TOUR3007 Lecture Notes - Lecture 1: Strategic Management, Market Environment, Life-Cycle Assessment
Document Summary
Definitions of strategy and strategic management: multiple definitions. I(cid:374)(cid:272)ludi(cid:374)g mi(cid:374)tz(cid:271)erg"s 5 p"s of defi(cid:374)i(cid:374)g strategy: looks at multiple perspectives so we can best choose what is best for the certain environment. The importance of strategic fit and alignment. Strategic planning: having a framework that can be partly altered depending on situation and environment. The management of processes by which organisations evaluate their changing business environment and shape an organisational response that helps them to meet their goals and create competitive advantage. Shapes strategic direction and choices, organisational structure and resource allocation. Environmental scanning; strategy formulation and evaluation, strategy implementation, monitoring and control (cycle) Trategy: (cid:862)the deter(cid:373)i(cid:374)atio(cid:374) of the (cid:271)asi(cid:272) lo(cid:374)g-term goals and objectives of an enterprise and the adoption of courses of action and the allocation of resources necessary for carrying out these goals(cid:863) Important to ensure competitiveness and survival of an organisation. Needs to be monitored and changed regularly to avoid strategic drift and to respond to turbulent environments.
