Study Guides (248,283)
Canada (121,453)
Business (46)
BUS 100 (11)

Test 2 Study notes.docx

5 Pages
Unlock Document

BUS 100
Glenn Asano

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
More Less

Related notes for BUS 100

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.