MNGT 3100 Lecture Notes - Swot Analysis, Target Market, Nordstrom
Document Summary
Strategy: central, integrated, externally-oriented plan for how an organization will achieve its long-term goals i. How org plans to accomplish its mission and reach its vision b. c. Strategic management: process by which organization manages the formulation and implementation of its strategy. Synergy & diversification; diversification done to spread out risk d. Intended strategy: what the org plans to do. Strategic focus: when an organization has a clear strategy and everyone in the org understands how to move ahead. Strategies can be seen as trade-offs i. ii. Cost leader: broad market, better prices by purchasing mass quantities of goods from suppliers (ex: walmart) Focused cost leader: don"t offer as many goods, but everything is priced to sell quickly (ex: dollar general) Differentiated: offers something unique to the market and exceptional service while pleasing a large market (ex: nordstrom) Focused differentiation: serving a narrower market by selling less variety of unique products at higher price points (ex: anthropologie)
