Lecture Notes on Strategy and Core Competency

Mission Statement: A statement that defines where an organization is going and why it exists. It outlines the purpose of the business.
Strategy: A comprehensive plan that details how an organization will achieve its mission. It's crafted to support the mission.
Organizations, including universities like UA, regularly review and update their mission statements and develop action plans to support them. This involves aligning departmental strategies with the broader institutional mission.

Core Competency: The unique capability or strength that a company possesses, representing what it does best. It should never be outsourced.
Companies compete based on various factors, including:
- Matching market changes.
- Design innovation.
- Production volumes.
- Reliability: Meeting schedules and ensuring consistent design, production, and delivery.

HP: An example of a company that understands the importance of not outsourcing its core competency.
Pizza Hut: Mentioned in the context of ensuring timely delivery.
Disney: Disney World uses different techniques and spends lot of money to offer maximum value.
Southwest Airlines: An example where the offering isn't necessarily about maximum value or luxury.