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Chapter 1 notes

by: Briana Notetaker

Chapter 1 notes Management 490

Briana Notetaker
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About this Document

Definitions and terms that will be on the exam
Business Strategy
Yin-Chi Liao
Class Notes




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This 2 page Class Notes was uploaded by Briana Notetaker on Tuesday January 12, 2016. The Class Notes belongs to Management 490 at Western Illinois University taught by Yin-Chi Liao in Winter 2016. Since its upload, it has received 16 views. For similar materials see Business Strategy in Business, management at Western Illinois University.

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Date Created: 01/12/16
Introduction to strategic management Chapter 1 Zero Sum: various stakeholders competing for the organizations resource Strategy: the ideas, decisions, and actions that enable a firm to succeed  Strategy formulation: decisions made by firms using investments and other financial  commitments to create and sustain competitive advantage Strategy implementation: actions made by firms that carry out the formulated strategy  Bad strategy + Good execution= doing the wrong thing perfectly  Good strategy+ Bad Execution= doing the right thing poorly  Good strategy+ Good Execution= doing the right thing well Strategy analysis: the study of firms’ external and internal environments, and their fit with  organizational vision and goals Realized Strategy: organizational decisions are determined by both analysis and unforeseen  environmental developments of unanticipated resource constraints and managerial preferences Intended Strategy: strategy in which organizational decisions are determined only by analysis Strategic management: the analyses, decisions, and actions an organization undertake in order to  create, and sustain competitive advantages Strategic Objectives:  Specific outcomes to achieve in a specific time framework  Measurable and attainable  Compel the organization into action Strategic management process:  Strategy analysis  Strategy formulation  Strategy implementation Key Attributes of Strategic Management:  Efficiency: performing activities at low cost, benchmark doing things right  Effectiveness: tailoring actions to the needs of an organization rather than wasting effort  doing the right thing  Incorporate short term and long term perspective  Include multiple stakeholders in decision making  Direct the organization toward overall goals and objectives Importance of Organizational goals:  To achieve clarity of the organizational purpose  To serve as a focal point for all stakeholders of the firm  To facilitate the translation of objective into a work structure  Visions:  State what organizations aspires to become in the future  An expression of desired end state  Evokes passion and inspires a compelling future  A goal that is massively inspiring. overarching, and long term Mission Statement:  Set of organizational goals Contains information about  Purpose of organization  Scope of operations  Basis of its competitive advantage  Core values  Unique nature of the organization Operational effectiveness: performing similar activities better than rivals Competitive advantage: a firm’s resources and capabilities that enable it to overcome the  competitive forces in its industry  Ambidexterity: the challenge managers face of both aligning resources to take advantage of  existing product markets as well as proactively exploring new opportunities


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