MGT 3100 Lecture Notes - Lecture 6: Scenario Analysis, Trend Analysis, Bargaining Power
Document Summary
Strategy is the creation of a unique and valuable position, Using different strategies low cost may trade off with lower quality compared to other companies. 5 part management process: establish the mission and the vision, assess the current reality, formulate the grand strategy. Constantly looking for your swot analysis to fit mission and vision statement. When you get off track it"s known as scope creep. Hypothetical extension of a past series of events into the future. Creation of alternative hypothetical but equally likely future conditions. A process by which a company compares its performance with that of high-performing organizations. Porter"s five competitive forces: threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products or services, rivalry among competitors. Without this companies have no drive to innovate or improve. For example ibm once the leader know is having a hard time growing and other companies are coming up.
