Chapter 1 notes
Chapter 1 notes Management 490
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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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