A freshman or sophomore is likely to spend half of class time in an auditorium. How absurd that these places charge $150,000 for four years to educate our best and brightest yet have the nerve to so heavily use the cheapest, least effective method of instruction: the large lecture.
Functional Strategies. Once corporate level and business strategies are developed, management must turn its attention to formulating and implementing functional strategies. Functional strategy is the a strategy for each specific functional unit within a business. Functional strategies primarily are concerned with the activities of the functional areas of a business which support the desired competitive business level strategy and complement each other. They describe the means or methods to be used by functional areas of the organization in carrying out the corporate level or business unit strategy.
Now, we address our second question. What is the difference between a strategy and a business model? A strategy is about the external logic of a business. How are we going to compete? Check out my earlier post on the elements of a strategy for more about strategies. A business model is about the internal logic of the business. See my post on the elements of a business model. Does it make operational and economic sense? Do all of the pieces fit together? A business model is a tool that complements both a business strategy and a business plan. It is an important tool because 1) it ensures that you understand the logic of your business; and, 2) it helps you communicate the logic of your business. Of course, this begs the question, what is a business plan?