    • 17 Pages

    Business Level Strategy

    MGT 550: Strategic Management Chapter 04: Business Level Strategy Instructor M. Moinul Haque Notable Quotes   Alice said, “Would you please tell me which way to go from here?” The cat said, “That depends on where you want to get to.” Lewis Carroll Even if you are on the right track, you will get run over if you just sit there.…

    • 4078 Words
    • 17 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    Business Strategy
    • 1692 Words
    • 7 Pages

    Business Strategy

    The environment in which organisations operate, changes day after day, with growing competition among its competitors for greater market share. As a result of intense competition among these organisations, it becomes very necessary for both new entrant and the incumbent organisations to periodically carry out analysis to ascertain strengths and the weaknesses are. This assay will focus mostly on the criticisms and evaluation of Porter’s Five Forces model in today’s dynamic business environment.…

    • 1692 Words
    • 7 Pages
    Better Essays
    Read More
  • Powerful Essays

    Assignment on Business Strategy
    • 5555 Words
    • 23 Pages

    Assignment on Business Strategy

    1. Evaluate a company of your choice's Mission statement in the light of the 3 components of any Mission Statement. Also use the Abel framework to evaluate the business definition that this mission statement drives.…

    • 5555 Words
    • 23 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Business Strategy
    • 4781 Words
    • 20 Pages

    Business Strategy

    Bruce and Langdon defines business strategy as “A strategy that maps out the future, setting out which product and services you will take to the market and how”. The strategy in business helps to achieve the goal and objectives in the company. The strategy for the business provides framework to know where they are positioned in the marketplace and how to keep moving forward.…

    • 4781 Words
    • 20 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    What Is Corporate Strategy ?
    • 1928 Words
    • 8 Pages

    What Is Corporate Strategy ?

    Corporate-level strategy is focused mainly on the decisions over the scope of the firm 's activities, mainly: product scope, geographical scope, and vertical scope. One of the myths of corporate-level strategy is that strategy formulation can be separated from implementation—that strategy is constructed first, then the appropriate management and organizational structure is selected afterwards. Unfortunately, this will result in a poorly designed strategy since it does not take into account the conditions under which it will be implemented. For this reason it needs to be recognized that strategy and structure are interdependent on each other. Basically, as Tom Peters said, "Strategy is structure."…

    • 1928 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Strategy Formulation in a Business Environment
    • 5287 Words
    • 22 Pages

    Strategy Formulation in a Business Environment

    In this paper, I compare two companies, namely Benz and Our BTEC centre’s with regard to the Roles and Responsibilities for Business Strategy Implementation.…

    • 5287 Words
    • 22 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    Business Management Strategy
    • 10686 Words
    • 64 Pages

    Business Management Strategy

    to better firm performance. Firms with organizational redundancy benefit more from strategic planning than firms with…

    • 10686 Words
    • 64 Pages
    Better Essays
    Read More
  • Powerful Essays

    Business Strategy
    • 948 Words
    • 4 Pages

    Business Strategy

    DUE - NEXT CLASS ( NOT LESS THAN 700 WORDS) PLEASE SUBMIT YOUR SCRIPT TO THE CLASS REP AND MAKE SURE YOU WRITE YOUR NAME AND SIGN ON THE SUBMISSION SHEET. CLOSING CASE: STARBUCKS…

    • 948 Words
    • 4 Pages
    Powerful Essays
    Read More

Related Topics