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Lecture Strategic Management - Lesson 1: Introduction and overview has content 1.1. The definition of strategy and its importance, 1.2. Charting a company’s direction: Vision and Mission, Objectives and Strategy, 1.3. Strategy, ethics and corporate social responsibility. | Lesson 1 – INTRODUCTION AND OVERVIEW Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 1 LESSON 1 - OUTLINE 1.1. The definition of strategy and its importance 1.2. Charting a company’s direction: Vision and Mission, Objectives and Strategy 1.3. Strategy, ethics and corporate social responsibility © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. 1–2 LO1 Understand why every company needs a sound strategy to compete successfully, manage its business operations, and strengthen its prospects for long-term success. LO2 Develop an awareness of the five most dependable strategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage. LO3 Understand that a company’s strategy tends to evolve over time because of changing circumstances and ongoing management efforts to improve the company’s strategy. LO4 Learn why it is important for a company to have a viable business model that outlines the . | Lesson 1 – INTRODUCTION AND OVERVIEW Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 1 LESSON 1 - OUTLINE 1.1. The definition of strategy and its importance 1.2. Charting a company’s direction: Vision and Mission, Objectives and Strategy 1.3. Strategy, ethics and corporate social responsibility © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. 1–2 LO1 Understand why every company needs a sound strategy to compete successfully, manage its business operations, and strengthen its prospects for long-term success. LO2 Develop an awareness of the five most dependable strategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage. LO3 Understand that a company’s strategy tends to evolve over time because of changing circumstances and ongoing management efforts to improve the company’s strategy. LO4 Learn why it is important for a company to have a viable business model that outlines the company’s customer value proposition and its profit formula. LO5 Learn the three tests of a winning strategy. LO6 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and the importance of setting both strategic and financial objectives. LO7 Gain an understanding of conditions that give rise to unethical business strategies and behavior, the costs of business ethics failures and the concepts of corporate social responsibility and environmental sustainability. 1.1. THE DEFINITION OF STRATEGY AND ITS IMPORTANCE Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 5 1.1.1. The definition of Strategy Strategy’s Three Central Questions Where are we now? Current financial performance Market standing Competitive resources and capabilities Changing industry conditions Where do we want to go from here? What buyer needs to try to satisfy? Which growth opportunities to emphasize? How to change the .
