01c BUS 444 Chap 1

A external control b romantic c internal mechanism d

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Unformatted text preview: ective of leadership. A. External control B. Romantic C. Internal mechanism D. Operational 1-5 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 What is Strategic Management? • Strategic management • Leaders must be must become both a proactive, anticipate process and a way of change, and thinking throughout continually refine the organization changes to their strategies 1-7 Defining Strategic Management • Strategic management Analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages 1-8 Defining Strategic Management • Analysis Strategic goals Internal and external environment of the firm • Strategic decisions What industries should we compete in? How should we compete in those industries? 1-9 Defining Strategic Management • Actions Allocate necessary resources Design the organization to bring intended strategies to reality 1-10 Two Fundamental Questions 1. How should we compete in order to create competitive advantages in the marketplace? 2. How can we create competitive advantages in the marketplace that are unique, valuable, and difficult for rivals to copy or substitute? 1-11 Key...
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This note was uploaded on 03/05/2014 for the course BUS 444 taught by Professor Lynn during the Spring '11 term at Keuka.

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