short discussion post

Weekly Lectures/Week 1 Lecture Strategy.html

MGMT 670: Week 1 Lecture

Week 1: Strategy, business models, competitive advantage, vision, mission, objectives. Students will learn that business strategy is the business’s long term goals. They will learn how to create the mission and vision statements and objectives to achieve the strategic vision of the company. They will learn how to identify the business model used by a business.

Learning Objectives:

1. Discuss business strategy and the strategic management process.
2. Differentiate between the vision and mission statements and how to create them.
3. Identify a company’s objectives and discuss how they contribute to a company’s strategy.
4. Learn the three tests of a winning strategy.
5. Identify the model used by a business.

What is Strategy? 

According to Watkins (2007), business strategy is “a set of guiding principles that, when communicated and adopted in the organization, generates a desired pattern of decision making. A strategy is therefore about how people throughout the organization should make decisions and allocate resources in order accomplish key objectives.” BusinessDictionary.com (n.d.) defines strategic management as “The systematic analysis of the factors associated with customers and competitors (the external environment) and the organization itself (the internal environment) to provide the basis for maintaining optimum management practices. The objective of strategic management is to achieve better alignment of corporate policies and strategic priorities.” These two definitions give insight into the topics we’ll be studying this semester.