DANCEST 805 Lecture 17:
Document Summary
There are two main elements that together define a business (defined below). For a business to compete successfully, these elements must work together: structural elements: tangible resources, such as buildings, equipment, and information technology, typically large investments. Investments are difficult to reverse: changed infrequently due to cost and inflexibility. Infrastructural elements: people, politics, decision rules, and organizational structure choices made by the firm: not as visible as structural elements but are equally important. Strategies are the mechanisms by which business coordinate their decisions regarding their structural and infrastructural elements can be thought of as long-term game plans. Most business have more than one level of strategy, from upper-level business strategies to more detailed, functional-level strategies. It describes what is important to the organization, called its core values, and identifies the organization"s domain. Business strategy identifies a firm"s targeted customers and sets time frames and performance objectives for the business.
