HM 442 Study Guide - Fall 2019, Comprehensive Final Exam Notes - Swot Analysis, Cost Leadership, Intangibility

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30 Nov 2019
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HM 442
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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
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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
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