MGMT 4000 Study Guide - Final Guide: Strategic Management, Learning Organization, Profit Maximization

• School: University of Guelph
• Department: Management
• Course: MGMT 4000
• Professor: Ernavan Duren

Document Summary

Chapter 1 basic concepts in strategic management. 4 phases of evolution: basic financial planning, forecast-based planning, externally oriented strategic planning, strategic management. Benefits of strategic management: clearer sense of strategic vision, better focus on what is strategically important. Consists of 4 basic elements: environmental scanning, strategy formulation. New products, services, methods, and approaches to how a business makes profit. Use of business practices to manage the triple bottom line: mgmt of traditional profit/loss, mgmt of companies csr, mgmt of companies environmental responsibility. Ability to shift from one dominant strategy to another. Demands long-term commitment to development and maintenance of critical resources. Organization that is skilled at creating, acquiring, and transferring knowledge, modifying its behaviour to reflect new knowledge. Critical in remaining competitive in a dynamic environment. Skilled at four main activities: solving problems systematically, experimenting new approaches, learning from experiences from themselves as well as others, transferring knowledge quickly throughout organization.