COMMERCE 4SA3 Chapter 2: Chapter 2.docx

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 4SA3
• Professor: sfs

Document Summary

Strategy has 4 concepts: goals: what a business intends to achieve, immediate, hard goals (aims on the perf. ) & soft (social conduct, managers, empl : table 2. 1, p. 22, value proposition how does the buss. intend to attract customers, the benefits that is has chosen to offer in the marketplace = Role of strategy: establishes, sustains & monitors the direction of businesses: do the components of the buss. Strategy complement & reinforce ea. other: does the strategy stand up as you test it against the other elements of the. Mintzberg: the 5p"s = plan, position, ploy, perspective, pattern: ploy = set of tactics on which to compete, perspective = how the firm competes, patter = strategy is accidental, no pattern, just actions. The diamond-e takes into account how a firm positions itself & designs a strategy that enables it to leverage its resources & capabilities to create value. Corporate strategy looks at decisions bout the mngt of businesses across industries.