BUSI 2301 Chapter Notes - Chapter 2: Walmart, Southwest Airlines, Strategic Planning
9 Sep 2015
School
Department
Course
Professor
Document Summary
Chapter 2 competitiveness, strategic planning, and productivity: competitiveness, strategic planning, productivity. Lo1 list and briefly discuss the primary ways that organizations compete. Price/cost producing products customers can afford (southwest airlines & wal mart) Lo2 describe a company"s strategic planning , mission/ vision/ values, strategies, and operations strategy, and list the steps involved in formulating an operations strategy (p. 30) Strategies for competitive advantage: differentiation-better, or at least different (wal mart, cost leadership- cheaper (southwest airlines, response- rapid resonse. Goals & objectives provide substance to the overall mission/vision an objective is a specific goal containing a numerical value. Organizational strategy a long-term plan that will determine the direction an organization will take to become or remain competitive. Functional strategies: finance, marketing monitor the external markets, operations managing trade offs and complementarities between the competitive priorities to achieve organization strategy, cost leadership strategy, differentiation strategy, response strategy. Tactics medium-term plans used as components of a strategy.
