Strategies in Action Lecture (Strategic Management)
This lecture provides basic guidelines for when various strategies have historically been most effective to use. This lecture also describes Porter’s generic strategies, first-mover advantages, joint ventures, partnering, and new-to-this-edition the concept of Build, Borrow, or Buy in the context of strategic planning. It concludes by describing strategic planning in nonprofit and governmental organizations.
Learning Objectives of lecture:
- Identify and discuss 5 characteristics and 10 benefits of clear objectives.
- Define and give an example of 11 types of strategies.
- Identify and discuss the three types of “Integration Strategies.”
- Give specific guidelines when market penetration, market development, and product development are especially effective strategies.
- Explain when diversification is an effective business strategy.
- List guidelines for when retrenchment, divestiture, and liquidation are especially effective strategies.
- Explain value chain analysis and benchmarking in strategic management.
- Identify and discuss Porter’s two generic strategies: cost leadership and differentiation.
- Compare and contrast when companies should “build, borrow, or buy” as key means for achieving strategies.
- Discuss first-mover advantages and disadvantages.
- Explain how strategic planning differs in for-profit, not-for-profit, and small firms.
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