decisions that emerge from the complex processes in which ind mgrs interpret the intended strategy and adapt.
Why businesses need strategies
give direction and purpose, deploy resources effectively and coordinate decisions.
Strategy vs tactic
S - overall plan for deploying resources to estab a favorable position. (war)
T-scheme for a specific action (battles)
Strategy as a Coordinating Device
Way to communicate to organization's members. Buy-in needed and monitoring.
Business Strategy (Competitive Strategy)
concerned with how the firm competes within a participates within a particular industry or market. To prosper within the industry, it must estab a competitive advantage. (divisional mgmt)
Framework for strategy analysis
The Firm: 1. goals and values, 2. resources and capabilities, 3. structure and systems
RELATIONSHIP TO:
The Industry Environment: Customers, Competitors, Suppliers
