MGT363H5 Chapter Notes - Chapter 2: Training And Development, Jaguar Cars, Balanced Scorecard
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Innovation and change: pertain to internal flexibility & readiness to adapt to unexpected changes in the environ: productivity: goals concern amount of output received from the available resources. Po(cid:396)te(cid:396)"s co(cid:373)petiti(cid:448)e st(cid:396)ategies: porter introduced a framework describing 3 competitive strategies: low-cost leadership; differentiation, and focus, focus strategy is in which the organization concentrates on a specific market or buyer group. Divided up into focused low-cost leadership and focused differentiation: to use this model, managers evaluate 2 factors, competitive adv. In differentiation strategy, orgs attempt to distinguish their products or services from others in the industry through advertising, distinctive product features, exceptional service or new technology: usuall(cid:455) ta(cid:396)gets (cid:272)usto(cid:373)e(cid:396)s (cid:449)ho a(cid:396)e(cid:374)"t (cid:272)o(cid:374)(cid:272)e(cid:396)(cid:374)ed (cid:449)ith p(cid:396)i(cid:272)e so it"s (cid:395)uite p(cid:396)ofita(cid:271)le. Ex. jaguar cars or roots clothing, or four seasons hotel this st(cid:396)ateg(cid:455) (cid:272)a(cid:374) (cid:396)edu(cid:272)e (cid:396)i(cid:448)al(cid:396)(cid:455) (cid:449)ith (cid:272)o(cid:373)petito(cid:396)s a(cid:374)d (cid:272)usto(cid:373)e(cid:396)s lo(cid:455)al to (cid:272)o(cid:373)pa(cid:374)(cid:455)"s (cid:271)(cid:396)a(cid:374)d require costly activities however, like product research and design and extensive advertising.
