COMMERCE 4AA3 Final: 4AA3 notes
16 Nov 2017
School
Department
Course
Professor
Document Summary
Strategy - specifies how an organization can create value for its customers while differentiating itself from its competitors. (in order for long term success with strategy, need to understand its own strengths, weaknesses, economic environments" opportunities and threats) Winning strategy - fits the circumstances of a company"s external situation and its internal resource strengths and competitive capabilities, builds competitive advantage and boosts company"s. Strategic management - vision statement (future-oriented declaration of the organization"s purpose and aspirations) comes before a mission statement (communicates reason for being and how it aspires to serve its key stakeholders) Core values to which the firm is committed. Visionary goal the firm will pursue to fulfill its mission. Vision and mission --> environmental scanning --> strategy formulation --> strategy implementation --> evaluation and control. Balanced score card (bsc) - translates a company strategy into a comprehensive set of performance measures to assess how well the strategy is implemented through changes to how a corporation operates.
