midterm review .pdf - Chapter one Strategic Management...

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Chapter one: Strategic Management Romantic view of leadership : - Leader is the key force in organization’s success; Steve jobs, Elon Musk External control view of leadership: -Focus is on external factors that may affect an organization’s success Strategic management: -Analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages the strategic management of an organization entails three ongoing processes: analyses, decisions, and actions. Strategic management is concerned with the analysis of strategic goals (vision, mission, and strategic objectives) along with the analysis of the internal and external environment of the organization. Strategy: -Strategic goals –Internal and external environment of the firm The ideas, decisions, and actions that enable a firm to succeed. Competitive Advantage A firm’s resources and capabilities that enable it to overcome the competitive forces in its industry(ies). - A “sustainable” competitive advantage: is a result of an outstanding systemic fit – such makes the competitive advantage difficult to identify and imitate by competitors. Operational Effectiveness: means performing similar activities better than rivals. Stakeholders: - those 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, the community at large
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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.” Strategic Management Process: -Henry Mintzberg Analyses -> decisions-> actions Intended Strategy: -Decisions are determined only by analysis Realized Strategy: -Decisions are determined by both analysis and unforeseen environmental developments, unanticipated resource constraints, and/or changes in managerial preferences Strategy Analysis : -Consists of “advance work” that must be done in order to effectively formulate and implement strategies. Strategy Formulation: A firm’s strategy formulation is developed at several levels: •Business-level - Corporate level - International - Entrepreneurial Strategy Implementation: -Ensuring proper strategic controls and organizational designs -Establishing effective means to coordinate and integrate activities within the firm as well as with suppliers, customers, and alliance partners Corporate governance – different actors and their interactions -The relationship among various participants in determining the direction and performance of corporations –Shareholders, management, board of directors Stakeholder management : a firm’s strategy for recognizing and responding to the interests of all its salient stakeholders.
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Chapter 2: External Environment Environmental forecasting The development of plausible projections about direction, scope, speed and intensity of environmental change Scenario analysis:
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