Mid Term 1 Cheat Sheet

Mid Term 1 Cheat Sheet - Strategic MGT Perspective...

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Strategic MGT Perspective: Integrative view of the org, Assess how functional areas and activities “fit together” to achieve goals and objectives, all managers and employees must take and integrative, strategic perspective of issues facing the organization. Strategy: Plan(intended), Pattern(realized), Position, Perspective Strategic MGT Process: decision making process that flows from setting goals to assessing performance, intended versus emergent strategy. Strategic Management: that set of decisions and actions that determine the long term performance of the org. 3 Key ?’s: 1.Where is the org now 2.if no changes are made where will the org be in 1 2 5 or 10 years. Are answers acceptable. 3.if not what should we do today to put the org in a desired position in the future. Trigg events for major strategy changes: New CEO, External intervention, performance gap. Strategic Management: Analysis : -strategic goals (vision, mission, strategic objectives) – internal and external environment of the firm Strategic Decision: -What industries should we compete in? -How should we compete in those industries? Actions: -allocate necessary resources –Design the organization to bring intended strategies to reality Direction for the Org: Mission Statements, Purpose of the company, Basis of competition and competitive Adv, More specific than vision, focused on the means by which the firm will compete. Company Vision: massively inspiring, overarching, long-term, driven by and evokes passion, fundamental statement of the org’s (values, aspiration, goals). Hierarch of Goals (Vision above Mission Statements). Strategic Objectives: operationalize the mission statement, provide guidance on how the organization can fulfill or move toward the “higher goals”, more specific, cover a more well-defined time frame Process Issues: writing a statement-involvement and introspection, practicing what it preaches, using it for decision making, serves internal and external audiences Continental Airlines: Corporate Vision- to be recog. As the best airline in the industry by our customers, emps, and shareholders Sawyer Mission: -we create a learning environment that enables our studnets to emerge as succ. Leaders in the practice of global business and public serv. We value excellence in education and research, and work w/ our students, alum and bus partners. Internal Analysis: =Value Chain Analysis can help managers create value by examining:-relationships among activities within the firm, -between the firm and its customers and suppliers =The resource based view(RBV) of the firm and the diff types of tangible and intangible resources, as well as organizational capabilities. Resource Based View: Tangible Resources: Financial (cash accts), Physical (machinery, equip, facilities), Technological(innovative production processes, patents), Organizational(strategic planning processes). Intangible Resources: (difficult for competitors and firm to acct for or imitate) Human(skills), Innovation and Creativity(tech and scientific skills) Reputation. Organizational Capabilities:
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