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Designing Business Strategy, Strategic decisions are about:, Strategic…
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What is strategy?
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Strategy is a long-term direction of an organisation, formed by choices and actions about its resources and scope, to create advantageous positions relative to competitiors and peers in a changing environmental and stakeholder contexts
The strategy process:
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3. The analysis serves to evaluate the strengths and weaknesses of the company (internal) as well as the external chances and risks.
Effectiveness is the degree to which the organizations achieves goals
Efficiency is the use of minimal resources to produce desired output
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Determine the overall scope of the organisation, add value to different business units, meet expectations of stakeholders.
- Competitive strategy/ business level
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- Functional strategy, operational
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Competitive advantage - the goal of strategy is to determine the competitive advantage or disadvantage to enforce or improve it
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Theory
A theory is as a simplification of selected aspect of a real-world phenomenon that aims at a better understanding and explanation of the phenomenon and the underlying rationales
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Avoid strategic drift: Phase 1 incremental change, Phase 2 Flux, Phase 3/4 Transformational change or demise
The business model does not create competitive advantage, its more generic than the corporate strategy and the competitive strategy
Intended (10%) and emerging (90%) strategies - develops out of social and political processes in and around orgs.