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Management101

In: Business and Management

Submitted By leeana1
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Strategy formulation and implementation- chapter 6
Strategic- means to take the long term view – and see the big picture, indluding the organisation and the competitive environment and consider how they fit together.

What is strategic management
- Set of decisions and action sused to formulate and implement startegies that will provide a competitively superior fit between an organisation and its environment so as to achieve organisational goals. E.g. what changes and trends are occuring in the environment in respect to rival companies.
- A company who has strategically prusued a stragey of growth in the australin and asian markets is syd Howard firworks international who conducted fireworks at 2006 melbourne commonwealth olympics and later on provided spectaculr fireworks for the 2010 commonwealth games.
Purpose of strategy- chossing how the organisation will be different
- First step is to define an explicit startegy, which is the paln of action that describes recources allocation and acticities for dealing with the enviroment, achieving a competitive advantage and attaining oganisational goals.
- Competitive advantage; refers to what sets the organisationa apart from others and provides it with a edge for meeting customers or client needs in the marketplace.
- Strategy changes overtime to suite environmental conditions
- To achieve competitive advantage companies muct target customers, cahieve synergy, crate value, exploit core competence.
Target customers
- It defines customers and which of their needs are to be served by the company
- Managers can target them by trageting their market geogrpahically e.g. in a certai part of the country, demgraphically such as aiming towards people in a certain income backet.
- Some firms target people who purchase over the internet e.g. bohoo tenage clothing whereas others aim to serve peopl who like shop in...

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