Important things to learn from unit 1

1. Definitions

• Strategy

a process of analysis which is designed to achieve the competitive advantage of one organisation over another in the long term (u1s3p15)

• Competitive Advantage

offering a unique value proposition using an appropriate mix of activities/resources.

• Strategic decisions are

1. important
2. involve significant resource commitments
3. not easily reversible (Grant, 2002, p. 17).

2. Johnson + Scholes Strategy process p6 + 37

3. Stretch (Hamel) vs fit p22

Fit - the relationship between the company and its environment. Stretch -  a gap between you resources and aspirations. If you don't think big, you won't be big.

4. Mintzberg & Waters Deliberate vs Emergent p25

5. Levels/Hierarchy of strategy