Efficiency vs effectives: doing things right vs doing the right things = there is often a
tradeoff because what you want to do is too expensive so you can't choose the most cost
effective thing. BP - restoring state of environment after the spill, but it was not feasible
Strategic question: how can we be both effective and efficient?
Which statekholders should I think about knowing i have to think about an effective
vs efficiency trade off
Compettive advantage is a relative construct
- what makes an excellent firm? you ask, against who?
- competitive advantage is to be better than another person/company
- your goal as a strategist is to make your firm better than your competition, not the best,
because best doesn't mean anything
Strategy is about action, and sometimes we will take that action with imperfect or
- a good analysis involved both scanning (keeping your eyes open, you can't know
everything about everything but you should try to be on top of trend) and monitoring
strategic forecast - we cannot see in to the future, so your forecast is your best guess
SWOT can be useful for refining your thoughts.