Strategies The strategy must be decisions made by your firms regarding investments, commitments of resources, and other aspects of operations that will create and sustain competitive advantage. Involves questions about what businesses to compete in, and how to manage these businesses in order to achieve synergy – how they can create more value by working together than by operating as stand-alone businesses. Strategies must explain how your organization will reach its objectives.
i. Corporate-Level Strategy
1. Addresses your firm’s portfolio (or group) of businesses. What business(es) should you compete in? Your organization may diversify into related or unrelated businesses. How can you manage this portfolio of businesses to create synergies?
ii. Business-Level Strategy
1. These are the bases for sustainable competitive advantage through: Cost leadership and/or Differentiation, as well as Focusing on a narrow or industry wide market segment. i.e. How to overcome the five forces and achieve competitive advantage?
iii. International Strategy
1. What is the appropriate entry strategy for your organization? How will you go about attaining competitive advantage in international markets?
iv. Entrepreneurial Strategy
1. What is your firm’s strategy to create value which will threaten existing competitors and change the competitive dynamics of the marketplace? How will you enter the market? How will you compete? How will you deal with the competitors’ reaction? K. Implementation/Action Plan Your action plan should specify in detail who will do what, by when, to make what changes happen. It may also note the resources needed, potential barriers or resistance, and collaborators or communication lines that need to be active.
Ensures proper strategic control systems
Establishes an appropriate organizational design – coordinates & integrates activities within the firm
Coordinates activities with suppliers, customers, and alliance partners
How the leadership team will ensure organizational commitment to excellence & ethical behavior?
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