ADMS 4900 Lecture Notes - Lecture 1: Swot Analysis, Plaintext, Macroeconomics
26 Mar 2018
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Strategic management: decisions & actions organizations undertake to create & sustain competitive advantages. These advantages makes firms unique & lead to success over time (makes them superior to competition. A company"s success is a combo of leadership and external factors. Incremental management (making minor changes to improve firm"s efficiency) won"t necessarily be successful in today"s global marketplace must be proactive. Challenge is to decide on strategies and to execute them effectively. Strategic management in an organization involves 3 ongoing processes: Analysis of strategic goals (vision, mission, strategic objectives), and internal & external environments. Action allocating necessary resources & aligning stakeholders to bring intended strategies to reality. Strategic management is a process & an evolving managerial responsibility that requires interaction between the. 3 sub-processes (which can occur sequentially but usually all at the same time) 2 fundamental questions to determine how a firm should compete to obtain sustainable advantages:
