How effectively an organization meets the wants and

needs of customers relative to others that offer similar

goods or services

Organizations compete through some combination of

their marketing and operations functions

A measure of the effective use of resources, usually

expressed as the ratio of output to input

A strategic approach for competitive advantage that emphasizes the use of flexibility to adapt and prosper in an environment of change

included in Hierarchical Planning

The reason for an organization’s existence

Provide detail and the scope of the mission

Can be viewed as organizational destinations

– The methods and actions taken to accomplish

strategies

– The “how to” part of the process

– A plan for achieving organizational goals

• Serves as a roadmap for reaching the organizational destinations

– The actual “doing” part of the process

• Effective strategy formulation requires taking into account