Chapter 1 Strategic Management.docx

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Western University
Management and Organizational Studies
Management and Organizational Studies 4410A/B
Raymond Leduc

Chapter 1 STRATEGIC MANAGEMENT CREATING COMPETITIVE ADVANTAGES AN OVERVIEW September 10 2013 An organizations performance is directly linked to choices its managers make about o Strategy AND o Organizations ability to execute strategy successfullyExampleso WalMart vs Canadian retailAggressive strategy downfall of some Canadian firms ie Eatons Kmart etc create new competitive landscape for some Canadian firms ie Canadian Tire o Bombardier vs aerospacepublic transitoutdoor recreational equipmentCarve unique place in several industriesWHAT IS STRATEGIC MANAGEMENT Leaders must take on incremental management o View job as making series of minor changesimprove efficiency of firms operationsWorks well in simpleunchangingstable industriesBUT not many of these are leftSo leaders must concurrently make minor AND major changesStrategic management must become a processway of thinking oHow can I contribute to make our firm to outperform othersDecide on strategies that provide sustainable advantages that can be sustained over timeEffectively execute strategies in midst of environment of turbulenceuncertaintyMUST recognize whathow to strategically analyze situations they face nowfutureDEFINING STRATEGIC MANAGEMENT Strategic management analysesdecisionsactions an organization undertakes to createsustain competitive advantages o Competitive advantage what makes a companys offerings superior to those of its competitorsSuperiority customersconsumersproduct userschoose to satisfy their needs using that particular companys offerings over a competitors o Competitive advantage can be achieved via different avenues ie uniqueness quality service price etcSuperiority comes in many dimensions Applicable to all organizations ie government court system etc 2 main elements of strategic management1 3 ongoing processesAnalysis ofStrategic goals o Vision Where do you want to be o Mission How will you get there o Strategic objectivesInternal and external environmentsDecisions considers domestic and international operationsWhich industries should we compete inHow should we compete in those industriesActions provides insightexperiencesfirms capabilitiesDesign organization to bring intended strategies to realityAllocate necessary resources o Strategic management is a process and evolving managerial responsibilityRequires a great deal of interaction among ADAEngage ADA at all times2 determine how a firm is to compete so it can obtain advantages that are sustainable over a period o How should we compete to create competitive advantages in the marketplace
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