MDIA2006 Lecture Notes - Lecture 1: University Of New South Wales, Scientific Method, Strategic Thinking
Document Summary
Good strategy/ bad strategy: good strategy is rare companies just have performance goals and no strategy. Avoids the core problem (what is the problem, how do we grow?) Does not build on the learning of the organisation. Understand your business is a cascading avalanche of fluffy values, mission, vision, strategy, objectives and goals is a distraction to good strategy: good strategy. Comes from top management identifying the problem and setting a path to addressing it. Coherent, can become a source of competitive advantage. Presses where you have an advantage strength applied to the most promising opportunity. Has an objective that is close enough to be feasible: three components of good strategy. Diagnosis- identifies the core challenge the company is facing. Choice- decides the direction the company will/ will not take. Action- determines the big picture actions to move in that direction, keeping the company focused: more thoughts.
