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Chapter 1 - Coggle Diagram
Chapter 1
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1.3 Strategy Formulation
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Positioning the Firm
Speed
The internet demands immediate responses, service organizations compete on speed
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Quality
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Ritz-Carlton prioritizes customer satisfaction through a service system that focuses on one customer at a time, with employees empowered to fulfill guest requests, teams setting objectives, and each hotel having a quality leader.
Cost
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lean practices improve efficiency, reduce waste, increase productivity, and minimize waste through disciplined operations
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Flexibility
The ability to adapt to changes in product mix, production volume, or design
Policy Deployment
Policy deployment entails turning corporate strategy into measurable goals, resulting in a series of action plans (hoshins) that are aligned with each functional aim and work together to achieve the strategic goal.
Balanced Scorecard
The Balanced Scorecard is a tool that assesses a company's financial performance, customer satisfaction, business processes, and learning and growth, providing a comprehensive framework for managers to evaluate performance in critical areas.
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