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Foundations of Strategy: Chapter 1. Group 1 Allyson Hatz Alexa McDaniel Molly Moseley Bonnie Lee Rafael Garcia. Strategy. Strategy: The means by which individuals or organizations achieve their objectives or goals Corporate strategy

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foundations of strategy chapter 1

Foundations of Strategy: Chapter 1

Group 1

Allyson Hatz

Alexa McDaniel

Molly Moseley

Bonnie Lee

Rafael Garcia

strategy
Strategy
  • Strategy: The means by which individuals or organizations achieve their objectives or goals
    • Corporate strategy
      • Defines the scope of the firm in terms of the industries and markets in which it competes
    • Business strategy
      • Concerned with how the firm competes within a particular industry or market
role of strategy in success
Role of Strategy in Success
  • Goals that are simple, consistent, and long term
    • Single-minded commitment to clear goal
  • Profound understanding of competitive environment
  • Objective appraisal of resources
    • Exploit internal strengths and protect areas of weakness
  • Effective implementation
    • Emergence of organizations and responding to changes in the environment
strategy design
Strategy Design
  • Intended strategy
    • Conceived by top management
    • Negotiation, bargaining, and compromise
  • Realized strategy
    • Actual strategy implemented
    • Only 10-30% of intended strategy is realized
  • Emergent strategy
    • Interpret the intended strategy and adapt to changing external circumstances
roles of strategy
Roles of Strategy
  • Decision support
  • Coordinating device
    • Communication
  • Target
    • Motivation and inspiration
  • Animation and orientation
    • Map: Focus and direction
profit and purpose
Profit and Purpose
  • Desire to create vs. desire to be rich
  • US, Canada, and Australia
    • Shareholder interest
  • Europe
    • Employee, state, and the enterprise as a whole interests
  • Corporate Social Responsibility
    • Firm as property
    • Firm as social entity
lady gaga
Lady Gaga
  • New York University’s Tisch School of the Arts drop out
  • At age 19, landed recording contract and was dropped after 3 months
  • Accused of being “imitative” with her look
  • Formed a band and was finally recognized
  • Released debut album, The Fame, in 2008
james dyson
James Dyson
  • Initially studied architecture at the Royal College of Art in London
  • Took 5 years to develop his cyclone bagless vacuum
  • Couldn’t find a company in the UK to distribute his product-too risky
  • Supported by his wife’s income who was an art teacher
  • Entered into partnership with Japanese company and product was launched
alex ferguson
Alex Ferguson
  • Manchester United Football Club Manager
  • Relentless pursuit of excellence
  • Rebuilt scouting and youth development-went global to find talent
  • Would sell some of his most outstanding players (Beckham, Ronaldo) if he believed that their celebrity created impediment to team unity
routes to success effectively implemented s trategy
Routes to Success: Effectively Implemented Strategy
  • Lady Gaga- Understanding of the role that live performances and social media play in developing a fan base
  • James Dyson- When he was shot down in the UK, went to Japan
  • Alex Ferguson- Combined old-fashioned virtues with critical insight to success in soccer in the modern era.
goals that are simple consistent long term
Goals that are Simple, Consistent, Long-term
  • Lady Gaga- Didn’t go to New York School of Arts that was offered to her to pursue her quest for fame
  • James Dyson- Persisted for over 5 years to make his vacuum
  • Alex Ferguson- Keeps his main focus on his team
understanding of the competitive e nvironment
Understanding of the Competitive Environment
  • Lady Gaga- Created a ‘brand’ for herself, focused on live shows, merchandising, and social media
  • James Dyson- Realized significance of TV advertising to sell his product, moved his manufacturing base from the UK to Malaysia to cut costs
  • Alex Ferguson- Recognized need to look worldwide for talent
objective appraisal of resources
Objective Appraisal of Resources
  • Lady Gaga- Compensated in any weakness of performing abilities by developing her image and relying on a large team of designers for her live performances
  • James Dyson- Patented his product so when Hoover copied his design, he took them to court and won significant damages.
  • Alex Ferguson- Masterful in including the psychological factors that are critical to success
effective implementation
Effective Implementation
  • Effective leadership in terms of capacity to reach decisions
  • Loyalty and commitment among subordinates
  • Quick responses to change in the competitive environment
slide15
IKEA
  • Ingvar Kamprad
    • Established IKEA in 1943
    • Entrepreneur
    • Cost cutting solution to compete
    • 330 stores in 40 countries
  • The IKEA vision is to create a better everyday life for the many people.
    • Wide range of well-designed and functional home furnishing
    • Low prices
ikea strategy
IKEA Strategy
  • Competitive advantage:
    • Price tags
      • Low cost manufacturing process at large volumes
      • Assembled furnishings at home
        • Minimizes transportation costs
      • Recycling left over materials
    • Product Range
      • “ The many people”
      • Small space storage innovations
      • Focus on what’s important
      • Hard wearing and easy to live with products
emergent strategy
Emergent Strategy
  • “Offer even lower prices to customers, while positioning itself for long term growth”
    • Separating good costs from bad
    • Lowering operational costs
    • Increase volume
    • Better functioning supply chain
    • Empowering co-workers
apple
Apple
  • Price your products to customer segments
    • iPhone 3gs $99
  • Keep your eye to the future
  • Listen to your customers
under armour
Under Armour
  • Enter the soccer world
  • Tottenham Hotspur, English Premier League
  • Start player?
strategy for management
Strategy for Management
  • Good relationships and communication at all levels
  • Effective leadership at all levels
  • Resource based views of strategy
  • Motivation and inspiration of all members
  • Motivation factors other than profits
strategy for marketing
Strategy for Marketing
  • Product placement
  • Social media
  • Being better than competitors
  • Use of questionnaires and interviews
  • Competitive advantage
strategy for profit
Strategy for Profit
  • Reduce costs to survive competition
  • Use of economic forecasts
  • Value: Monetary vs. Nonmonetary
    • Customer satisfaction
  • Goal is to maximize profits over the long run
strategy at every level
Strategy at Every Level
  • Setting goals: simple, consistent, long term
  • Having the proper knowledge
  • Technology reshaping the way we do business
  • Corporate Social Responsibility and ethics
  • Competitive advantage
  • Creating goals:
    • Mission statements
    • Statement of principles or values
    • Vision statements
    • Strategy statements
  • Success through coordinated efforts
  • External vs. Internal environments of a firm