INTB 1209 Lecture Notes - Lecture 12: Core Competency, Learning Curve, Starbucks
19 Feb 2016
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Understand difference between a plan and a strategic planning. A strategic plan is thinking about how your competitors might react. Therefore for a firm, a strategy is the actions taken by managers to attain goals of the firm. An ideal strategic position is it to maximize profit and minimize cost. It is important to look at the firm as a value chain. A firm can find competitive advantage in any of the following activities: The implementation of strategy: organization structure: the totality of a firm"s organization-formal organizational structure, control hierarchy, control: metrics used to measure performance. Incentives: devices used to reward appropriate managerial behavior. 3: process: manner in which decisions are made and work is performed, organizational culture: norms and value systems that are shared among the employees, people: employees and the strategy used to recruit, compensate and retain those individuals. In sum: for a strategic fit, we basically seek to gain a good control over the above factors.
