Basic Tasks That an Organization Must Perform in a Market or Industry to Compete Successfully.
Chapter 1 Notes
1. DEFINING THE ORGANIZATION’S BUSINESS, MISSION, AND GOALS a. Business Definition: an organization should define a business by the type of customers it wishes to serve, the particular needs of those customer groups it wishes to satisfy, and the means or technology by which the organization will satisfy these customer needs. b. Business Mission: a mission underscores the scope of an organization’s operations apparent in its business definition and reflects management’s vision of what the organization seeks to do. c. Business Goals: Goals or objectives convert the organization’s mission into tangible actions and results that are to be achieved, often within a specific time frame.
2. Converting Environmental Opportunities into Organizational Opportunities a. What might we do? Environmental opportunity. * Unmet or changing consumer needs. * Unsatisfied buyer groups. * New means or technology for delivering value to prospective buyers. b. What do we do best? Distinctive competency * Describes an organization’s unique strengths or qualities, including skills, technologies, or resources that distinguish it from other organizations. * In order for any of an organization’s strengths or qualities to be considered truly distinctive and a source of competitive advantage, two criteria must be satisfied: i. Competitors cannot imitate it ii. Provide customers with superior value c. What must we do? Success requirements * Basic tasks that an organization must perform in a market or industry to compete successfully.
3. SWOT Analysis: Why do we do it? The Purpose of it! * A SWOT (Strength, Weakness, Opportunity & Threats) is a useful analysis that helps companies develop effective strategic planning for both online and offline. This exercise takes into account not only your own business, but your competitors and the current business environment. Completing a SWOT analysis every 6 months can help identify ways to
1. DEFINING THE ORGANIZATION’S BUSINESS, MISSION, AND GOALS a. Business Definition: an organization should define a business by the type of customers it wishes to serve, the particular needs of those customer groups it wishes to satisfy, and the means or technology by which the organization will satisfy these customer needs. b. Business Mission: a mission underscores the scope of an organization’s operations apparent in its business definition and reflects management’s vision of what the organization seeks to do. c. Business Goals: Goals or objectives convert the organization’s mission into tangible actions and results that are to be achieved, often within a specific time frame.
2. Converting Environmental Opportunities into Organizational Opportunities a. What might we do? Environmental opportunity. * Unmet or changing consumer needs. * Unsatisfied buyer groups. * New means or technology for delivering value to prospective buyers. b. What do we do best? Distinctive competency * Describes an organization’s unique strengths or qualities, including skills, technologies, or resources that distinguish it from other organizations. * In order for any of an organization’s strengths or qualities to be considered truly distinctive and a source of competitive advantage, two criteria must be satisfied: i. Competitors cannot imitate it ii. Provide customers with superior value c. What must we do? Success requirements * Basic tasks that an organization must perform in a market or industry to compete successfully.
3. SWOT Analysis: Why do we do it? The Purpose of it! * A SWOT (Strength, Weakness, Opportunity & Threats) is a useful analysis that helps companies develop effective strategic planning for both online and offline. This exercise takes into account not only your own business, but your competitors and the current business environment. Completing a SWOT analysis every 6 months can help identify ways to