Mang 6480 Study Guide Essay

6332 WordsApr 22, 201326 Pages
1 Different Levels of Strategy Corporate Strategy - The overall scope and direction of a corporation and the way in which its various business operations work together to achieve particular goals. Business Strategy - a business plan that takes place long-term in order to help achieve a specific goal or objective. The aim of a business strategy is to strengthen a particular business so that its performance increases and, in turn, the business becomes more profitable. Without a business strategy, a business has no guide to follow and has an increased risk of not succeeding. Functional Strategy - Organizational plan for human resources, marketing, research and development and other functional areas. The functional strategy of a company is customized to a specific industry and is used to back up other corporate and business strategies. Environmental Change Frame Breaking Approach - In order to achieve 'dynamic capabilities' an organization must go beyond routines. The notion of innovation routines, based on the nature of routines, by definition are a capability trap. Something besides a routine must be employed to detect the type of events, surprises and discontinuities, which if not responded to threaten the existence of the organization. Convergent Change - the act of converging and especially moving toward union or uniformity. Coming together of distinct and separate factors or phenomenon such as technologies. For example, convergence of computing and telecommunications in modern telephony. The process by which the futures price and the cash price of an underlying asset approach one another as delivery date nears. The futures and cash prices should be equal on the delivery date. Strategic Pressure Points - Strategic pressure points are factors that drive the need of an organisation for change. Some of them are: Environment Marketplace

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