Chapter 1 Business Policy Notes

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Business Administration
BADM 4000
Knut Brundtland

BUS*4250 – Business Policy Chapter 1 Notes Mastering Strategy: Art & Science DEFINING STRATEGIC MANAGEMENT & STRATEGY What is Strategic Management? Strategic Management: Examines how actions & events involving top executives, firms & industries influence a firm’s success or failure  Asks questions such as “why do some firms out perform others”  Many formal tools can be applied Defining Strategy: The 5 P’s  Created by Professor Henry Mintzberg of McGill University  Understanding strategy can be viewed as a plan or a ploy  Each of these 5 ways is necessary for understanding strategy but none of them alone is sufficient to master the concept Strategy as a Plan Strategic Plan: A carefully crafted set of steps that a firm intends to follow to be successful  Almost every firm creates a strategic plan to guide its future Business Model: Describes the process through which a firm hopes to ear profits  Should be a central element of firm’s strategic plan  Changes I behaviour of competitors, customers, suppliers etc. can all be forms of unexpected change that requires adjusting to shifting situation Strategy as a Ploy Strategic Ploy: A specific move designed to outwit or trick competitors  Often require using creativity to enhance success\  Most are legal, but some aren’t Strategy as a Pattern Strategy as pattern: The extent to which a firm’s actions over time are consistent  Important to offer consistency to customers  There are risks in following pattern to closely – a consistent pattern can make a company predictable Strategy as a Position Strategy as Position: A firm’s place in the industry relative to its compet
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