...Thompson−Strickland−Gamble: Crafting and Executing Strategy: Concepts and Cases, 16th Edition I. Concepts and Techniques for Crafting and Executing Strategy 1. What Is Strategy and Why Is It Important? chapter one © The McGraw−Hill Companies, 2008 1 What Is Strategy and Why Is It Important? Strategy means making clear-cut choices about how to compete. —Jack Welch Former CEO, General Electric A strategy is a commitment to undertake one set of actions rather than another. —Sharon Oster Professor, Yale University The process of developing superior strategies is part planning, part trial and error, until you hit upon something that works. —Costas Markides Professor, London Business School Without a strategy the organization is like a ship without a rudder. —Joel Ross and Michael Kami Authors and Consultants Thompson−Strickland−Gamble: Crafting and Executing Strategy: Concepts and Cases, 16th Edition M I. Concepts and Techniques for Crafting and Executing Strategy 1. What Is Strategy and Why Is It Important? © The McGraw−Hill Companies, 2008 anagers face three central questions in evaluating their company’s business prospects: What’s the company’s present situation? Where does the company need to go from here? How should it get there? Arriving at a probing answer to the question “What’s the company’s present situation?” prompts managers to evaluate industry conditions and competitive pressures, the company’s current performance and market standing, its resource strengths...
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...Confirming Pages PART 1 SA M PL E C H AP TE R Concepts and Techniques for Crafting and Executing Strategy tho29503_ch01_001-017.indd 1 12/10/12 4:52 PM Confirming Pages WHAT IS STRATEGY AND WHY IS IT IMPORTANT? AP Learning Objectives TE R CHAPTER 1 Learn what we mean by a company’s strategy. LO 2 Grasp the concept of a sustainable competitive advantage. LO 3 Develop an awareness of the four most basic strategic approaches for winning a sustainable competitive advantage. LO 4 Understand that a company’s strategy tends to evolve over time because of changing circumstances and ongoing management efforts to improve the company’s strategy. LO 5 Learn why it is important for a company to have a viable business model that outlines the company’s customer value proposition and its profit formula. LO 6 Learn the three tests of a winning strategy. M PL E C H LO 1 SA Strategy means making clear-cut choices about how to compete. Jack Welch – Former CEO of General Electric If your firm’s strategy can be applied to any other firm, you don’t have a very good one. David J. Collis and Michael G. Rukstad – Consultants and professors One must have strategies to execute dreams. Azim Premji – CEO Wipro Technologies and one of the world’s richest people tho29503_ch01_001-017.indd 2 12/10/12 4:52 PM AP Many factors enter into a full explanation of a company’s performance, of course. Some come from the external environment; others are internal to the firm...
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...02 Digital Marketing Strategy What’s inside: An introduction to some key terms and concepts and a guide to understanding strategy. We look at the questions to ask when compiling a digital marketing strategy, and a digital marketing strategy in action. Digital Marketing Strategy › What is marketing? Digital Marketing Strategy › Introduction 2.1 Introduction A strategy indicates the most advantageous direction for an organisation to take over a defined period of time. It also outlines which tactics and means should be used to execute this direction. Originating as a military term, strategy is about using your strengths, as well as the context in which you are operating, to your advantage. In marketing, strategy starts with understanding what the business wants to achieve, or what problem it wants to solve. It then considers the context in which the business and its competitors operates, and outlines key ways in which the business and brand can gain advantage and add value. In this chapter, you will learn: • How to define and distinguish business strategy, marketing strategy and digital strategy • The questions that need to be asked when assembling a digital marketing strategy 2.2 Key terms and concepts Term Definition Application programming interface (API) A particular set of rules and specifications that software programs can abide by when communicating with each other. It serves as an interface between programs and ...
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...is necessary to implement strategic planning. This document presents the interrelated stages of crafting and executing strategy as it relates to Comfort Care Pharmacy with emphasis being placed on the first three stages of the process. Little emphasis is placed on the two final stages of the process however there critical importance and effects on the strategic making process is briefly discussed. Table of Contents 1. INTRODUCTION 1 2. BACKGROUND 1 3. VISION STATEMENT 2 4. MISSION STATEMENT 2 5. STATEMENT OF VALUES 3 6. ENVIRONMENT ANALYSIS 4 6.1. ANALYSIS OF THE EXTERNAL ENVIRONMENT 4 6.2. ANALYSIS OF THE INTERNAL ENVIRONMENT 4 7. STRATEGIES 5 7.1. GENERIC COMPETITIVE STRATEGIES 5 7.2. BUSINESS STRATEGY 6 7.3. FUNCTIONAL STRATEGIES 6 7.3.1. Procurement Strategy 6 7.3.2. Online Marketing Strategy 7 7.4. IMPORTANCE OF IMPLEMENTATION, EXECUTION AND EVALUATION OF THE DERIVED STRATEGIES 7 8. CONCLUSION 8 9. RECOMMENDATIONS 9 10. REFERENCES 10 11. APPENDIX A: PEST ANALYSIS FOR COMFORT CARE PHARMACY 11 12. APPENDIX B: SWOT ANALYSIS FOR COMFORT CARE PHARMACY 12 1. Introduction Comfort Care Pharmacy is the largest pharmacy in the Tuschen Housing Scheme, and has seen considerable growth since its establishment in 2008. Given the significant growth; the company has recognised the need to plan strategically. This paper is divided into seven sections. The first section gives a background...
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...Webster University | Management and Strategy | A glance into Wal-Mart | | Monica Kendra Leigh Spell | 2/5/2011 | A case study of Wal-Mart discussing strategic initiatives | Threats and Challenges A SWOT analysis provides a description of an organization’s strengths, weaknesses, opportunities, and threats. It is an important tool in management decision making, because managers are able to look at what their areas of improvement need to be, what their strong points are, and how to integrate the two to benefit the organization. After conducting a SWOT analysis of Wal-Mart, a few threats and challenges were identified. Changes in executive leadership can and usually do pose challenges for an organization. In this regard, Wal-Mart is no different. Lee Scott took the post as CEO of Wal-Mart in January 2000. Some of his challenges throughout his reign as CEO were ethical issues, personnel dilemmas, health insurance reform, and pressures from external groups. Ethics guides the managers’ decision making process by determining moral awareness, judgment, and character. The manager must acknowledge that an ethical issue exists, determine a solution that is within morals, and have the ability to carry out their ethical decisions. Managers must also wear a “veil of ignorance”, a term based on John Rawls experiment. This means that managers must place themselves in the group that the decision will negatively affect and weigh the decision. Ethical decision making...
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...MARKETING MANAGEMENT Contributors: Prof. Dr. Ashok Kurtkoti Prof. Avinash Deshpande Prof. Dr. Rajendra Bartakke Prof. Dr. N.J. Chavan Prof. Pradeep Sadarpatil Prof. Sandip Kodgire Prof. Swapnil Patil Prof. Gaurav Petkar Prof. Shripad Joshi Prof. Sheetal Kunjir 1 Marketing Management Session Plan (31st batch PGDM) MARKETING MANAGEMENT : Session Plan Session 1 Topic Introduction: Developing rapport between faculty and students, syllabus overview, about lectures and cases, etc. Defining marketing for the 21st century The Scope of Marketing Core Marketing Concept Company Orientation Toward The Marketplace Marketing Management tasks Scanning the marketing environment , Forecast demand and conducting marketing research Components of a modern Marketing Information System Internal records Marketing intelligence Identifying the major forces The demographic environment The economic environment The socio-cultural environment The natural environment The technological environment The political –legal environment Scanning the marketing environment , Forecast demand, and conduction marketing research The Marketing Research System The Marketing Research Process Chapter No. 2/3 Chapter 1 4 11 18 24 Chapter 3 4 60 61 62 65 66 68 70 71 73 74 Chapter 3 5 82 84 2 6 Creating Customer Value and Customer Relationship Building Customer Value, Satisfaction and Loyalty Customer Perceived Value Total Customer Satisfaction Customer Relationship Management...
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...Develop an argument supporting the importance of a strategic plan for the success of the defined business. Strategic planning is critical to business success. Different from classic business planning, the strategic variety involves vision, mission and outside-of-the-box thinking. Strategic planning describes where you want your company to go, not necessarily how you're going to get there. However, like all other "travel plans," without knowing where you want to go, creating details on how to arrive are meaningless. Strategic planning defines the "where" that your company is heading. Strategic planning is the core of any business. 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). Unlike business plans, there is no one right way to create effective strategic planning. It is, by definition, brainstorming at its best. Strategic planning involves "feel" just as much as it depends on management science. Since it depends on creativity and outside-the-box thinking, there is no perfect way to design a winning strategic plan. The more you understand your company, your industry, and your corporate "wish list," the better a winning strategic plan you'll create. Pearce, John, & Robinson, Richard Strategic Management 12th edition As critical as business planning is to the success of your company, all plans are useless unless followed by action. An additional side...
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...Business Strategy Assignment 1-4 Lecturer Name：Charlie Dayman Student Name: XIANG XIANG LIN, CHEN CHEN HE CLEBER ALMEIDA, NAMIR EL MULHIM Student Number: 2012855, 2012979, 2012939, 2012840 17th December, 2013 Table of Contents 1. Introduction---------------------------------------------------------------------------------5 2. Task 1-----------------------------------------------------------------------------------------5 2.1 explain the meaning of strategy, strategic contexts and the terminology associated with business strategy----------------------------------------------------5 2.2 outline and comment on the issues involved in strategic planning----------8 2.3 explain different planning techniques---------------------------------------------9 3. Task 2----------------------------------------------------------------------------------------16 3.1 producing an ‘organizational audit’ for an organization of Apaches Pizza & Lam Take Away-------------------------------------------------------------------16 3.2 carrying out an ‘environmental audit’ for Apaches Pizza & Lam Take Away-------------------------------------------------------------------------------------18 3.3 explain the significance of ‘stakeholder analysis’------------------------------21 4. Task 3----------------------------------------------------------------------------------------23 4.1 analyze possible alternative strategies relating...
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...Introduction The porter forces model was first developed in 1979 by Michael .F. Porter of the Harvard as structure for assessing and evaluating the competitive position and power of an organization, the model is grounded on the concept that there are five forces which ascertain the competitive intensity of the market (Porter, 2008). Figure 1.1 shows a diagram of the five forces model, (Flesicher, 2007) Porter’s five forces model is quite useful and it provides a number of benefits , its most contribution is that it's a relevant tool to help organizations find the fundamental structuring components of their given business operation. It is the map showing where the company is and where they hope or want to be (Flesicher, 2007).Further more Schmidt (p.82, 2010) adds that “The model help to identify where the power is in the present business situation, This is important both in understanding the might of a company’s current competitive situation and the power of a position that the company wants to move to.”By understanding where the intensity is, the model can be used to identify the areas of strength, to improve failings and prevent mistakes; also strategic analysts often use the theory to know if new products or services are potentially profitable (Roy, 2011). The five forces model is a tool for analysising the competitive environment as Henry (p.70, 2008) states that “It allows an organization to determine the attractiveness or profit potential of a given market by...
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...What is Competition? 1-1 “Without a strategy the organization is like a ship without a rudder.” Joel Ross and Michael Kami 1-2 Thinking Strategically: The Three Big Strategic Questions 1. What’s the company’s present situation? 2. Where does the company need to go from here? Business(es) Buyer to be in and market positions to stake out needs and groups to serve to head Direction 3. How should it get there? A company’s answer to “how will we get there?” is its strategy 1-4 What Do We Mean By “Strategy”? Consists of competitive moves and business approaches used by managers to run the company Management’s “action plan” to Grow the business Attract and please customers Compete successfully Conduct operations Achieve target levels of organizational performance 1-5 The Hows That Define a Firm's Strategy How How How How to grow the business to please customers to outcompete rivals Strategy is HOW to . . . to manage each functional piece of the business (R&D, production, marketing, HR, finance, and so on) to respond to changing market conditions to achieve targeted levels of performance 1-6 How How Choosing the “Hows” of Strategy Strategic choices about “how” are based on Trial-and-error organizational learning about what has worked and what has not worked Management’s appetite for taking risks Managerial analysis and strategic thinking about how best...
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...Thompson−Strickland−Gamble: Crafting and Executing Strategy: Concepts and Cases, 14th Edition Benziger Family Winery Case © The McGraw−Hill Companies, 2004 1 case Benziger Family Winery Murray Silverman San Francisco State University 36 Tom Lanphar California Department of Toxic Substances Control had been the primary participants developing the system, the rest of the organization would have to become involved and staff training would be required. In light of the financial investments and time that would be required from management and employees, Matt and Chris had to decide whether to aggressively pursue ISO 14001 certification. The alternative was to continue to develop an EMS as time and resources permitted, leaving open the possibility of eventually pursuing ISO 14001 certification. M att Atkinson, ranch manager at Benziger Family Winery (BFW), was overseeing the development of the winery’s environmental management system (EMS). Matt was working with Chris Benziger, partner and national sales manager, to ensure that development of the EMS was consistent with BFW’s operational and strategic direction. It was February 2003 and Matt and Chris had already invested countless hours in the EMS, which was being developed with assistance from the California Environmental Protection Agency (Cal/EPA). Through its EMS winery pilot project, Cal/EPA hoped to design an EMS template that eventually could be made available to other wineries. Furthermore,...
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...BUSN319 Final Exam Study Guide YOU MAY WANT TO PRINT THIS GUIDE. 1. The Final Exam is open book and open notes. The maximum time you can spend in the exam is 3 hours, 30 minutes. If you have not clicked the Submit For Grade button by then, you will be exited from the exam. In the Final Exam environment, the Windows clipboard is disabled, and you will not be able to copy exam questions or answers to or from other applications. 2. You should click the Save Answers button in the exam frequently. This helps prevent connection timeouts that might occur with certain Internet service providers, and also minimizes lost answers in the event of connection problems. If your Internet connection does break, when you reconnect, you will normally be able to get back into your Final Exam without any trouble. Remember, though, that the exam timer continues to run while students are disconnected, so students should try to log in again as quickly as possible. The Help Desk cannot grant any student additional time on the exam. 3. See the Syllabus section "Due Dates for Assignments & Exams" for due date information. 4. Reminders * You will only be able to enter your online Final Exam one time. * Click the Save Answers button often. * If you lose your Internet connection during your Final Exam, log on again and try to access it. If you are unable to enter the Final Exam, first contact the Help Desk and then your instructor. * You will always be able to see the time...
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...Chapter 1: What Is Strategy and Why Is It Important? Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy University McGraw-Hill/Irwin Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. “Strategy means making clear-cut choices about how to compete.” Jack Welch Former CEO, General Electric “Without a strategy the organization is like a ship without a rudder.” Joel Ross and Michael Kami Chapter Learning Objectives 1. Understand the role of business strategies in moving a company in the intended direction, growing its business, and improving its financial and market performance. 2. Develop an awareness of the four most reliablestrategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage. 3. Learn that business strategies evolve over time because of changing circumstances and ongoing management efforts to improve the company’s strategy. 4. Understand why a company’s strategy must underpinned by a business model that produces revenues sufficient to cover costs and earn a profit. 5. Gain awareness of the three tests that distinguish a winning strategy from a so-so or flawed strategy. 6. Learn why good strategy and good strategy execution are the most trustworthy signs of good management. 1-4 Chapter Roadmap What Do We Mean by “Strategy?” Strategy and the Quest for Competitive Advantage Identifying a Company’s Strategy Why a Company’s Strategy Evolves Over Time A...
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...Business Model and Strategic Plan Part I BUS/475 April 28, 2015 Business Model and Strategic Plan Part I Anheuser-Busch InBev is the name of the leading global brewer. The company has a “portfolio of more than 200 beer brands, including three global flagship beers: Budweiser, Stella Artois and Beck’s” (“Anheuser-Busch”, 2015). Budweiser is an American style lager and was introduced in 1876 by Adolphus Busch. Adolphus Busch wanted to create the United States first national beer brand. Budweiser became universally popular and has exceeded regional tastes. Budweiser is known as the “King of Beer”. Budweiser is brewed using a “blend of imported and classic American aroma and bittering hops, and a mixture of barley malts and rice, and the lager undergoes a 30 day brewing process that includes the time honored methods of kraeusening for natural carbonation and Beechwood aging, to create its unparalleled balance, character and signature crisp finish” (“Anheuser-Busch”, 2015). Budweiser’s vision is “Through all of our products, services and relationships, we will add to life's enjoyment”. Budweiser’s mission is to be the world's beer company, enrich and entertain a global audience, and deliver superior returns to their shareholders. The “Anheuser-Busch” website (2015) state that “values are to have quality in everything they do, exceed customer expectations, trust, respect and integrity in all of their relationships, continuous improvement, innovation and embracing change...
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...Business Diploma BSBMKG514A Implement and Monitor Marketing Activities Assessment 2 By Sara Lawson August 2014 Task 1 * Interdependent Strategies The marketing mix is a business tool used in marketing and by marketers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four P's: price, product, promotion, and place. In service marketing, so my take on the key words “interdependent strategies” would be referring to the different strategies that are in place for each stage or section of the marketing mix such as price, product promotion and place. An example of this is there would be an interdependent strategy in place to determine the price of a product and value where there would also be a totally different strategy in place for the promotion side of the marketing mix, although the strategies are all “interdependent “ they do all contribute to each other area of the overall strategy. * The needs of a particular target group “the needs of a particular target group” my understanding of the meaning of this phrase or statement is that each are of the marketing mix such as the price is aimed at a particular target group or target market that which together means that each interdependent strategy is in place to meet the needs of the target groups the company has aimed to produce the product for consumers. * Consistent with the resources and capabilities of the organisation The statement...
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