ADMS 4900 Chapter Notes - Chapter 1: Cost Leadership, S.M.A.R.T., Plaintext

• School: York University
• Department: Administrative Studies
• Course: ADMS 4900
• Professor: Kelly Thomson

Document Summary

Managers need to be proactive, anticipate change and continually refine their strategies. Challenge is: decide on strategies that are advantageous and can be sustained, execute those strategies in midst of unstable environment. Competitive advantage is what makes one company"s offering superior to its competitors. Operational effectiveness total quality, just in time, benchmarking, outsourcing. Four key attributes of strategic management: what is best for the overall organization. ~ organization vs. individual rationality: includes multiple stakeholders in decision making, incorporates short term and long term perspectives ( creative tension") ~ vision for the future but still focus on present operating needs: recognize tradeoffs between efficiency and effectiveness. ~ doing the right thing and doing things right. Intended strategy rarely survives in real world due to unforeseen environmental developments, unanticipated resource constraints, or changes in managerial preferences. Realized strategy is combo of deliberate and emergent strategies: strategy analysis. Make sense of elements and the interactions that formed the organizations world in the past.