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Midterm

Test 2 Study notes.docx

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Department
Business
Course
BUS 100
Professor
Glenn Asano
Semester
Fall

Description
Module 1 Strategy: What is it? An Explanation  Strategy = Where are we currently? Where do we want to go? How do we get there?  Strategy= Process + a bunch of objectives the organization strives to meet  Strategy= Analysis w/ understanding of external and internal environment of an organization  Strategy= Decisions made or not to be made  A good strategy = Potential to create value for profit + non-orgs and small/big organizations.  Process of developing a strategy: o Have a vision=Where is our organization going? o Set goals for the performance outcome o Develop a strategy as to how to achieve the objectives o Take action and actually execute your strategy! o Evaluate/review your strategy did it work? If not what can be changed.  Mission= what a company does/ what is the purpose  Provides direction for the different areas of an organization like marketing, finance, accounting, manufacturing, ino systems, research and development & human resources.  Organization + Symphony Orchestra= functional areas of the organization like the instruments and they gotta work together in harmony and follow the corporate strategy like the musical score.  CEO= the conductor of the orchestra  Cross functional teams; members from diff. functional areas come together and deal with the strategic process  Marketing often takes lead  The vision does not equal a strategy. A vision is a painter’s sketch before starting a work of art.  LOUIS GERSTNER’S 8 PRINCIPLES: o The marketplace = driving force for everything you do o Core = technology company w/ commitment to quality o Success is measured by customer satisfaction and shareholder value o Operate as entrepreneurial org. w/ minimum of amount of complicated admin procedures and a never ending focus on productivity. o We never lose sight of our strategic urgency o We think and act with a sense of urgency o Outstanding + dedicated people will make it all happen especially when they work as a team o Sensitive to needs of all employees and community in which we operate  Effective vision – combination of views  There are several types of visions: o Historical Vision: Understanding of the past actions and activities of the company to learn from history and see where the company has arrived o Situational vision: Understanding of the current situation o Strategic Vision: Direction to take in the future. Where were we and where are we going? o Leadership Vision: How to inspire ppl to achieve corporate goals o Organizational Vision: Structuring the org. so it has competitive edge o System Vision: the view of the totality of the company and it’s environment. System vision determines the possibilities within the constraints. o Vision is the envelope that surrounds a firm’s strategy, it’s about ideas, values, shared meanings and understanding, it’s a beacon for tomorrow.  So Vision = An inspiration for tomorrow.  Strategy= The specific road map.  Vision Works – 3 Steps: o Creating a vision, communicating the vision, experiencing the vision  HOW TO CREATE A VISION: o Starts with an understanding of both the internal organization and the relationship of the organization and its stakeholders  THE TABLE:  The vision must be communicated to every single person in clarity  The vision must actually be done and organization needs to live out the vision  Characteristics of an effective visual in an organization: o Clarity o Stable over time o Enthusiasm  Visions to objectives send out metrics of goals for a specific time frame  The Strategic Plan: o Statement of vision/objectives o Set out major markets you operate or wish to operate in o Set out the position of the organization o Identify performance indications o Set out external environment factors o Set out internal environment factors o Org. key strategic issues to a max of five o Evaluation of strengths and weaknesses o Evaluation of opportunities and threats o Strategies needed to reach the objectives and address the key issues o Action to be taken o Programs to be developed to reach the objectives o Investments needed – human resources, financial resources o Expected outcomes of strategy  The Strategic Process in a Nutshell Diagram: Module #2: Building the strategy Platform. External- Information & Analysis  A company’s strategy development is build a base of info makes helps as a knowledge platform for the development of business strategy and execution  W/o info a company can’t undertake a strategy development process  Info a company needs: o Information about the external environment o Information about the internal environment  “If you don’t know where you want to go, any road will do”.  “Apparent Knowledge= Some knowledge is useful and some is not  The mental model: The screening device that helps managers simplify complex pieces of info from markets, industry, competitive reactions etc. Taking information and simplifying it for daily use.  Beliefs- how to manage a busines
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