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Strategic Thinking

Strategic Thinking. BUS 302 Spring 2010. What is Strategy?. Strategy is a pattern of actions designed to achieve a certain goal. A firm is acting strategically when its actions: Are purposeful Move the firm toward long-term goal achievement. What is Strategic Thinking?.

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Strategic Thinking

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  1. Strategic Thinking BUS 302 Spring 2010

  2. What is Strategy? • Strategy is a pattern of actions designed to achieve a certain goal. • A firm is acting strategically when its actions: • Are purposeful • Move the firm toward long-term goal achievement

  3. What is Strategic Thinking? • Strategic Thinking - Five Characteristics • Systems Perspective - see the big picture • Sense of Direction or Destiny - view of the future • Openness to new experience • Deal with the gap between current reality and intent for the future • Using facts in creative and critical thinking

  4. Strategic Thinking & Success • Successful strategic thinking results from: • Choosing goals that are consistent with the environment • Making sure that the competencies (strengths), internal structures and activities of the firm are consistent with selected goals

  5. Why Fit Goals to the Environment? • Survival of the firm depends on resources • Resources come from stakeholders • Stakeholders place demands on the firm • Competitors vie for the same resources • Failure to meet stakeholder demands endangers the firm’s survival • A good “fit” - chosen goals designed to meet stakeholder demands better than other firms

  6. Why Fit Goals to Competencies, Structures and Activities? • All firms possess strengths - “core competencies” • Best chance of achieving goals occurs when a firm “plays to its strengths” • Firms also have many internal parts (structures) which undertake activities to achieve goals • A good “fit” ensures that internal parts/activities work together to support the firms strategic goals

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