MGM101H5 Chapter Notes - Chapter 1: Chief Executive Officer, Chief Financial Officer, Chief Technology Officer

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Can also arise in absence of planning at all levels of management: strategizing- the process of thinking through on a continual basis what strategies an organization should pursue to attain its goals and it involves: Being aware of and analyzing what competitors are doing. Thinking about how changes in the external environment impact organization. Weighing the pros and cons of alternative strategies. Anticipating how competitors might respond to these strategies. Important aspect: creating incentives that align the interests of individual employees with those of the organization, helping to ensure that everyone is pulling in the same direction. Developing employees- the task of hiring, training, mentoring, and rewarding employees and managers in an organization: people are the most important asset in an organization. Human capital- the knowledge, skills, and capabilities embedded in individuals which can be a source of competitive advantage. Drive strategic thinking (strategizing) deep within the organization while articulating their own vision for the organization.