MGMT 1000 Chapter Notes - Chapter 9: Bargaining Power, Cost Leadership, Strategic Management
10 Dec 2017
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Strategic management: what managers do to develop the organization"s strategies. Strategies: plans for how an organization will do what it"s in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its goals. Business model: a strategic design for how a company intends to profit from its strategies, work processes, and work activities. Makes a difference in how well organizations perform. Its important for helping managers cope with continually changing situations. Helps coordinate and focus employee efforts on what"s important. Explain the role of managers in each of the six. Strategic management process: a six-step process that encompasses strategic planning, implementation, & evaluation. Step 1: identify the organization"s current mission, goals and strategies. Strengths: any activities the organization does well or any unique resources it has. Weaknesses: activities the organization does not do well or resources it needs but does not possess.
