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Business Communication Essay

537 words - 3 pages

Lecture 5
Chapter 3- strategic management and the entrepreneurs

Intellectual capital- it’s a key source of a company’s competitive advantage that is comprised of human capital, structural capital, and customer capital.

• Human capital – the talent, skills, and abilities of a company’s workforce.

• Structural capital- the accommodated knowledge and experience that a company possesses. Software, patent or experience.

• Customer capital- the established customer base, positive reputation, ongoing relationship and goodwill a company builds up over time with its customer.

Strategic management- it’s the process of developing a game plan to guide a company as strives to accomplish its, vision, mission, goal, and objectives and to keep it from straying off course

Competitive advantage- the aggregation of factors that sets a small business apart from its competitors and gives it a unique position in the market ...view middle of the document...

• Weaknesses- negative internal factors that inhibit the accomplishment of a company’s mission, goals, and objectives.

Step 3- scan the environment for significant opportunities and threats facing the business

• Opportunities- positive external factors that a company can exploit to accomplish its mission, goals, and objectives.

• Threats - negative external factors that inhibit a company’s ability to achieve its mission, goals, and objectives.

Step 4- identify the key factors for success in the business

Step 5- analyze the competitors.

• Competitive profile matrix- a tool that allows business owners to evaluate their company against major competitors on the key success factors for the market.

• Knowledge management- the practice of gathering organizing and disseminating the collective wisdom and experience of a company’s employees for the purpose of strengthening its competitive position.

Lecture 6

Step 6- create company goals and objectives

➢ Goals- the broad, long- range attributes a business seeks to accomplish, they tend to be general and sometimes even abstract.

➢ Objectives- more specific targets of performance, commonly, addressing areas such as profitability, and productivity, growth and other key aspects of a business.

Step 7- formulate strategic options and select the appropriate strategies

➢ Strategy- a roadmap of the actions on entrepreneur draws up to fulfill a company’s mission, goals, and objectives.

3 strategic options- 1. Cost leadership

2. Differentiation.

3. Focus.

Step 8- translate strategic plans into action plans.

Step 9- establish accurate controls.

➢ Balanced scorecards- a set of measurements unique to a company that includes both financial and operational measures and gives a quick yet comprehensive picture of the company’s overall performance.

Discussed questions:

1. Write briefly about the strategic management process.

2. Write short notes on- cost leadership, focus, differentiation, generation X, strategy, knowledge management, competitive advantage, core competencies.

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