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Strategic Management:

Module 4: Business Environment: The New Agriculture


Read “The Internal Environment: What is Your Farm’s Competitive Advantage?”

This is complimentary material to the Business Environment module.

Purpose of Lecture

Businesses have strengths and weaknesses that they take advantage of or overcome to produce and market a product. Knowing what they are and why they exist is part of how businesses are able to take advantage of opportunities. This lecture shows how to identify sources of competitive advantage and assess them.

Structure of Presentation

The lecture begins by differentiating resources, capabilities and core competencies and then uses the Value Chain to help determine where competitive advantages (which rely on resources, capabilities and especially core competencies) exist. It ends by showing that the value chain for the firm is part of a series of value chains in the industry.

Exercises are provided to help participants describe and rate strengths and weaknesses (IFAS) and to rate their personal management skills (there are five of these – a useful way to use the Evaluation of Farm Management Strengths and Weaknesses is to have people assess themselves and the other people in their farm management team).

Strategic Management

The Setting (Intro)

Strategic Direction

Business Environment

Business Strengths

Identifying Strategies

Implementing Strategy

Monitoring & Control

Human Resources

Succession Planning

Financial Management
Marketing & Risk Management

Agricultural Economics

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