01c BUS 444 Chap 1

Directs the organization toward overall goals and

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Unformatted text preview: Attributes of Strategic Management 1. Directs the organization toward overall goals and objectives 2. Includes multiple stakeholders in decision making 1-12 Key Attributes of Strategic Management (cont.) 3. Needs to incorporate short-term and long-term perspectives 4. Recognizes trade-offs between efficiency and effectiveness 1-13 Key Attributes of Strategic Management • Ambidexterity The challenge managers face of both aligning resources to take advantage of existing product markets as well as proactively exploring new opportunities 1-14 Ambidextrous Behaviors in Individuals • They take time and • They are cooperative are alert to and seek out opportunities beyond opportunities to the confines of their combine their efforts own jobs with others 1-15 Strategic Management Process • Intended strategy Decisions are determined only by analysis • Realized strategy Decisions are determined by both analysis and unforeseen environmental developments, unanticipated resource constraints, and/or changes in managerial preferences 1-16 Strategic Management Process Adapted from Exhibit 1.2 Realized Strategy and Intended Strategy: Usually Not the Same Source: H. Mintzberg and J. A. Waters, “Of Strategies, Deliberate and Emergent,” Strategic Management Journal 6 (1985), pp. 257‐72. 1-17 Strategic Management Process 1-18 Strategic Analysis • Consists of “advance work” that must be done in order to effectively formulate and implement strategies • Starting point 1-19 Strategy Formulation A firm’s strategy formulation is developed at several levels: • Business-level • Corporate level • International • Entrepreneurial 1-20 Strategy Implementation • Ensuring proper strategic controls and organizational designs • Establishing effective means to coordinate and integrate activities within the firm as well as with...
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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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