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Strategy (1).What is strategy? (Strategy is no just having a plan to reach…
Strategy
1).What is strategy?
Strategy is no just having a plan to reach objectives- it is about deciding what those objectives should be in the first place and how resources will be allocated and deployed to reach them ( commitment: ability to make decisions, trust, communication.
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2.1The mission statement focuses on today and what the organization does. While companies commonly use mission and vision statements interchangeably, it’s important to have both. One doesn’t work without the other, because having purpose and meaning are critical for any business. : :check:
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4). How has the approach to long-term planning changed with time? Why?
Companies need a strategy for growth. But the traditional approach to developing strategy, such as-long, leading to the announcement of 5 – years plan. And it ca not suit your company in the future.
5).What is adaptive advantage?
Organizations with adaptive advantage recognize the unpredictability of todays environmental and the limits of deductive analysis. New problems are constantly emerging. Well run businesses respond effectively to them.
To ensure long-term value creation, a company should have a portfolio that contains both high-growth products and low-growth products.
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Your mission statement drives the company. It is what you do/the core of the business and from it come the objectives and what it takes to reach those objectives. It is also shapes your company culture. :check:
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Your vision statement gives the company direction. It is future of the business which then provides the purpose. It is aspiration. The vision statement is about what you want to become.
The vision statement helps to focus on what matters the most for the company.
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Weakness: lack of vision is a road to nowhere for business, stagnation, outdated process, moving without purpose. : :check:
Minuses: narrow idea of market, stagnation( staying at the same side), feeling unmotivated, miscommunication. :check:
The bcg growth- share matrix is a portfolio –planning model. It is based on product life cycle theory that can be used to determine what priorities should be given in th product portfolio of a business unit.