ECON 4800 Lecture 1: Lecture 1
Document Summary
Principals of strategic planning: characteristics: visionary ex. Steve jobs: driven by personal insights impatient, directive ex. large chartered banks, carefully planned, top down, confident and decisive, incubating, empowering allow time for people to think, collaborative, involve staff, sharing, trusting, procrastinating. Planning: summary of how an organization will organize its resources, optimizing operations, behaving in a rational manner (not always true ex. Jobs: focus, future, how much planning, formalized procedure to produce articulated results, in the form of an integrated system of decisions , balance between planning and actually getting things done. Strategy: deliberate search for a plan of action, develop a competitive advantage and compound it, recognition of where you are and what you have now, most dangerous competitors are those who are most like you ex. Walmart and amazon: game theory- competitive edge.
