21632 Chapter 1: Introducing Strategy
Introducing Strategy
Strategy Focus:
-Long term direction
-Scope of activities
-Gaining market advantage
-Responding to environmental changes
-Building resources and capability
-Addressing stakeholder expectations
Levels of Strategy:
•Corporate level - overall scope
•Business level - competition with specific businesses in specific markets
•Operational level - how above strategies are delivered
Horizons for Strategy:
•Horizon 1: extend and defend core business
•Horizon 2: build emerging businesses
•Horizon 3: create viable options
Scenario Planning - a tool used to help make sense of an organisations uncertain future,
attempting to describe possible and plausible futures and organisational responses to potential
future scenarios.
Strategic Management - process of identifying, choosing and implementing activities that will
enhance the long term performance of an organisation by setting direction and by creating ongoing
compatibility between the internal skills and resources of the organisation, and the changing
external environment within which it operates.
Three Fundamental Strategic Questions:
-Where are we now?
-Where do we want to go?
-How are w going to get there?
Strategic Model:
•Strategic position - context
•Strategic choices - content
•Strategy in action - process
Strategists:
-Executives
-Strategic planner and analysts
-Middle level managers
-Consultants (external)
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