BU481 Study Guide - Comprehensive Final Exam Guide - Pest Analysis, Nikola Tesla, Ford Focus
Document Summary
Pattern of decisions // and attention: allocation of attention, what do i want to think about and what can i delegate. Lots of external influences and decisions out of your scope of influence: business models, form boundary. For better long term performance, need good stakeholders. Strategic management is: an ongoing p(cid:396)o(cid:272)ess that e(cid:448)aluates a(cid:374)d shapes a fi(cid:396)(cid:373)(cid:859)s direction by, assessing competitive environment and setting goals, determining and choosing bw strategic choices, regularly re-assessing implementation, evaluating changing / newly emerging circumstances. How strategy is different: other courses generally cover one functional area of business. Strategic management will focus on the business as a whole: holistic approach to answer big picture questions on how to run a business. Diamond-e framework: helps you to organize your analysis and make it comprehensive. Focus is on the integration of all relevant elements for a big picture view: environment, strategy, management preferences, org, resources + capabilities, all options and recommendations should take into consideration the analysis.
