DANCEST 805 Lecture Notes - Lecture 19: Core Competency
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Document Summary
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. Strategies are the mechanisms by which businesses coordinate their decisions regarding their structural and infrastructural elements. Mission statement: a statement that explains why an organisation exists. It describes what is important to the organisations, 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. Core competency: an organisational strength or ability, developed over a long period, that customers find valuable and competitors find difficult or even impossible to copy. Functional strategy: a strategy that translates a business strategy into specific actions for functional areas such as marketing, human resources, and finance.