Strategy is the most exciting course in any business curriculum because it gives the chance to put all of your management and work skills to effort. Strategy classes will place you in the chairman of the board’s chair, and you are going to love that feeling. Strategy refers to the actions that a company plans in response to or in anticipation of changes in its external environment, its customers, and its competitors Exposure to strategy concepts alters the way you look at businesses. Ultimately, strategy is a company’s plan to achieve its goals. Read this handbook of Art & Science.
The Seven S model
Strategy is how all of a company’s S’s work together.
- Shared Values
- The Value Chain
The process of producing and delivering goods and services
Ways to expand a business: backward, forward, vertically, horizontally.
Four strategies for business expansion
Porter’s Five Forces Theory
Five forces that determine the competitive intensity of an industry
The Learning Curve
The more units produced the lower the cost per unit falls due to production efficiencies.
Indirectly communicating with competitors
The Prisoner’s Dilemma
The captive nature of competitive relationships within an industry
The theories large multi-business corporations use to decide which companies they should buy, sell, or hold.
The worldwide competition inherent in certain industries due to a variety of globalizing factors.
The incremental profits generated by the combination of two companies that share resources
The concept that strategy is not a grand scheme but is developed over a period of time, step-by-step