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Lecture 1

MGCR 423 Lecture 1: Strat Lecture 1

1 Page

Management Core
Course Code
MGCR 423

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STRATEGY LECTURE 1 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 longterm 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 destination 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 Topdown vs. bottom up o Structured vs. unstructured Why do plans fail? o Lots of reasons, but lack of buyin is a key one o Things change o Over competence o Lack of follow through
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