MGT 3830 : 3830 Test 1 Review
Document Summary
What is strategy: strategy is the means by which individuals or organizations achieve their objectives. What makes people and organizations successful: having a successful strategy. Elements of a winning strategy: successful strategies have four common factors: 1) goals that are simple, consistent, and long-term, 2) profound understanding of the competitive environment, 3) objective appraisal of resources, 4) effective implementation. The art of war by sun tzu is the first treatise on strategy. Corporate vs. competitive strategy: corporate strategy defines the scope of the firm in terms of the industries and markets in which it competes. How do we identify a firm"s strategy? you compete. Identify strategy through a firm"s mission statement, a statement of principles or values, the vision statement, and the strategy statement. A version of some or all of these statements is typically found on the corporations website. Dynamic strategy and intended, deliberate, emergent, realized strategies: distinguished by henry mintzberg.
