STRATEGY 411- Midterm Exam Guide - Comprehensive Notes for the exam ( 52 pages long!)
Document Summary
Notes from reading profitability increase about of money made less expenses, growth making company bigger, increasing market to ultimately make it more profitable. Most executives can"t summarize company"s strategy (in 35 words or less) Critical components of a good strategy statement: objective, scope, and advantage. Strategy statement should begin with a description of the goal of the strategy, time frame for achieving it, and how your company will go about executing strategy/why it"s advantageous. Must explain how you"re going to reach your objective, what your business will do better in comparison to competitors, why it"s advantageous to invest in your firm. Strat statement is different from mission statement: strat mission defines firm"s motivation for doing business and how they contribute to society. Should be specific, measurable, time bound (should be a single goal) Single precise objective that drives business over extended period of time. Scope: customer or offering, geographic location, and vertical integration.
