BU111 Lecture Notes - Lecture 1: Competitive Advantage

• School: WLU
• Department: Business
• Course: BU111
• Professor: Sofy C.

Document Summary

Strategy: vision/mission, environment can either help or throw off course. Internal organization allows you to execute and drive your strategy: strategy must accommodate to environment, pest (political, economic, social, and technological) environment. Industry forces - environment varies from industry to industry. Why critical success factors: guide strategic and daily details, ensures holistic thinking, ensure success overtime. Critical success factors: achieving financial performance (bulls eye) - roi, profits, growth, meet customer needs - understanding, anticipating, and fulfilling needs. Strengths and weaknesses (internal: opportunities & threats (external, external - pest, five forces, each variable effects others. Internal: what can we do: external: what should we do, the critical linking variable between organization and environment. Strategy is the plan that the business uses to pursue opportunities & achieve csf. Diamond-e - principal logic: principal logic is consistency or alignment, consistency internally leads to performance, alignment externally ensures strategy is right for the given environment, warning: environment is always changing.