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The lost meaning of strategy
Understand the principles of strategic planning
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Major Theories, Frameworks, Techniques, & Applications What is Strategy? A majority of our course centered on the seemingly simplistic question: What is strategy? Strategy is one of those words that several individuals know, but cannot necessarily define; I was one of those individuals prior to this course. Strategy is about positioning an organization in a way that is competitively advantageous and can deliver long-term, sustainable, and superior results. This ranges from making decisions based on which industries to participate in, what goods and services to offer, and how to allocate resources most efficiently. Strategy is different from tactics because it is a long-term approach to achieving a broader goal, whereas tactics are short-term actions taken to implement a specific strategy. In short, strategy is the means to achieving desired objectives. These objectives include gaining competitive advantage, creating value for your company’s customers and shareholders, keeping employees happy, and deciding among different trade offs. Strategy’s primary focus is on creating a unique competitive position for your company in an effort to achieve long-term success. To create this sustainable competitive advantage, a manager will strive to put his or her company in a position that competitors cannot attain or imitate. Additionally, strategy can be implemented across multiple levels, including levels as broad as the corporate level or as small as the functional level. SMART Objectives In order to link strategy to performance, managers must set goals—both qualitative and quantitative—to ensure that they are on the right track. The best method of setting goals is through the use of SMART objectives, or objectives that displ... ... middle of paper ... ...ck. Other than that, however, I liked the structure of the course. I thought the project was a great way to bring all that we learned together, and it was very interesting to choose our own company and get to know a lot about the company’s structure and strategies. I also loved the Delivering Happiness book and would have liked to focus a little more on the book and its lessons. I think the book deserved more than one class to be devoted to it because it was so good! Overall, this class was a refreshing take on the comprehensive workings of a company. I learned a lot and was glad to have you as my teacher. Thank you for a great quarter! Side Note You are more than welcome to quote or use what I have written in this reflection paper! Also, thank you for a great quarter. I feel as if I learned a great deal in this course that will benefit me in the future.
23), a strategy is competing differently using a set of actions to perform better over rivals and achieve greater profitability. It is about choosing to be different and making the correct choices to provide direction and guidance to employees and the company on what to do and what not to do.
Wit, BD & Meyer, R 2010, Strategy: process, content, context : an international perspective, Cengage Learning EMEA, London.
It allows the company to move towards its goals efficiently and effectively. Being specific in the objective sets a clear picture of what is need. Including systems to measure the output and success of the objective allows for future improvement and to ensure thing stay on track. A company always wants to ensure that their objective is achievable. The tasks should be challenging but not create hardship or frustration. Objectives that are realistic take into account the skills, funds and other resources available to completing the task. In the case of Maersk, an example of following a SMART objective was the response by the company to the 2008 recession. Maersk’s HRM team had to set short term objectives to maintain growth while improving its workforce. The implementation of different strategies aided the company in its successful development and hiring of qualified candidates to support the short term
Numerous definitions of strategy exist, in most circumstances strategy can loosely be explained as an overall plan of deployment of resources to ascertain a favourable position within a market (Zablah, Bellenger and Johnston 2004; Grant 1994, p 14). Further, imbedded in many successful organisations are strategies, the importance of which is to remain relevant in the market, and successful in the various attributes of business; profiteering, employee motivation, maintaining sustainable core competencies, effectiveness in operation, or efficiency in the conduction of operations. Therefore challenges involved in the formulation and implementation of a strategy can revolve around the overall external market, as well as internal
Thompson, A. A., Strickland, A. J., & Gamble, J. E. (2008). Crafting & executing strategy: The quest for competitive advantage (16th ed.). New York: McGraw-Hill Irwin.
The first portion of the novel is centered on understanding the essence of strategy. The understanding strategy, according to the author, is derived from truly comprehending what strategy
Taking this class is one of the best decision that I made. At first I was hesitant to take this class and simply just want a credit. All of the topic that we discussed in the class are mind blowing and increasing our awareness about our society.
At the beginning of the semester my outlook on this course was not so good. I was not looking forward to giving speeches or learning things that seemed like common sense, but as time went on I could tell that I was actually taking things away from it. I have learned that I am not so good at coming up with things to say under pressure and I get extremely nervous when I have to talk in front of people that I don’t know well. Oh wait, I already knew those things. This class has motivated me to strengthen my social skills and has also taught me how to effectively work in a team environment through the team communication consultant project. I will show this by analyzing my teams strategic plan, the cohesiveness of the team, and the productivity of the team.
I thought that this class would be interesting and exciting, but unfortunately, it was one of those classes that I just couldn't seem to care about or just want to put effort in. It definitely exceeded my expectations, but not the way I wanted it too. For that, it was pretty much a nightmare taking this
Thompson, A.A., Strickland, A.J., & Gamble, J. E. (2010). Crafting and executing strategy: The quest for competitive advantage: Concepts and cases: 2009 custom edition (17th ed.). New York: McGraw-Hill-Irwin
Strategy formulation is the process of establishing the firm's mission, goals, and choosing among alternative strategies or plans; it involves and implies that preparing the best approach to respond to the circumstances of a firm's environment, whether or not its conditions are known in advance; being strategic and tactical, then, means being clear about the management's aims; being aware of the company's resources, and incorporating both into being consciously responsive to a dynamic environment (SM, 2010). As nearly all businesses have limited resources, top leaders and management must determine which alternative plans or strategies will do well to the organization most; strategic management requires attention to the big picture and the motivation to adapt to circumstances, and consists of the following aspects:
As I try to recall all that I learned from this course and convey that information to you I will no doubt leave something out. I would like to start by saying that any omission isn’t from lack of importance, but more so a tough decision on what to put into this paper from the massive amount of information l...
A successful business strategy will identify changes in the external trends in the market place. Plan out what the company’s future direction is. Set out the goals for the management team. It will identify a vision of where the company wants to be in the future. Keep all employees informed of the direction of the company.
An organisation’s mission is the back bone of all strategic decisions; the mission will have an influence on all activities performed within the organisation, because if they aren’t achieving their mission an organisation is failing. The long term strategic goals of an organisation should directly aim to achieve their mission and these goals are what performance can be measured off. Without specific goals attempting to measure performance is pointless, and identifying who or what the main focus of these goals is the key to optimisation.
A strategy which is adopted by an organisation indicates what area the firm intends to do well in.