E Business Planning, Strategy & Management part 1
Summary
TLDRThis video lecture covers the concept of strategy in business, emphasizing its importance for achieving competitive advantage. It is divided into three parts, discussing strategy levels, e-business planning approaches, and the strategic planning process. The lecture highlights the necessity of a clear strategy for avoiding common business pitfalls and the significance of mission, vision, and objectives in guiding corporate direction and e-business transformation.
Takeaways
- 📘 Strategy is the long-term direction and scope of an organization to achieve competitive advantage through resource configurations in a changing environment.
- 📈 Strategy includes a proposal, plan, and action plan, with actions being the detailed execution steps.
- 🏢 Different levels of strategy exist within a business: corporate, business unit, operational, and functional.
- 🚫 Unclear strategy can lead to missed opportunities, inappropriate direction, limited integration, and resource wastage.
- 💡 E-business planning is integral to strategic planning, focusing on optimal business infrastructure and transformation.
- 🔍 E-business planning typically starts with analysis, using approaches like target-driven, resource-driven, and implementation-driven.
- 🛠️ Tools such as SWOT analysis, CSF, five forces model, and customer lifecycle can be used to establish a business vision.
- 🌐 A clear vision is essential for aligning e-business with strategic initiatives, business alignment, and market positioning.
- 🔑 Mission statements define the purpose and broad aims of an organization, while vision statements express aspirations for the future.
- 🎯 Objectives should be SMART (Specific, Measurable, Actionable, Relevant, Time-bound) to effectively link strategy, process, and performance.
Q & A
What is the main focus of the lecture?
-The lecture primarily focuses on the concept of strategy within business organizations, its components, and the process of e-business planning.
What are the three parts of the lecture?
-The lecture is divided into three parts: discussing strategy, explaining different levels of strategy, and detailing the e-business planning process.
What is the definition of strategy as mentioned in the lecture?
-Strategy is defined as the direction and scope of an organization over the long-term, which is aimed at achieving competitive advantage through the configuration of resources within a changing environment to meet market needs and stakeholder expectations.
What are the different levels of strategy discussed in the lecture?
-The different levels of strategy discussed are corporate strategy, business unit strategy, operational strategy, and functional strategy.
What are the potential problems caused by an unclear strategy?
-An unclear strategy can lead to missed opportunities, inappropriate direction, limited integration leading to silos, and resource wastage through duplication and lack of best practice sharing.
What is the objective of e-business planning?
-The objective of e-business planning is to develop an e-business strategy that is part of the overall corporate strategy, focusing on optimal business infrastructures and engaging in their transformation.
What are the three approaches to e-business planning mentioned in the lecture?
-The three approaches to e-business planning are target-driven, resource-driven, and implementation-driven.
What tools can be used to establish a vision for a business?
-Tools such as SWOT analysis, critical success factors, five forces model, customer lifecycle, and value chain analysis can be used to establish a business vision.
What is the significance of a mission statement in an organization?
-A mission statement communicates the overriding purpose of the organization and defines the scope and broad aims of its digital channels, explaining how they will contribute to the organization and support customer interactions.
What does SMART stand for in the context of setting objectives?
-SMART stands for Specific, Measurable, Actionable, Relevant, and Time-related, which are the criteria that business objectives should meet to be effective.
How are vision, mission, and objectives related?
-Vision, mission, and objectives are related as they collectively guide an organization's strategic direction. The vision describes the desired future state, the mission defines the purpose and scope, and objectives are the specific, measurable goals to achieve that mission.
Outlines
📘 Introduction to Strategy and Business Planning
The video begins by introducing the concept of strategy as a long-term plan for business organizations to achieve competitive advantage by configuring resources within a changing environment. It explains the difference between strategy, plan, and action, emphasizing the importance of achieving an expected future state. The lecture is divided into three parts, covering various levels of strategy such as corporate, business unit, and functional strategies. The video also discusses the potential problems caused by unclear strategies, such as missed opportunities, inappropriate direction, limited integration, and resource wastage. It introduces e-business planning as part of strategic planning, with different approaches like target-driven, resource-driven, and implementation-driven. The process of e-business planning is outlined, including setting up a planning unit, assessing current infrastructure, establishing a vision, and specifying a business strategy.
📗 Developing Strategy from Mission and Vision
This section delves into the development of strategy from mission and vision statements. It explains the process of SWOT analysis to identify internal strengths and weaknesses, as well as external opportunities and threats. The video then discusses how to analyze key strategy issues, choose strategic options, and implement strategies with organizational learning, culture, structure, and change management. The importance of having a clear vision and mission for an organization is highlighted, with examples from companies like Amazon, eBay, and Google. The video also covers the process of setting objectives, which should be SMART (Specific, Measurable, Achievable, Relevant, Time-bound), and the use of objectives, processes, and key performance indicators (KPIs) to measure strategy effectiveness.
📙 Conclusion and Key Takeaways
The video concludes by posing questions to the viewer about the concepts of vision, mission, and objectives, and how they relate to each other. It also asks about approaches to e-business planning and the meaning of SMART in the context of setting objectives. The presenter encourages viewers to subscribe and look forward to the next lecture, summarizing the key points covered in the video and reinforcing the importance of understanding these strategic concepts for effective business planning and execution.
Mindmap
Keywords
💡Strategy
💡Competitive Advantage
💡Corporate Strategy
💡Business Unit Strategy
💡Functional Strategy
💡E-Business Planning
💡Mission Statement
💡Vision Statement
💡SMART Objectives
💡SWOT Analysis
💡Key Performance Indicators (KPIs)
Highlights
The lecture is divided into three parts, covering strategy, e-business planning, and strategic planning.
Strategy involves the direction and scope of an organization to achieve long-term goals.
Competitive advantage is a key objective of business strategy.
Strategy includes proposing, planning, and action plans to achieve goals.
There are different levels of strategy: corporate, business unit, operational, and functional.
Clear strategy is essential for businesses to avoid problems such as missed opportunities and resource wastage.
E-business planning is part of strategic planning and involves deciding on optimal business infrastructure.
E-business planning starts with analysis and can be target-driven, resource-driven, or implementation-driven.
Tools like CSF, five forces model, and value chain analysis can be used in e-business planning.
Strategy formulation involves creating mission, vision, and objectives.
A mission statement communicates the purpose of an organization.
A vision statement expresses the future aspirations of an organization.
Objectives should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.
SWOT analysis is used to identify key strategic issues.
Implementation strategy involves organizational learning, culture, and change management.
Evaluating strategy involves comparing actual performance against set targets.
Examples of vision and mission statements from companies like Amazon, eBay, and Google are provided.
The lecture concludes with questions to test understanding of vision, mission, objectives, and e-business planning approaches.
SMART criteria for setting effective strategy and objectives are explained.
Transcripts
Alum thank you for watching this video
lectures I'll try to make this video
simple and relatively small in size the
lecture is divided into three parts
please watch all parts to learn more
about the topics discussed in this
lecture please read the relevant
chapters of the textbooks the first part
mainly discuss
strategy strategy is the directions and
scope of anization of the long term for
business organizations is to achieve
competitive advantage through the
configurations of resources within a
changing environment to meet the needs
of markets and the PO build STI holder
expectations strategies covers propose
plan and action plan covers steps how to
chip to post while actions are the
details how to execute the steps
this figure is a simple representative
of strategy you have a current state and
the expected future state so the purpose
is to achieve the expected future state
for most of business to achieve
competitive Advantage but it is not
necessary competitive Advantage it can
also like to achieve a particular
objective increase market share for 10%
simples the line represents the plan and
related actions on how to achieve the
expected
PC in businesses there are different
levels of strategy corporate strategy
business unit strategy coration
strategies and functional strategy
corporate strategies concerned with the
opall purpose and scope of the
organization business unit strategy
defines how to compete successfully in a
particular Market operational strategy
concerned with achieving corporate and
business unit strategy functional
strategy describe how Corporate and
business unit strategy will be
operationalized in different functional
areas such as marketing HR and so
on a business must have a clear strategy
no ambiguity unclear strategy including
a bus strategy will create many problems
some of the problem listed here first
Miss opportunity from lack of evaluation
of opportunities or insufficient
resourcing of a business initiatives
second in appropriate directions of a
business strategy toly Define objectives
for example with the wrong emphasis on
buy site sell site or internal process
for the third limited integration of
business at a technical level resulting
in Silo instead of integrated approach
it will be split into silos not
connected the fourth resource wastage
through duplication of a business
development in different function and
limited Shing sharing of best
practice e business planning must be
part of strategic planning e business
planning is the process of deciding upon
the optimal business infrastructures and
of engaging with the transformation of
one e business infrastructure into
another the objective of e business
planning is to develop e business
strategy which is must be part of the
overall corporate strategies e business
planning is normally started with an
analysis in general there are three
approaches to e business planning Target
driven resource driven and
implementation driven Target driven is a
top- down approach strategy is directed
to achieve targets or goals while
resource driven is the other way around
it's bom up strategy strategy begins
with available resources implementation
driven is Middle out driven approach
means and ends are continually assessed
and adjusted over time in the shipping
of
[Music]
activities these are steps in E business
planning process first is setting up
planning unit and approach for Effective
planning a dedicated unit need to be
formed and an approach need to be
decided then the next is assessment of
current e business infrastructures both
human activities and technological
infrastructures need to be ass assess
current performance is compared with the
set objectives and then establishing a
vision for a business assessing
competitive advantage that information
system May deliver there are few tools
we can use to do this such as uh CS app
critical success factors five process
model customer life cycle value chain
lvp some of this tool we will learn it
later and finally we can specify a
business strategy
[Music]
this diagram give you an ideas about
prolation of strategy from mission
statement and vision statement normally
we do this SW analysis in SW analysis we
can into internal strength and weakness
and then external analysis is
opportunity thread from there we can
identify and analyze key strategy issues
and move on to identify and choose
strategic option and the implementation
strategy you can have this organization
learning organizational culture organ
structures change management to do that
then the next evaluation strategy
evaluate actual performance of the
strategy against the set of tget the
feedback we can use to evaluate the
sword
analysis the first part of a strategy
involves creating missions vision and
objectives a mission statement is a
statement that communicates the
overriding purpose of the organizations
and a provision statement is a statement
to express what the organization is all
about and where it wants to be in the
future describe aspiration an objective
statement is a statement used to
communicate the specific outcomes that
need to be
achieved corporate vision is a mental
image of the possible and desirable
future state of the organization a clear
resion provide a summary of the
development of purpose and strategy of
the organization defining specific
company vision for a business is helpful
since it contact asize e business in
relation to the company's strategic
initiatives business alignment and in
Marketplace it also helps give a
long-term emphasis on E business
transformation initiatives within
organizations the visions of an
organization will be determined by how
Executives and managers view the futures
of the industry how the E business
indust evolves may be View inm of Market
dominations of few globally recognized
brand the rate of growth in demand for
online products the emerence of a
dominant Marketplace for E business the
impact of increasing regulation in the
online industry the change in the
technological environment New
Opportunities and threats in the E
business environment the visions of an e
business must reflect the ability of
manager to position the organization to
exploit opportunity in the market
Marketplace a mission statement for E
business is concise summary defining the
scope and Broad aims of digital channels
in the Futures explaining how they will
contribute to the organization and
support customers and interaction with
Partners developing a mission statements
should provide definition of business
scope this is about Market including
products customer assments and
Geographic where the company wants to
compete online unique competencies high
level view of how the company will
position and differenciate it life in
term of e business products or Services
value expressing wise less commonly
include in the statement this is an
emotional elements of the mission
statement which can indicate what
inspires the organization or is a
business
initiatives the these are some examples
of vision or mission statements Amazon
com our vision is to be Earth's most
customer Centric company build a place
where people can come to find and
discover anything they might want to buy
online D they listen to customers and
deliver Innovative technology and
service the trust and values eBay eBay
Pioneers Community built on e-commerce
sustained by trust and inspired by
opportunity eBay brings together
millions of people every day on a local
national International basis through an
array of websites that focus on Commerce
payment and communication Google Google
missions is to organize the world
information and make it universally
accessible and
useful objective setting effective
strategy link objectives process and
performance we normally use a table to
do this a business objective should be
smart and include both efficiencies and
Effectiveness measures smart refer to S
as a specific is the objective specially
detailed to measure real world problems
and opportunity and more measurable can
a quantitative or qualitative attribute
be applied to create a metric a is
actionable can the information be used
to improve performance if the objective
doesn't change behavior in stop to help
them improve performance there is a
little point in it are relevant can the
information be applied to the specific
problem faced by the manager de or time
related does the measures or goals
relate to a defant
brain this table show you examples of
objective process and kpi objective is
there strategy to achieve goals is a
process basically and kpi key
performance indicators sometimes all
critical success Vector read carefully
learn from this it will be useful for
[Music]
you we are reaching toward the end of
this video lectures here are some
questions for you what are vision
mission and objective how do they relate
what are the approach to e business
planning what is Smart stand for this
subcribe each of them thank you very
much for watching this video lectures
see you in the next month
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