COMM 320 Chapter Notes - Chapter 6: Centrality, Cost Leadership, Ossification
Document Summary
Efficiency: doing things right; ensuring that day-to-day operations are managed well: ensures short-term survival by producing a profit from existing activities. Effectiveness: doing the right things; the focus of the business is correct in the context of customers, competitors, and industry trends: ensures long-term survival by focusing on activities that will continue to produce profits in the future. ** a good strategy is feasible, is consistent with the resources and skills of the business, provides a clear competitive advantage, and has a good fit between the business and its external competitive environment. Mintzberg"s definition of strategy: can be defined in five ways: 1- plan: the intended actions that management have developed. 2- ploy: plans that refer to a specific decision. 3- pattern: not all strategies are planned, and some can be inferred based on patterns of past decisions. 4- position: position it has in its external environment. 5- perspective: shared values and beliefs that guide the decision making process.
