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ITM 100 Lecture : Lecture - Chapter 3

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4 Feb 2012

School

Ryerson University

Department

Information Technology Management

Course

Professor

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ITM 100 Full Course Notes

ITM 100 Full Course Notes

Document Summary

compare strategy of tim horton s to starbucks. compare strategy of canadian tire to walmart. compare strategy of porter airlines to air canada. a number of different tasks need to be coordinated to deliver a product or service therefore a company needs a business strategy. a strategy is a broad-based formula for how a business is going to compete, what its goals should be, and what plans and policies will be needed to carry out those goals. a stakeholder is a person or entity that has an interest and an influence on how a business will function. a stakeholder can be external or internal relative to the business. all open systems have an organizational boundary that separates them from their environment but still allows them to interact with their environment. to transform inputs into outputs (goods and services) organizations need to perform a series of steps known as a business process.

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Related Questions

Which of the following is not true about strategy and/or strategic management?

a. The strategic leader's perspective ought to be the holistic consideration of the business and its environment.

b. Strategic management encompasses all the functional areas of business.

c. In business, the strategy requires a big-picture perspective.

d. Strategies sometimes emerge from bottom-up processes.

e. A good leader can afford to devise a strategy in isolation from the lower-level leaders who are responsible for executing it

emeraldmammoth893

Which of the following statements is true of business ethics?

a)All business actions deemed unethical by society are necessarily illegal.

b)Business ethics and personal ethics are synonymous.

c)The acceptability of behavior in business is determined by not only an organization but also its stakeholders.

d)Business ethics is independent of an organizational culture.

e)Profit in business is the only glue that holds relationships together.

The two biggest drawbacks or disadvantages of unrelated diversification are

A)underemphasizing the importance of resource fit and the strong likelihood of diversifying into businesses that top management does not know all that much about.

B)insufficient cash flows to finance so many different lines of business and a lack of uniformity among the strategies of the businesses it has diversified into.

C)volatile sales and profits and making the mistake of diversifying into too many cash cow businesses.

D)the difficulties of competently managing many different businesses and being without the added source of competitive advantage that cross-business strategic fit provides.

E)over-investing in the achievement of economies of scope and the difficulties of achieving a good mix of cash cow and cash hog businesses.

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