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INTRODUCTION TO STRATEGY (UNIT 1) - Coggle Diagram
INTRODUCTION TO STRATEGY (UNIT 1)
Mission
The reason why the company exists
Vision
What you want to become in a certain period of time
Values
Company and employer's philosophy
What is a strategy?
It's a plan to create value, the process of creating that value, that is called strategy.
A good strategy provides a clear roadmap, a set of guiding principles or rules
Define the actions people in the business should take (and not take)
Define the things to prioritize (and not prioritize) to achieve desired goal
Strategy is about competitive position, about differentiating yourself in the eyes of the customer, adding value through a mix of activies different from those used by competitors -M. Porter
4 Answers
Where do we compete?
What unique value do we bring?
How we do compete? Resources and capabilities
How we do sustain unique value?
Strategic Management
Strategic management examines how actions and events of executives,
firms and industries influence a firm’s success or failure
Henry Mintzberg provides five definitions of strategy
As a plan
Intended course of action to deal with a situation
They are made in advance of the
actions to which they apply
They are developed consciously and
purposefully
Weakness
: It does not include potential changes
As a ploy
As a position
As a pattern
As a perspective