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Chapter 1 notes

by: Shayna Davis

Chapter 1 notes CSR 404

Marketplace > Purdue University > CSR 404 > Chapter 1 notes
Shayna Davis
GPA 3.4
Strategic Management

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Strategic Management
Class Notes
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This 3 page Class Notes was uploaded by Shayna Davis on Friday January 30, 2015. The Class Notes belongs to CSR 404 at Purdue University taught by Mohan in Spring2015. Since its upload, it has received 208 views.


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Date Created: 01/30/15
Chapter 1 Key Strategic Questions 0 Where is the organization nowNot where management hope it is o If no changes are made where will the organization be in one year Two years Five years Are the answers acceptable 0 If the answers are not acceptable what speci c actions should management undertake What risks and payoffs are involved Strategic Management that set of managerial decisions and actions that determines the longrun performance of a corporation Including environmental scanning both external and internal strategy formulation strategic planning strategy implementation evaluation and control Intuitive strategies cannot be continued successfully if 0 The corporation becomes large 0 The layers of management increase 0 The environment changes substantially Strategic management within a rm generally evolves through four sequential phases of development 0 Phase 1 Basic Financial Planning Seeking better operational control by trying to meet annual budgets Phase 2 Forecastbased Planning Seeking more effective planning for growth by trying to predict the future beyond the next year 0 Phase 3 Externally Oriented Strategic Planning Seeking increased responsiveness to markets and competition by trying to think strategically 0 Phase 4 Strategic management Seeking a competitive advantage by considering implementation evaluation and control when formulating a strategy Strategic Flexibility the ability of to shift from one dominant strategy to another Learning Organization An organization skilled at creating acquiring and transferring knowledge and at modifying its behavior to re ect new knowledge and insights Punctuation Equilibrium Describes corporations as evolving through relatively long periods of stability equilibrium periods punctuated by relatively short bursts of fundamental change revolutionary periods Triggering Event something that stimulates a change in strategy Possible triggering events include 0 New CEO Forces people to question the very reason for the corporation s existence 0 External Intervention The rm s bank suddenly refuses to agree to a new loan a key customer complains about a serious product defect o Threat of a change in ownership Another rm may initiate a takeover by buying the company s common stock 0 Performance Gap Exists when performance doesn t meet expectations Sales and pro ts either are no longer increasing or may be falling 0 Strategic in ection point A major environmental change such as the introduction of new technology a change in customer values etc Strategic management consists of 4 basic elements 1 Environmental scanning 2 Strategy formulation 3 Strategy implementation 4 Evaluation and control Environmental Scanning the monitoring evaluating and disseminating of information from the external and internal environments to key people within the corporation External Environment consists of variables opportunities and threats that are outside the organization and not typically within the short run control of top management lnternal Environment consists of variables strengths and weaknesses that are within the organization itself and are not usually within the short run control of top management They include the corporation s structure culture and resources Strategy Formulation the development of the long range plans for the effective management of environmental opportunities and threats in light of corporate strengths and weaknesses Includes de ning a corporate mission specifying achievable objectives developing strategies and setting policy guidelines Mission is it s purpose or reason for existence Mission Statement de nes the fundamental unique purpose that sets a company apart from other rms of its type and identi es the scope of the company s operations in terms of products offered and markets served Objectives the end results of planned activity They state Whatis to be accomplished by when and should be quanti able if possible Goal an openended statement of what one wishes to accomplish with no quanti cation of what is to be achieved and no timeframe to be completion Ex pro tability ef ciency growth shareholder wealth reputation technological leadership etc Strategy a comprehensive plan stating how the corporation will achieve its mission and objectives Corporate Strategy describes a company s overall direction in terms of its general attitude toward growth and the management of its various business and product lines Composed of directional strategy portfolio analysis and parenting strategy Corporate directional strategy is conceptualized in terms of stability growth and retrenchment Business Strategy usually occurs at the business unit or product level and it emphasizes improvement of the competitive position of a corporation s products or services in the speci c industry or market segment served by that business unit Functional Strategy approach taken by a functional area such as a marketing or research to achieve corporate and business unit objectives and strategies by maximizing resource productivity


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