HM 442 Study Guide - Fall 2019, Comprehensive Final Exam Notes - Swot Analysis, Cost Leadership, Intangibility
14 views50 pages
HM 442
Class 8-29
Mintzberg’s 5 P’s:
1. Plan: SWOT analysis (long term strategy)
2. Ploy: an action after planning – how to act against competition (short term strategy)
a. Ex. a bar having happy hour different hours than other bars
b. Ex. sales on holidays
3. Pattern of behavior: using historical data to know how many servers to have
4. Position in respect to others: market position
a. Ex. Walmart’s low prices
5. Perspective: how your employees view the company
a. Ex. Ritz Carlton = ladies & gentlemen serving ladies & gentlemen
• Do not see in isolation
Strategic management is always about competitive advantage
Firm → lodging → global market (all industries operate in the global market)
Strategic Components and Core Components:
Objectives → Analysis → Choice → Implementation
-----------------------------------------------------------RESOURCES-------------------------------------------------→
-------------------------------------------------------------ACTIONS---------------------------------------------------→
• Objectives: basic long term goals
a. Mission, vision, goals
b. Ex. getting a job
• Analysis: internal/ external
• Choice: competitive strategy/ strategic direction/ strategic method
• Implementation: execution/ control
• Action: execution and choice
a. Ex. applying to jobs/ career fair
• Resources: cost – effective and sustainable
a. Anything that can make your plan happen
b. Ex. Indeed, college degree, professional clothing
Strategic management is the development of thinking ahead of the competition
• Constant evaluation
• Value creation process
• Internal and external environments as an advantage
• Strategic choice
Levels of Strategic Decisions:
• Operational
o Lower level management – ex. branch manager
find more resources at oneclass.com
find more resources at oneclass.com
o < 1 year
o Day to day operations
• Tactical
o Mid-level management – ex. marketing director
o 1 – 5 years
o Strategy
• Strategic
o Upper level management – ex. CEO
o > 5 years
o Competitive advantage
Organizing a business = success:
• Mission = what
• Vision = why
• Value network = who
• Strategy = how
find more resources at oneclass.com
find more resources at oneclass.com