BUS 800 Lecture 1: CHAPTER 1
Document Summary
4 factors of strategy that are conducive to success: goals that are simple, consistent, and longterm, objective appraisal of resources. Profound understanding of the competitive environment. internet based business models did not require a rewriting of the principles of strategy. In the face of continuous change and relentless competition, strategy becomes less about building positions of sustained competitive advantage and more about developing the responsiveness and flexibility to create successive temporary advantages. Requires firms to collaborate within networks of strategic alliances, to reduce hierarchical decision-making, and to develop high-performances workforces. Enterprises need business strategies to give direction and purpose, to deploy resources in the most effective manner, and to coordinate the decisions made by different individuals. Strategy" is the overall plan for arranging resources to establish a favourable position. ( concerned with winning the battle) Tactic" is a scheme for a specific action. (things necessary needed to win a battle)
