MGT 3304 Chapter Notes - Chapter 6: Strategic Management, Swot Analysis, Scenario Analysis
Document Summary
Mgt 3304- chapter 6: strategic management: strategic positioning and its principles, strategic positioning- attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company, key principles, 1. Strategy is the creation of a unique and valuable position: few needs, many customers, broad needs, few customers, broad needs, many customers, 2. Strategy involves creating a fit among activities: fit has to do with the ways a company"s activities interact and reinforce one another, five steps of the strategic management process, 1. Establish the mission and the vision: 2. Assess the current reality: current reality assessment- look at where the organization stands and see what is working and what could be different so as to maximize efficiency and effectiveness in achieving the organization"s mission, 3. Formulate the grand strategy: grand strategy- explains how the organization"s mission is to be accomplished.
