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Lecture 1

MGCR 423 Lecture 1: Strat Lecture 1Premium

1 pages70 viewsFall 2017

Management Core
Course Code
MGCR 423

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What is strategy?
Strategy is the path needed in order to get from point A (where we are today)
to point B (where we want to be)
o It involves long term thinking (the definition of long-term can vary
depending on the context)
o Most times there are multiple strategies that take place concurrently
Tactics (or actions) are the steps used in order to take the path to your
Types of strategy
What are the different types of strategy?
o Corporate level (for the organization as a whole)
o Business unit (for the different parts of the company)
o Function strategies (marketing, IT, Finance)
o Departments, individuals
What are the different strategic planning processes?
o Top-down vs. bottom up
o Structured vs. unstructured
Why do plans fail?
o Lots of reasons, but lack of buy-in is a key one
o Things change
o Over competence
o Lack of follow through
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