IRE346H1 Study Guide - Midterm Guide: Competitive Advantage, Scatter Plot, Knowledge Worker
15 May 2020
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Document Summary
The formulation of organizational objectives, competitive scopes and action plans for how an organization intends to achieve a goal, create value, and/or gain advantage over competitors. Strategic plans often change (intended vs. realized strategies); in reality, many strategies are emergent. The longer the time horizon for a strategic plan, the more the realized strategy will substantially differ from the intended strategy. Strategy should be directly tied to the mission, vision, and values of the organization. Corporate strategy: company-wide strategies and decisions about where and how firms will compete; focused on long-term growth and survival. Business strategy: plan to build a competitive focus in one line of business. Functional strategy: translation of corporate and business strategies into functional areas of the organization (e. g. , accounting, marketing, hrm) Vision: a statement about where the company is going and what it can become in the future; clarifies the long-term direction of the company and its strategic intent.
