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  • Chapte 1 E3

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    Strategy is defined as a course of action to achieve a specific objective, including the resources required. The purpose of strategy is to set future plans for an organization, but it requires understanding the organization's resources, ecosystem, and stakeholders. There are four types of strategies: the rational model, emergent approach, logical incrementalism, and freewheeling opportunism. Strategies can operate at the corporate, business, or functional levels. The rational model involves six stages: setting mission and objectives, position and appraisal, strategic options, evaluation and choice, implementation, and review and choice. The emergent approach is evolving, continuous, and incremental, and allows amendments for unexpected events. The 3 E's refer to economy,

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    CIMA Strategic Level E3 Chapter 1

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    Strategy is defined as a course of action to achieve a specific objective, including the resources required. The purpose of strategy is to set future plans for an organization, but it requires understanding the organization's resources, ecosystem, and stakeholders. There are four types of strategies: the rational model, emergent approach, logical incrementalism, and freewheeling opportunism. Strategies can operate at the corporate, business, or functional levels. The rational model involves six stages: setting mission and objectives, position and appraisal, strategic options, evaluation and choice, implementation, and review and choice. The emergent approach is evolving, continuous, and incremental, and allows amendments for unexpected events. The 3 E's refer to economy,

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    6 views3 pages

    Chapte 1 E3

    Uploaded by

    mkoen
    Strategy is defined as a course of action to achieve a specific objective, including the resources required. The purpose of strategy is to set future plans for an organization, but it requires understanding the organization's resources, ecosystem, and stakeholders. There are four types of strategies: the rational model, emergent approach, logical incrementalism, and freewheeling opportunism. Strategies can operate at the corporate, business, or functional levels. The rational model involves six stages: setting mission and objectives, position and appraisal, strategic options, evaluation and choice, implementation, and review and choice. The emergent approach is evolving, continuous, and incremental, and allows amendments for unexpected events. The 3 E's refer to economy,

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    DEFINE  Course of action,

     Including specification of resources


    required,
    Strategy:  To achieve a specific objective

     Setting the future plans of the


    organisation
     BUT requires comprehensive
    Explain the PURPOSE of understanding of the organisation’s
    STATEGY: o Resources
    o Ecosystem
    o Stakeholders

     The rational model


     Emergent approach
    Types of Strategy  Logical Incrementalism
     Freewheeling opportunism
     Corporate Strategy
    Levels of strategy  Business Strategy
     Functional Strategy

    1. Mission & objectives


    2. Position & Appraisal
    3. Strategic Options
    Stages of the Rational model
    4. Evaluation & choice
    5. Implementation
    6. Review & Choice

     Evolving, continuous & Incremental


     More short term

    Emergent approach – Mintzberg  Amend strategy for unexpected


    events.

     Triangle rather than straight line


     Economy: Looks at level of inputs
     Effieciency: looks at link between
    What is the 3 E’s ?
    outputs & Inputs
     Effectiveness: looks at the outputs

     Accounting led
    Strategy Approaches  Market – led
     Competency – Based

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