Strategy Concept: How Do Firms Develop A Strategy?

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Lecture 1

Strategy Concept

How do Firms Develop a Strategy?

Analysis

Decisions

Actions

What is Strategy?

Strategy takes the form of a pattern or theme that is reflected in the various decisions and actions that are taken by a firm over time

What Drives Strategy?

Mission

SPECIFIES PURPOSE

Should focus on

• Who are we? • What do we do? • Why are we here?

What Drives Strategy?

Mission

For QVC, this could be to provide a quality home shopping experience to consumers

What Drives Strategy?

Vision

PROVIDES DIRECTION

• Should specify strategic focus

• Should maintain enough flexibility

• Should be easy to communicate

What Drives Strategy?

Vision

For QVC, this could be to encourage consumers to make impulsive purchases

This can be achieved in many ways, such as by offering exclusive, quality products in an entertaining and informative manner

QVC
Unique & Easy Credit
Exclusive Plan
Products
Quick
Celebrity Delivery
Hosted Shows IMPULSE Money Back
Instant BUYING Guarantee
Purchase
Method Established Reputation &
Demonstrations Trustworthiness
& Endorsements

What Drives Strategy?

OBJECTIVES

REPRESENT PERFORMANCE TARGETS

• Should be quantatifiable, measurable

• Should specify deadlines

• Should be comprehensive

What Drives Strategy?

OBJECTIVES

For QVC, this could be

• to reach XX households by 2012
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