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01c BUS 444 Chap 1

01c BUS 444 Chap 1 - Strategic Management Creating...

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Strategic Management: Creating Competitive Advantages Chapter One BUS 444 – Strategic Management Paul McAfee
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Learning Objectives After reading this chapter, you should have a good understanding of: LO1 The definition of strategic management and its four key attributes . LO2 The strategic management process and its three interrelated and principal activities. LO3 The vital role of corporate governance and stakeholder management as well as how “symbiosis can be achieved among an organization’s stakeholders. 1-2
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Learning Objectives (cont.) LO4 The importance of social responsibility , including environmental sustainability, and how it can enhance a corporation’s innovation strategy. LO5 The need for greater empowerment throughout the organization. LO6 How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction. 1-3
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Two Perspectives of Leadership Romantic view Leader is the key force in organization’s success. External control perspective Focus is on external factors that affect an organization’s success.
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QUESTION A CEO made a lot of mistakes such as committing errors in assessing the market and competitive conditions and improperly redesigning the organization into numerous business units. Such errors led to significant performance declines. This illustrates the __________ perspective of leadership. A. External control B. Romantic C. Internal mechanism D. Operational 1-5
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Example: E*Trade Elements of Caplan’s turnaround Cut costs by reducing the advertising budget and selling unrelated businesses Changed the firm’s culture and instilled more discipline Refocused the firm on its core banking operations 1-6
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What is Strategic Management? Strategic management must become both a process and a way of thinking throughout the organization Leaders must be proactive, anticipate change , and continually refine changes to their strategies 1-7
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Defining Strategic Management Strategic management Analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages 1-8
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01c BUS 444 Chap 1 - Strategic Management Creating...

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