ADMS 3930 Lecture Notes - Lecture 2: Strategic Management

• School: York University
• Department: Administrative Studies
• Course: ADMS 3930
• Professor: Randy Hoffman

Document Summary

Interest groups: technology knowledge, social & cultural values, suppliers, competitors, markets, regulations, labour force. Resource interaction: an exchange of resources (tangible + intangible, they can directly or indirectly affect the performance of an organization. Adaption requires the organization to structure its internal resources and adjust its processes to have profitable, resource exchanges with external environment. Indirect interactions are equally important as direct interactions and must be monitored as they can have a significant impact on organizational performance. Management and effective environment monitoring: managers monitor/receive info. from the environment and also provide info. to it but it isn"t the only type of interaction it has with the environment. 5 steps to monitoring the environment: identification of factors to be monitored: a demanding task at the strategic management level than the operational level manager. Operational managers are able to identify the factors related to their area.