MGT 3830 Study Guide - Midterm Guide: Stakeholder Management, Strategos, Homo Economicus
Document Summary
& how should we compete in those industries?: actions (allocate necessary resources & design organization to bring strategy to realization) To create & sustain competitive advantages (2) strategic management study of why some firms outperform others. Includes multiple stakeholders in decision making: directed toward overall organizational goals & objectives. 2: requires incorporating both short-term & long-term perspectives. Involves recognition of trade-offs between effectiveness & efficiency. Intended rarely survives its original form: portions remain unrealized, good managers take advantage of new opportunities, realized strategy = deliberate strategy + emergent strategy. Strategic management process: setting the stage for competitive advantage (strategy analysis, the selection of strategies (strategy formulation, strategy implementation & control (strategy implementation, case analysis (within cycle) Three types of goals: vision, mission, strategic objectives. Perspective that firm"s competitive advantages are due to their endowment of strategic resources that are valuable, rare, costly to imitate, and costly to substitute.
