Management and Organizational Studies 4410A/B Study Guide - Midterm Guide: Competitive Advantage, Strategic Management, Henry Mintzberg

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 4410A/B
• Professor: Raymond Leduc

Document Summary

Today"s leaders must be proactive, anticipate change, and continually refine their strategies. Throughout the organization strategic management must become both: process, way of thinking. Managers must: decide on strategies, effectively execute the strategies, to effectively do these two things well, managers need to recognize how to strategically analyze the situations they face now and in the future. Romantic view of leadership: leader is the key force in determining organizations success: positive example: steve jobs & apple, negative example: john roth & nortel. External control: external factors may positively or negatively affect firms success: ex: 2008 recession. Overall, must acknowledge both perspectives leaders can make a difference, but they must be constantly aware of the opportunities and threats in the external environment and have good understanding of firms resources and capabilities. Strategic management : consists of the analyses, decisions and actions an organization undertakes to create and sustain competitive advantages.