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Midterm Review - 3 LEVELS OF CORPORATE STRATEGY Corporate...

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3 LEVELS OF CORPORATE STRATEGY: Corporate level : board of directors, CEO & administration [Highest] o Business level : business and corporate managers [Middle] o Functional level : Product, geographic, and functional area managers [Lowest] DEFINITION OF STRATEGIC MANAGEMENT: The set of decisions and actions that result in formulation and implementation of plans designed to achieve a company’s objectives EXTERNAL ENVIRONMENT : (4.1 pg.94) o Remote environment Economic Factors Social Factors Political Factors Technological Factors Ecological Factors o Industry environment Entry Barriers Supplier Power Buyer Power Substitute availability Competitive rivalry o Operating environment Also called competitive or task environment Competitors
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Creditors Customers Labor Suppliers LONG TERM OBJECTIVES : o To achieve long-term prosperity, strategic planners commonly establish long-term objectives in seven areas: Profitability Competitive Position Employee Development Employee Relations Productivity Tech Leadership Public Responsibility o There are five criteria that should be used in preparing long-term objectives: Flexible Measurable Motivating Suitable Understandable NINE CRITICAL TASKS : 1. Formulate the company’s mission 2. Conduct an internal analysis 3. Assess the external environment – competitive and general contexts 4. Analyze the company’s options by matching its resources with the external environment 5. Identify the most desirable options in light of the mission 6. Select a set of long-term objectives and grand strategies that will achieve the most desirable options 7.
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