MGMT20001 Lecture Notes - Lecture 11: The Strongest, Differentiator

• School: University of Melbourne
• Department: Management
• Course: MGMT20001
• Professor: All

Document Summary

Week 11: organisational strategy: strategy is the determination of the long-term goals and objectives of an enterprise, and the adoption of courses of action and allocation of resources necessary to carry them out. Importance of strategy: how firms make money, manage their environment, why organisations engage in change, shapes and is shaped by the organisation s culture, communication, power and structure. Porter s competitive strategies: michael porter believed that the key job of a strategist is to deal with competition. Competition is not just rivals; competition involves five major forces in an industry. The strongest competitive force is the most important in strategy formulation. Miles & snow: research: developed a theory that there are three superior performing business types and all others are average or less than average. Defenders: target a specific product-market domain, don t research outside their domain, try to keep competitors out through aggressive pricing or high quality products.