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University of Victoria
COM 400
Norris Pettis

BUS 492 – Chapter 1 Cognitive Biases: errors in the way human decision makers process information and reach decisions A lot of businesses fail because they don not have a strategy Key things to strategic management Strategic Leadership- Effectively managing a company’s strategy-making process Strategy Formulation- Determining & selecting strategies Strategy Implementation- Putting strategies into action to improve company’s efficiency & effectiveness Company’s Business Model A conception of how a set of strategies mesh and allow a company to gain competitive advantage and achieve superior profitiability Encompasses how the company will:  Select customers  Define/differentiate product offerings  Create value for the customers  Aquire and keep customers  Produce goods/services  Lower costs  Deliver goods/services to the market  Organize activities within a company  Configure company resources  Achieve and sustain a high profitability  Grow business over time Industry performance  Profitability and growth o ROI o Success compared to competitors Strategic Managers  Corporate Level o Oversee development of strategies  Business Level o Responsible for business unit that provides good/service for a oarticular market  Functional Level o Supervise particular function/operation  Marketing. Accounting, HR Strategy Making Process (good short answer question)***** 1. Select corporate mission and major corporate goals 2. Analyze external competitive environment to identify opportunities and threats 3. Analyze organizations internal environment to identify strength and weaknesses 4. Select Strategies that a. Build on organizations strengths and correct weaknesses i. Take advantage of external opportunities and counter external threats b. Are consistent with organizations mission and major goals c. Are congruent with and constitute a viable business model 5. Implement the strategies 1 | P a g e BUS 492 – Chapter 1 Mission Statement: Provides framework within which strategies are formulated Mission: Reason for existence and what organization does Vision: Some desired future state or objective to be achieved Values: Key Values an organization is committed to Major Goals: Measureable desired future state and organization attempts to realize The Mission  What is it the company does?  Who is being satisfied- What customer groups?  What is being satisfied- What customer needs?  How customer needs are being satisfied- by what skills, knowledge, or distinctive competencies?  A company’s mission is best approached from a customer-oriented business definition. The Vision  What would company like to achieve?  A good vision is meant to stretch a company by articulating an ambitious but attainable future state. Values  How managers and employees should conduct themselves  How they should do business  What kind of organization they need to build to help achieve company’s mission  Organizational culture · Set of values, norms, and standards that control how employees work to achieve organization’s mission & goals · Often seen as an important source of competitive advantage  In high-performance organizations, values respect the interests of key stakeholders. Major Goals Goal - precise/measurable desired future state a company attempts to realize. Well-constructed goals:  Precise and measurable– provide yardstick or standard to judge performance  Address crucial issues– a limited number of key goals helps maintain focus  Challenging but realistic– provide employees with incentive for improving  Specify time period– motivates/i
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