401 Chapter 1 and 2 notes

401 Chapter 1 and 2 notes - Chapter 1 Romantic View of...

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Unformatted text preview: Chapter 1 Romantic View of Leadership: situations in which the leader is the key force determining the organizations success-or lack thereof. Dominates popular press External view of leadership : situations in which external forces- where the leader has limited influence- determine the organizations success. i.e. Rising health care costs or high cost of gas on Ford Strategic management : the analyses, the decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Analysis of strategic goals (vision, mission, strategic objectives), analysis of internal and external environment of organization Decisions: What industries should we compete in? How should we compete in those industries? Actions: allocation of resources, design organization How should we compete in order to create competitive advantages in the marketplace? How can we create competitive advantages that are not only unique and valuable but also difficult for competitors to copy or substitute? Operational Effectiveness : performing similar activities better than rivals. Four Key Attributes of Strategic Management 1) Directs the organization toward overall goals and objectives 2) Includes multiple stakeholders in decision making 3) Needs to incorporate short-term and long-term perspectives 4) Recognizes trade-offs between efficiency and effectiveness Stakeholders : individuals, groups, and organizations who have a stake in the success of the organization, including owners (shareholders in a publicly held corporation), employees, customers, suppliers, and the community at large. Effectiveness: tailoring actions to the needs of an organization rather than wasting effort, or doing the right thing. Efficiency : performing actions at a low cost relative to a benchmark, or doing things right. Ambidexterity : the challenge managers face of both aligning resources to take advantage of existing product markets as well as proactively exploring new opportunities. I ntended vs Realized Strategies Unpredictability of business environment limits ability for analysis Given political processes in orgs. Decisions are seldom based on optimal rationality alone I ntended Strategy: strategy in which organizational decisions are determined only by analysis. Realized Strategy : strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments, unanticipated resource constraints, and/or changes in managerial preferences. Final realized strategy is usually a combo of deliberate and emergent strategies Strategy Analysis Analyzing organizational goals and objectives Analyzing External Environment of the firm Assessing the Internal environment of the firm Assessing a firms intellectual assets Strategy Formulation Formulating business-level strategy Formulating corporate-level strategy Formulating international strategy Entrepreneurial strategy and Competitive dynamics...
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This note was uploaded on 04/21/2008 for the course MG 401 taught by Professor Gold during the Spring '08 term at Bentley.

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401 Chapter 1 and 2 notes - Chapter 1 Romantic View of...

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