Strategic Management Fundamentals

📋 Course Outline

1. What strategy is and why it matters
2. Strategy versus operational effectiveness
3. Competitive advantage and strategic choices
4. Strategy statement goals scope capabilities
5. External analysis: environment and competitive forces
6. PESTEL and industry analysis tools
7. Internal analysis: RBV and VRIO
8. Value chain, benchmarking and SWOT TOWS
9. Strategic management process and SBUs
10. Generic strategies and hybrid strategy risks
11. Corporate strategy: vertical integration and outsourcing
12. Diversification tests and corporate parent value

📖 1. What strategy is and why it matters

🔑 Key Concepts & Definitions

• Strategy : Strategy is a company’s long-term direction that sets where it wants to go and how it plans to succeed over time.
• Long-term direction : Long-term direction is the multi-year positioning of a firm that guides major choices affecting future performance and market standing.
• Operational decisions : Operational decisions are day-to-day choices focused on routine tasks rather than the firm’s overall future direction.
• Effectiveness : Effectiveness is the selection of the right goals so the organization pursues objectives that fit what it truly wants to achieve.
• Efficiency : Efficiency is the best use of resources to reduce waste and increase productivity while carrying out chosen activities.

📝 Essential Points