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Louisiana State University
MGT 3830

Chapter 1The Concept of StrategyThe Role of Strategy in SuccessMadonna Vietnam War Lance ArmstrongoNone of these examples can success be attributed to overwhelmingly superior resourcesoStrategies did not exist as a plan nor was it even explicitly statedSuccessful strategy consists of 4 common factorsoGoals that are simple consistent and long termSingleminded commitment to a clearly recognized goal that was pursued steadfastly over a substantial part of their lifetimeoProfound understanding of the competitive environmentDesign strategies around deep and insightful appreciation of arena of competitionoObjective appraisal of resourcesEffective in exploiting internal strengths while protecting areas of weaknessoEffective implementationCapacity to reach decisions energy in implementing them ability to foster loyalty and commitment among subordinatesThe Basic Framework for Strategy Analysis4 factors of successful strategy are recast into two groupsthe firm and industry environmentwith strategy forming the link between the twooThe FirmGoals and valuessimple consistent long termResources and capabilities objective appraisal of resourcesStructure and systems effective implementationoThe Industry EnvironmentProfound understanding of competitive environmentWhats wrong with SWOT strengths weaknesses opportunities and threatsoStrengths and weaknessesinternal environmentoOpportunities and threatsexternal environmentoArbitrary classification of external factors into OP and internal factors into SW is less important than a careful identification of these external and internal factors followed by an appraisal of their implicationsTHE INDUSTRYTHE FIRMCompetitors Goals and valuesStrategyCustomersResources and capabilitiesSuppliersStructure and systemsA Brief History of Business StrategyEnterprises need strategies to give direction and purpose to deploy resources in the most effective manner and to coordinate the decisions made by different individualsStrategyoverall plan for deploying resources to establish a favorable positionTactica scheme for a specific actionStrategic decisions whether military or business share 3 common characteristicsoThey are importantoThey involve a significant commitment of resourcesoThey are not easily reversibleDuring 60s and 70s diversification became major emphasis of corporate planningBut oil shocks and international competition in the 70s made companies no longer able to plan far into the future
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