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- Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals."
en.wikipedia.org/wiki/Strategic_management
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Strategy defines the company’s distinctive approach to competing and the competitive advantages on which it will be based. A good competitive strategy is one that creates unique value for a particular set of customers.
- Strengths and Weaknesses
- Opportunities and Threats
- Internal Analysis Tools
- External Analysis Tools
A good starting point for strategizing is an assessment of what an organization does well and what it doesn’t do well. In general good strategies take advantage of strengths and minimize the disadvantages posed by any weaknesses. Michael Jordan, for instance, is an excellent all-around athlete; he excels in baseball and golf, but his athletic skill...
On the basis of what you just learned about competitive advantage and sustainable competitive advantage, you can see why some understanding of the external environment is a critical input into strategy. Opportunities assess the external attractive factors that represent the reason for a business to exist and prosper. These are external to the busin...
While SWOT helps you identify an organization’s strengths and weaknesses, there are other tools available for internal analysis too; notably value chain and VRIO analysis. In effect, value chain analysisasks you to take the organization apart and identify its important constituent parts. Sometimes these parts take the form of functions, like market...
While there are probably hundreds of different ways for you to study an organization’s external environment, the two primary tools are PESTEL and industry analysis. PESTEL, as you probably guessed, is simply an acronym. It stands for political, economic, sociocultural, technological, environmental, and legal environments. Simply, the PESTEL framewo...
- John Morris
- 2020
What is Strategic Management? Strategic management is the formulation and implementation of major objectives and projects, by an organization’s management on behalf of its shareholders (or owners).
- Strategy as a Plan. Strategic plans are the essence of strategy, according to one classic view of strategy. A strategic plan is a carefully crafted set of steps that a firm intends to follow to be successful.
- Strategy as a Ploy. A second way to view strategy is in terms of ploys. A strategic ploy is a specific move designed to outwit or trick competitors. Ploys often involve using creativity to enhance success.
- Strategy as a Pattern. Strategy as pattern is a third way to view strategy. This view focuses on the extent to which a firm’s actions over time are consistent.
- Strategy as a Position. Viewing strategy as a plan, a ploy, and a pattern involve only the actions of a single firm. In contrast, the next P—strategy as position—considers a firm and its competitors.
Sep 19, 2024 · Strategic management is the assembling and management of resources to achieve a company's goals and objectives. Companies create and adapt a strategic management...
- Will Kenton
Jan 1, 2022 · Strategy is an essential and central part of management that can establish a frame of reference to achieve organizational objectives, Footnote 461 which is “at the heart of” strategic management, Footnote 462 whereby strategy can be understood as the outcome of the strategy formulation.
Strategy is a plan - some sort of consciously intended course of action, a guideline (or set of guidelines) to deal with a situation. By this definition strategies have two essential characteristics: they are made in advance of the actions to which they apply, and they are developed consciously and purposefully. Ploy.
