ECON 1 Lecture Notes - Lecture 5: Strategic Management, Typewriter, Strategic Planning
Document Summary
Strategic management process = method by which managers conceive of & implement a strategy that can lead to a sustainable competitive advantage. Values ->how accomplish our goals individual / an organization can lead to higher performance. >an inspiring vision helps employees find meaning in their work. Strategic intent = the staking out of a desired leadership position in the long term that far. Vision = a statement about what an organization ultimately wants to accomplish, it captures the. To answer: begin with the end in mind" company"s aspiration exceeds a company"s current resources and capabilities; challenging goals that stretch an. Mission = description of what an organization actually does what its business is and why it. We are in the business of providing solutions to professional communication needs": e. g. We are a typewriter business": a product-centric view can limit a company"s strategic options, can also help to refocus. Sometimes a firm"s mission statement can hurt its financial performance.
