MGT 409 Study Guide - Midterm Guide: Stakeholder Management, Ambidexterity, Strategic Management
Document Summary
Romantic view of leadership: situations in which the leader is the key force determining the organizations success or lack thereof. External control view of leadership: situations in which external forces-- where the leader has limited influence determine the organizations success. Strategic management: the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Strategy: the ideas, decisions, and actions that enable a firm to succeed. Competitive advantage: a firm"s resources and capabilities that enable it to overcome the competitive forces in its industry. Operational effectiveness: performing similar activities better than rivals. Stakeholders: individuals, groups, and organizations that have a stake in the success of the organization, including owners, employees, customers, suppliers and the community at large. Effectiveness: tailoring actions to the needs of an organization rather than wasting effort or. Efficiency: performing actions at a low-cost relative to a benchmark.
