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Chapter 6

COMM 103 Chapter Notes - Chapter 6: Swot Analysis, Pest Analysis, Competitive Advantage


Department
Commerce
Course Code
COMM 103
Professor
Gregory Libitz
Chapter
6

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Business Management Notes – Ch.6
Chapter 6: Developing a Business Strategy
Well-directed and positioned strategy + efficient and effective tactics execution = business
growth and profitability
Business strategy answers:
1. Where do we want to play?
2. How do we plan to win?
This creates what is known as intended/deliberate strategy, the specific direction and actions
that will guide the organization going forward.
Core elements for assessing business strategy:
Purpose: mission/vision of the organization
oMission is an organization’s reason for existence
oVision is a forward-thinking statement that defines what a company wants to
become
Markets: specific market/market segments the business sees itself competing in
oProfitable? Growth?
oIf not, then harvesting is a strategy that reduces commitment to a particular
market given its perceived weak future growth/profitability potential
Products and services: R&D, determining which products/services to keep, sell, or
develop
Resources: allocating limited capital with capacity limitations
Business system configuration: modifying the organization’s infrastructure and the
way it does business
oDistribution outlets, marketing campaign, plants and facilities, etc.
Responsibility and accountability: who will make sure the strategy is accomplished?
oSMAC (Smart, Measurable, Actionable, and Controllable)
Developing a strategic plan:
1. Revisit our purpose
2. Undertake an internal/external analysis to understand the environment
3. Assess our view of our world (what are our options)
4. Choose a direction
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