CANS 406 Lecture 1: 1 - Intro to Strat Mgmt
22 May 2018
School
Department
Course
Professor
Intro to Strategic Management
Texbook: Michael A. Hitt, R. Duane Ireland, Robert E Hoskisson, Strategic Management: Competitiveness
and Globalization (2016)
Key strategic questions and processes
Strategy
• What is strategy ?
o Competitive advantage
o Blueprint to meet company objectives
o Economic growth
• Why is it important ?
o Earn money, make profit
o Meet stakeholders objectives
• Origin of word strategy: art of war, order of general
• Definition of strategy:
• "an integrated and coordinated set of commitments and actions designed to exploit core
competencies and gain a competitive advantage" textbook, p.4
• "an integrated set of actions designed to create a sustainable advantage over competitors"
McKinsey & Company
o Working definition
• Strategy is the path needed in order to get from point A (where we are today) to point B
(where we want to be)
• Involves "long-term" thinking
• Definition of "long term" can vary depending on context
• Most times: multiple strategies that take place concurrently
• Tactics (or actions) are the steps used in order to take the path to your destination
