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Management 300 (Dr. Butz) Notes for the week of 2/8/16

by: Eric LaPree

Management 300 (Dr. Butz) Notes for the week of 2/8/16 MGMT 300

Marketplace > University of North Dakota > Business, management > MGMT 300 > Management 300 Dr Butz Notes for the week of 2 8 16
Eric LaPree
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About this Document

There was only one actual class this week as we had a test on Tuesday.
Principles of Management
Nikolaus Butz
Class Notes




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This 6 page Class Notes was uploaded by Eric LaPree on Tuesday February 16, 2016. The Class Notes belongs to MGMT 300 at University of North Dakota taught by Nikolaus Butz in Spring 2016. Since its upload, it has received 139 views. For similar materials see Principles of Management in Business, management at University of North Dakota.


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Date Created: 02/16/16
Notes from 2/12 Key Terms: Execution: Questioning, analysis and follow­through to mesh strategy with reality and line up  people with goals to get the desired results. Business Plan: A document that outlines a proposed firm’s goals, the strategy to achieve them,  and the standards for measuring success. Strategy: Large­scale action plan that sets the direction for an organization. Strategic Management: Process that involves managers from all parts of the organization in the  formulation and the implementation of strategies and strategic goals. Sustainable Completive Advantage: The ability of an organization to produce goods or  services more effectively than its competitors thereby outperforming for a distinct period of time. Strategic Positioning: Attempting to achieve sustainable competitive advantages by preserving  what is distinct about the company. Fit: the way a company’s activities interact and reinforce one another. Mission Statement: Organization’s purpose or reason for existence. Vision Statement: Organization’s long­term goal describing what it wants to be. Grand Strategy: Explains how the organization’s mission is to be accomplished. Strategic plans: Determine organizations goals for the next 1­5 years. Strategy formulation: Process of choosing among different strategies and altering them to best  fit the organization’s needs. Strategic control: Consists of monitoring the execution of strategy and making adjustments if  necessary Feedback loop: Managers return to an earlier step to reconsider and revise Slides: Strategic managers need to be able to make tough decisions to change strategies, and strategic  management helps you make the right decision. Execution: Questioning, analysis and follow­through to mesh strategy with reality and line up  people with goals to get the desired results. 3 Core processes of business (execution relies on the efficacy of the 3 core processes): 1. People – Who can help you in the future and matching up specific skills with specific  jobs 2. Strategy – Where the company wants to go 3. Operations – The path the company follows. Defines short­term objectives for people  to aim for, and addresses major activities of organization. Strategic plan should answer:  What is the assessment of the external environment?  How well do you understand the existing customers and markets?  What is the best way to grow the business profitably and what are the obstacles of growth?  Who is the competition?  Can the business execute the strategy?  Are the short term and long term balanced?  What are the important milestones for execution?  What are critical issues facing the business?  How will the business make money on a sustainable business? Building a foundation for execution requires leadership and organizational culture 7 behaviors to follow to build a foundation: 1. Know your people and your business 2. Insist on realism 3. Set clear priorities (focus on fewer and easier priorities rather than many) 4. Follow through (make sure the job was done satisfactorily) 5. Reward the doers (reward the people that achieve and go above and beyond) 6. Expand people’s capabilities (develop employee’s talents and skills) 7. Know  yourself Business Plan: A document that outlines a proposed firm’s goals, the strategy to achieve them,  and the standards for measuring success. A plan is embodies the firm’s strategy Strategy: Large­scale action plan that sets the direction for an organization. Strategos – military term pertaining to the art of the general. (It is an educated guess about what  will ensure continued survival and success for the organization. STRATEGY MUST BE  REVISITED EVERY 1­2 YEARS. Strategic Management: Process that involves managers from all parts of the organization in the  formulation and the implementation of strategies and strategic goals (shouldn’t be just  sent from top managers) 3 Reasons organizations should adopt strategic management 1. Provide Direction and momentum. Perks: Encourages teamwork, promotes learning and builds an organizational  commitment. Dangers of not adopting a strategy: Managers become focused only on what is in  front of them, companies can underestimate competitors or trends. 2. Encourages new ideas Stresses innovation 3. Develop a sustainable competitive advantage Sustainable Completive Advantage: The ability of an organization to produce goods  or services more effectively than its competitors thereby outperforming for a distinct  period of time. 4 ways a company can gain a competitive edge: Customer service Innovation Quality  Effectiveness Strategic Positioning: Attempting to achieve sustainable competitive advantages by preserving  what is distinct about the company. 3 Principles of strategic positioning 1. Creating a unique and valuable position  Broadly defined needs/many customers  Narrowly defined needs/many customers  Broadly defined needs/few customers  Narrowly defined needs/few customers 2. Making trade offs  Some strategies are mutually exclusive ( not being able to do two things at once) 3. Creating a fit among activities Fit: the way a company’s activities interact and reinforce one another. PART 2 Strategic management process: 1. Establish mission and vision 2. Establish the grand strategy with environmental scanning 3. Formulate the strategic plans 4. Carry out the plan 5. Maintain strategic control Revise the above as necessary based on feedback  Step 1. Mission and vision:  Mission Statement: organization’s purpose or reason for existence. Vision Statement: Organization’s long­term goal describing what it wants to be. Mission statement should answer:  Who are the customers?  What are our major products or services?  Where do we compete geographically?  What is our basic technology?  What is our commitment to economic objectives?  What are our basic beliefs, values, aspirations, and philosophical priorities?  What are our major strengths and competitive advantages?  What are our public responsibilities and what image to we want to project to others?  What is our attitude towards our employees? Vision statement should answer yes to:  Is it appropriate for the organization and the times?  Does it set standards of excellence and reflect higher ideals?  Does it clarify purpose and direction?  Does it inspire enthusiasm and encourage commitment?  Does it reflect the uniqueness of the organization, its distinctive competence what it  stands for, what it’s able to achieve?  Is it ambitious? Step 2.Grand strategy with environmental scanning: Grand Strategy: explains how the organization’s mission is to be accomplished. Requires assessment of current performance to determine where the firm is presently  headed Step 3. Make a plan for where the firm should be headed in the future 3 Common grand strategies:  Growth Strategy: A grand strategy that involves expansion (increased  sales revenue market share number of employees or customers/clients)  Stability: Little to no change in current plan  Defensive: Reducing organization’s current activities/efforts Variation in grand strategies: Growth Strategy  It can improve an exciting product or service to attract more buyers  Increase its promotion and marketing efforts to expand to new audiences  It can expand into new products or services  Acquire similar or complementary businesses  Merge with a company to become a larger company Stability Strategy  It can go for a no­change strategy  It can go for a little­change strategy Defensive Strategy  Reduce costs by freezing hiring or tightening expenses  Sell off assets land buildings etc.  Gradually phase out product lines or services  Divest part of the business as in selling off an entire division or subsidiaries  Declare bankruptcy  Attempt a turnaround (figuring out how to become profitable again)  Formulate Strategic Plans Strategic plans: Determine organizations goals for the next 1­5 years. Strategy formulation: Process of choosing among different strategies and altering them to best fit the organization’s needs. Step 4 Carry out the strategic plan Strategy implementation: putting strategic plans into effect. Translate strategic intent into lower level plans Check for possible road blocks Top managers can’t just announce plans they have to sell strategy to promote buy­in Implementation can mean overcoming resistance by people who may feel their job is  threatened by the change Step 5: Maintain strategic control Strategic control: consists of monitoring the execution of strategy and making adjustments if  necessary Feedback loop: Managers return to an earlier step to reconsider and revise 4 ways to keep a strategic plan on track I. Engage People II. Keep it simple III. Stay focused IV. Keep moving


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