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  • Essay / Major Theories, Frameworks, Techniques and Applications

    Major Theories, Frameworks, Techniques and ApplicationsWhat is Strategy?The majority of our course focused on the seemingly simplistic question: What is Strategy ? Strategy is one of those words that many people know, but cannot necessarily define; I was one of those people before this course. Strategy is about positioning an organization in a way that is competitively advantageous and can produce superior, sustainable, long-term results. This ranges from making decisions based on which sectors to participate in, what goods and services to offer and how to allocate resources most effectively. Strategy is different from tactics because it is a long-term approach to achieving a larger goal, while tactics are short-term actions taken to implement a specific strategy. In short, strategy is the means to achieve desired goals. These goals include achieving competitive advantage, creating value for your company's customers and shareholders, keeping employees satisfied, and choosing between tradeoffs. The main goal of strategy is to create a unique competitive position for your business with the aim of achieving long-term success. To create this sustainable competitive advantage, a manager will strive to place his company in a position that his competitors cannot achieve or imitate. Additionally, strategy can be implemented at multiple levels, including levels as large as the corporate level or as small as the functional level. SMART Goals In order to link strategy to performance, managers must set goals, both qualitative and quantitative, to ensure they are on the right track. The best method for setting goals is to use SMART goals, or goals that appear in the middle of paper......ck. Other than that, though, I liked the structure of the course. I thought the project was a great way to bring together everything we learned, and it was very interesting to choose our own company and learn a lot about company structure and strategies. I also loved the book Delivering Happiness and wish I had focused a little more on the book and its lessons. I think the book deserved more than one course dedicated to it because it was so good! Overall, this course was a refreshing insight into the overall workings of a business. I learned a lot and was happy to have you as a teacher. Thank you for this good quarter! Side note: You are more than welcome to quote or use what I have written in this reflection paper! Thank you also for this excellent quarter. I feel like I learned a lot in this course that will be useful to me in the future..