๐ฏ Strategies are a set of actions implemented to achieve a specific objective.
๐ Strategies are applicable in various aspects of life, not just in business or warfare.
๐ข This course focuses on strategic management in the corporate world.
๐ The video is about strategic management and the balanced scorecard.
๐ก Michael Porter emphasizes the importance of profitability as the ultimate goal for any business.
๐ He also highlights the significance of being unique as a company while staying focused on profitability.
๐ A company's competitive advantage is what sets it apart from its competitors and allows it to offer superior value to customers.
๐ก Examples of companies with competitive advantages are Amazon and Apple, which offer low prices, fast delivery, variety of products, and innovation.
๐ Strategic planning is necessary for a company's success as it helps in making better decisions, reducing risks, and promoting growth.
๐ Strategic planning exercises can be done with consultants or in-house.
๐ค The responsibility for strategic planning lies with top management, but involvement from all levels of the organization is important.
๐ฃ๏ธ Collaborative processes and effective communication contribute to the success of a strategic plan.
๐ Strategic planning is important for the overall success of a company.
๐๏ธ A strategic plan should be long-term (3-5 years) and continuously updated and reviewed.
๐ Setting realistic and challenging goals is crucial for the success of a strategic plan.
๐ In strategic management, the first step for both established and emerging companies is to define their vision, mission, and values.
๐ The analysis of the internal and external environment helps identify opportunities, threats, strengths, and weaknesses that inform the formulation of strategies.
๐ Once the strategies are formulated, resources are allocated, responsibilities are assigned, and evaluation becomes crucial to ensure objectives are being met.
๐ Strategic planning starts with understanding the company's values, mission, and vision.
๐ก Google's vision is to be the most important search engine in the world, with a mission to organize and make information accessible.
๐ Companies should have their values, mission, and vision clearly defined and communicated to all employees.
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