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MGT Exam 1 (got 96%)

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Louisiana State University
MGT 3830

Chapter One1 Strategic Management consists of 3 ongoing processes1Analyses analysis of strategic goals vision mission strategic objectives2Decisions what industries should we compete inHow should we compete in those industries3Actions allocate necessary resourcesdesign organization to bring strategy to realizationTo createsustain competitive advantages2 Strategic management study of why some firms outperform others Fundamental Questions to compete for long period of time1How should we compete in order to create competitive advantages in the marketplace2How can we create competitive advantages in the marketplace that are not only unique and valuable but also difficult for competitors to copy or substituteFour Key Attributes of Strategic Management1Directed toward overall organizational goalsobjectives2Includes multiple stakeholders in decision making3Requires incorporating both shorttermlongterm perspectives4Involves recognition of tradeoffs between effectivenessExhibit 12efficiencyIntended Vs Realized Strategies Intended rarely survives its original formPortions remain unrealizedGood managers take advantage of new opportunitiesRealized strategydeliberate strategyemergent strategyStrategic Management Process1Setting the Stage for Competitive Advantage Strategy Analysis2The selection of strategies Strategy Formulation3Strategy ImplementationControl Strategy Implementation 4Case Analysis within cycleThree types of goals1Vision2Mission3Strategic objectivesResourceBased View of the FirmPerspective that firms competitive advantages are due to their endowment of strategic resources that are valuable rare costly to imitate and costly to substituteCombines 2 perspectives1The internal analysis of phenomena within a company2An external analysis of the industry and its competitive environmentA firms resources must be evaluated in terms of how valuable rare and hard they are for competitors to duplicateResources by themselves typically dont yield competitive advantage
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