PSYB10H3 Chapter Notes - Chapter 9: Retail, Infomediary, Outsourcing
Document Summary
C h a p t e r 9 s t r a t e g i c m a n a g e m e n t. Figure 8-1 strategy formulation and implementation in the strategic management process. Figure 8-4 porter"s model of five strategic forces affecting industry competition. Formulate and implement strategies that yield long-term, sustainable competitive advantage. Create above-average returns for investors: earning above-average returns depends in part on the organization"s environment. Involves assessing existing strategies, organization, and environment to develop new strategies and strategic plans capable of delivering future competitive advantage. All organizational and management systems must be mobilized to support the accomplishment of strategies. Assess current performance vis- -vis mission and objectives. Create strategic plans to accomplish purpose and objectives. Evaluate results; change strategic plans and/or implementation processes as necessary. Good mission statements identify: customers, products and/or services, location, underlying philosophy. An important test of the mission is how well it serves the organization"s stakeholders.
