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Chapter 1

BUSI 4220U Chapter 1: BUSI4220U - Chapter 1

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School
Department
Business
Course
BUSI 4220U
Professor
Salma Karray
Semester
Winter

Description
Three levels of strategy: similar components but different issues What is a strategy? o A strategy is a fundamental pattern of present and planned objectives, resource deployments, and interactions of an organization with markets, competitors, and other environmental factors o A strategy should specify (1) what (objectives to be accomplished), (2) where (on which industries and productmarkets to focus), and (3) how (which resources and activities to allocate to each productmarket to meet environmental opportunities and threats and to gain a competitive advantage) The components of strategy o Scope The breadth of its strategic domain the number and types of industries, product lines, and market segments it competes in or plans to enter Should reflect managements view of the firms purpose or mission Defines the essential nature of what its business is and what it should be o Goals and objectives Detail desired levels of accomplishment on one or more dimensions of performance over specified time periods for each of those businesses and productmarkets and for the organization as a whole o Resource deployments Deciding how those resources are to be obtained and allocated across businesses, productmarkets, and functional departments and activities within each business or productmarket o Identification of a sustainable competitive advantage How the organization will compete in each business and product market within its domain How can it position itself to develop and sustain a differential advantage over current and potential competitors Managers must examine the market opportunities in each business and productmarket and the companys distinctive competencies or strengths relative to its competitors o Synergy Exists when the firms businesses, productmarkets, resource deployments, and competencies complement and reinforce one another
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