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What is strategy?
- A course of action, including the specification of resources required, to achieve a specific objective
- Concerned with
- purpose and long term direction
- scope of organisations' activities
- meeting challenges from external environment
- effective use of internal resources
- delivering value to those who depend on the organisation
- purpose and long term direction
- Strategic management considers
- scope of business activities
- matching activities to capabilities
- allocation of resources
- operational decisions which follow
- values and expectations of senior management
- long-term direction
- change in the business
- scope of business activities
- Mintzberg: 5 Ps of Strategy
- Plan
- Provide direction
- Provide direction
- Pattern
- consistent
- consistent
- Ploy
- tactic to deter/confuse competition
- tactic to deter/confuse competition
- Postition
- where organisation places
itself within market or
environment
- where organisation places
itself within market or
environment
- Perspective
- perception of environment and
interpreting the information from it
- perception of environment and
interpreting the information from it
- Plan
- Strategic levels
- Corporate
- Purpose and scope
- Purpose and scope
- Business
- approach to market
- approach to market
- Functional
- long term management policies
- long term management policies
- Corporate
- Strategic areas
- Financial
- capital structure, dividend policy
- capital structure, dividend policy
- Investment
- use of capital to provide strategically valuable resources
- use of capital to provide strategically valuable resources
- Competitive
- how the business out-performs rivals
- how the business out-performs rivals
- Financial
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