GMS 200 Lecture Notes - Lecture 8: Strategic Management, Intrapreneurship, Customer Service

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Deborah De Lange

Document Summary

Characteristics and antecedents of entrepreneurs- nature vs nuture . Whether a startup or a corporation, setting strategic direction and execution of it are critical. A strategy is a comprehensive action plan that identifies long term direction for an organization and guides resource utilization to accomplish goals with sustainable competitive advantage. Strategic management is the process of formulating and implementing strategies to accomplish long-term goals and sustainable competitive advantage. Strategic formulation: create strategy, assess existing strategies, organization and environment, develop new strategies, deliver future competitive advantage. Stakeholder- the individuals and groups who are directly affected by the organization and its strategic accomplishments. Strategic constituencies (stakeholder) analysis- review the interests of each stakeholder along with the organization"s record in responding to their interests. Core values- broad beliefs about what is or is not appropriate. What is significance and to whom of each of these objectives. Financial health- acquiring capital and earning positive returns. Market share- gaining a specific share of possible customers.