ADMS 4900 Chapter Notes - Chapter 1: Strategic Management
23 Mar 2013
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Document Summary
Chapter 1 strategic management: creating competitive advantages. Strategic management: consists of the analyses, decisions, and actions an organization undertakes to create and sustain competitive advantages. 4 key attributes (1) directs organization toward over goals and objectives (2) includes multiple stakeholders in decision making (3) both short-term and long-term perspectives (4) acknowledges trade-offs between efficiency/effectiveness. External control consists of auditors, banks, and analysts. Corporate governance is seen as the vehicle to carry out the responsibility, the organization"s purpose. Primary participants are (1) shareholders, (2) management (led by ceo), and (3) board of directors. Hierarchy of goals are organizations best express priorities stated through goals and objectives. Vision: goals that is inspiring, overarching, and long-term. Mission: both the purpose of the company and the basis of competition. Objectives: how companies can fulfill/move toward the higher goal .
