MGT 201 1st Edition Lecture11 Outline of Last Lecture I. Finish up Chapter 6 notes with types of businesses II. Discuss the difference between a goal and a planIII. Describe the three different types of planning in businessOutline of Current Lecture IV. Go over what strategic management is V. Describe what SWOT Analysis and go over the elements VI. Describe BCG MatrixCurrent LectureChapter 8: Strategy Formulation and Execution Strategic Management- process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies Purpose of Strategy Strategy- the plan of action Competitive Advantage- the organization’s distinctive edge for meeting customer’s needs Strategies should: Exploit core competencies Build synergy Deliver value SWOT Analysis- analysis of internal strengths and weaknesses and external opportunities and threats Corporate Level Strategy Answers the question: what business are we in?* Portfolio Strategy Pertains to the mix of strategic business units and product lines to provide synergy and competitive advantage Strategic Business Units have a unique mission, products, and competitors Organizations shouldn’t become dependent on one business BCG Matrix Organizes business along two dimensions:These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute. Business growth rate Market
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