Management and Organizational Studies 4410A/B Lecture Notes - Cash Flow, Internal Audit, Cosco

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 4410A/B
• Professor: Raymond Leduc

Document Summary

Chapter 1 the nature of strategic mgmt 9/11/2012 10:13:00 am. Art & science of formulating, implementing, and evaluating (earnings per shares etc), cross-functional decisions that enable an organization to achieve its objectives. Science: marketing research, tactics, ratio analysis, logistics, operations. Strategy mgmt has three stages: formulation, implementation, evaluation. They occur at three hierarchical levels: corporate, divisional, strategic business unit, and function. Reviewing eternal and internal factors that are the bases for current strategies. 4 measures to define advantage: hard to copy. How to maintain your competitive advantage: continually adapting to changes in external trends and events and internal capabilities, competencies, and resources, effectively formulating, implementing, and evaluating strategies that capitalize on those factors. Enduring statements of purpose that distinguish one business from other similar firms. A mission statement identifies the scope of a firm"s operations in product and market terms . Objectives can be defined as specific results that an organization seeks to achieve in pursuing its basic mission.