BUS 010 Lecture Notes - Lecture 1: Moe Williams, Strategos, Strategic Management
Document Summary
Four common factors when addressing characteristics of strategy that are conducive to success: goals that are simple, consistent, and long-term, profound understanding of the competitive environment, objective appraisal of resources, effective implementation. Strategy: gives direction and purpose, deploys resources in the most effective manner, coordinates the decisions made by different individuals. Military and business strategy share a number of common concepts and principles, the most basic being the distinction between strategy and tactics: strategy. Overall plan for deploying resources to establish a favourable position: tactics. Strategic decisions share three common characteristics: they are important, they involve a significant commitment of resources, they are not easily reversible. The evolution of business strategy has been driven more by the practical needs of business. The evolution of business strategy than by the development of theory. Strategic management was associated with increasing focus on competition as the central characteristic of the business environment and competitive advantage was the primary goal of strategy.
