Honors Strategic Management Week 1 notes
Honors Strategic Management Week 1 notes MGMT 3013H
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This 1 page Class Notes was uploaded by ajtovar on Sunday August 28, 2016. The Class Notes belongs to MGMT 3013H at University of Arkansas taught by Vikas Anand in Fall 2016. Since its upload, it has received 37 views. For similar materials see Honors Strategic Management in Management at University of Arkansas.
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Date Created: 08/28/16
Honors Strategic Management 1) What is Strategy? a) The set of decisions and actions of firm managers to ensure the future success of the firm i) Focuses on the future. Not concerned with just right now (1) What are things you do today that wont be relevant in 10 years? What things are you not doing now that will be relevant in 10 years? Must be future focused ii) Focuses on success which is generally measured through financial performance 2) Role of strategic manager a) Ensuring long term survival of firm b) Satisfying stakeholders c) By: i) Staking a position in the competitive landscape (1) Ex. Walmart has a competitive advantage with its low-cost strategy ii) Appropriate resource allocation iii) Risk-taking and risk management (1) The higher the risk, the higher the reward. Not taking risks makes you good at lower levels of a company, but as you move up you need to be able to take risks. iv) Contributing to a conductive org culture and norms (1) A strategy may lead to opposition which may lead to its failure. Must be able to overcome this. 3) Stakeholders a) Individuals/ entities who may be affected by or affect the firms outcomes i) Product market: customers/suppliers (1) Directly responsible for product ii) Capital market: shareholders/banks (1) Financially affected iii) Organizational: employees iv) Societal: gov, communities, etc
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