MAN_exam2 study guide - 1 Management - Exam 2 Study Guide...

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Management - Exam 2 Study Guide Ch.8, 15, and 17 Including video notes Chapter 8 Strategic Management Strategic Management - is that set of managerial decisions and actions that determine the long-run performance of an organization. Why is strategic management important? Can make a difference how well and organization performs Continually changing situations Nature of organizations- composed of diverse divisions, units, functions and work activities It is involved in many of the decisions that managers make The Strategic Management Process - a six-step process that encompasses strategic planning, implementation, and evaluation. 1. Identifying the organization’s current mission, objectives and strategies a. A statement of purpose, mission i. What is our reason for being in business 1. Defining organization’s mission forces managers to identify the scope of its products. 2. External Analysis a. What competition is doing, what pending legislation might affect the organization b. Managers should examine both the specific and general environments i. Opportunities - positive trends in external environmental factors ii. Threats - Negative trends in external environmental factors 3. Internal Analysis a. Financial capital, technical expertise, skilled employees, experienced managers i. Strengths – any activities the organization does well or any unique resources that it has ii. Weakness – activities the organization does NOT DO well or resources it needs but does not posses iii. Core competencies – the organization’s major value-creating skills, capabilities, and resources that determine its competitive weapons b. Organization’s culture is a crucial part of step 3 – managers should be aware that strong and weak cultures have different effects on strategy. c. Culture can promote or hinder and organization’s strategic action 1. SWOT Analysis – an analysis of the organization’s strengths, weaknesses, opportunities, and threats. 4. Formulating Strategies a. Once SWOT is complete, managers need to develop and evaluate strategic alternatives and then select strategies that capitalize on the organization’s strengths and exploit environmental opportunities or correct the organization’s weaknesses. 1
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b. This step is complete when mangers have developed a set of strategies that give the organization a relative advantage over its rivals. 5. Implementing Strategies a. After strategies are formulated, they must be implemented. 6. Evaluating Results a. How effective have the strategies been? b. What adjustments are necessary? Types of Organizational Strategies 1. Managers, top level of organization – corporate-level strategies a. Corporate-level strategy – an organizational strategy that seeks to determine what business a company should be in or wants to be in. i.
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This note was uploaded on 12/03/2009 for the course MAN 3025 taught by Professor Clevenger during the Spring '08 term at University of Central Florida.

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MAN_exam2 study guide - 1 Management - Exam 2 Study Guide...

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