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Strategic Management - Coggle Diagram
Strategic Management
Management Process
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Step 1: Identifying the Organization's current mission, goals and strategies
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Competitive Strategies
Differentiation: high quality, extraordinary service, innovative design, tech capability, and/or positively brand image
Focus Strategy: involves cost advantage or differentiation advantage, based on product variety, customer type, distribution channel, or geographical location.
Cost leadership strategy: a low cost leader is highly efficient, everything to cut costs
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Functional Strategies
Strategic Flexibility: the ability to recognize major external changes, to quickly commit resources, and to recognize when a strategic decision isn't working
Strategic Leadership: the ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create viable and valuable future for the company
Business Model
1) whether the customer values what the company is providing
OR
2) whether the company can make money doing that
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Resources: are assets that are finacial, physical, human and intangible that are used to develop, manufacture, and deliver products to customers
Competitive Advantage: what sets an organization apart-that is, it's distinctive edge
SBUs(Strategic Business Units): many different businesses, the independent and have their own competitive strategies