MGT 8803 Business Strategy Course: Study Guide, Notes & Test Bank

MGT 8803 - Business Strategy

The management process planning, organizing, leading, controlling

planning setting performance objectives and deciding how to achieve them

organizing arranging tasks, people, and other resources to accomplish the work

leading inspiring and motivating workers to work hard to achieve organizational goals

controlling measuring performance and taking action to ensure desired results

1. set goals
2. superior (financial performance)
strategy steps
3. compare with competitors and against industry average
4. formulate over multiple levels of the organization that have to align

- profit center which focuses on product offering and market segment
strategic business unit (SBU) - winning in the market place
- a competitive advantage

goal-directed actions a firm takes to gain and sustain superior performance rel
strategy
to competitors.

superior performance relative to other competitors in the same industry or the
competitive advantage
industry average

A unique position within an industry that allows the firm to provide value to
strategic positioning
customers while controlling costs. Requires trade offs

corporate strategy scope of the firm and the allocation of resouces across the firm