DANCEST 805 Lecture Notes - Lecture 10: Core Competency, Bob Hayes
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Structural element: one of two major decision categories addressed by a strategy. Includes tangible resources, such as buildings, equipment, and computer systems. Infrastructural element: one of two major decision categories addressed by a strategy. Includes the policies, people, decision rules, and organizational structure choices made by a firm. Strategy: a mechanism by which a business coordinates its decisions regarding structural and infrastructural elements. Mission statement: a statement that explains why an organization exists. It describes what is important to the organization, called its core values, and identifies the organization"s domain. Business strategy: the strategy that identifies a firm"s targeted customers and sets time frames and performance objectives for the business. The parts of a business strategy that are directly relevant to the development of successful operations and supply chain strategies. Clearly identify the firm"s targeted customers and broadly indicate what the operations and supply chain functions need to do to provide value to these customers.