MAN 3025 Lecture Notes - Lecture 9: Competitive Advantage, Vision Statement, Ikea

• School: University of Florida
• Department: Management
• Course: MAN 3025
• Professor: Professor Archambeau

Document Summary

Role of strategy in planning: strategy. Large-scale action plan that sets the direction for an organization: strategic management. Process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals: key step in the planning process. Firm"s strategic plan provides the overall blueprint for where the organization is going and how its going to get there. Why strategy matters: provides direction and momentum. Focus on critical problems, choices, and opportunities: how to deliver value to targeted customers, how to exploit core competencies, build synergy in operations while preparing for the future, encourages new ideas. Blueprint for renewal, reinvention, and growth through focus on innovation. What is an e ective strategy: strategy is the creation of a unique and valuable position, strategic positioning. Attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company. Performing di erent activities from rivals or performing similar activities in di erent ways .