Strategic Management Course Overview and Strategy Concept
Strategic Management Course Overview and Strategy Concept
Strategic Management Course Overview and Strategy Concept
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<strong>Strategy</strong> as concept of how a firm was attempting to<br />
compete in its environment, including a choice of goals as<br />
well as key operating policies<br />
The „classic“ Harvard framework<br />
1 2<br />
Company<br />
Strengths <strong>and</strong><br />
Weaknesses<br />
3 4<br />
Personal Values<br />
of the Key<br />
Implementers<br />
Source: Michael Porter, Industrial Organisation <strong>and</strong> the evolution of concepts for strategic planning<br />
© 2007 Prof. Dr. Bernd Venohr<br />
Economic, Technical<br />
<strong>and</strong><br />
Industry<br />
Opportunities<br />
<strong>and</strong> Threats<br />
Broader<br />
Societal<br />
Expections<br />
� Aim of strategy: match<br />
internal competencies <strong>and</strong><br />
values of a firm to its<br />
external environment<br />
� Effective strategy<br />
formulation:<br />
relating the four key<br />
elements<br />
� Consistency tests for a<br />
good strategy (“Fit”)<br />
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