strategy formulation and implementation
purpose of strategy
the first step in strategic management is to define an explicit strategy, which is the plan of action that describes resource allocation and activities for dealing with the environment achieving a competitive advantage, and attaining the organization's goals.
exploit core competence a company's core competence is something the organization dose especially well in comparison to its competitors.
build synergy when organizational
parts interact to produce a joint effect
that is greater than the sum of the parts acting alone, synergy occurs. the organization may attain a special advantage with respect to cost, market power, technology, or management skill.
deliver value delivering value to the customer is at the heart of strategy. value can be defined as the combination of benefits received and cost pay.