Management and Organizational Studies 4410A/B Chapter 1: Chapter 1 textbook notes. Very In-depth. No need to buy the text book just read these notes!!!
20 Dec 2011
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Strategic management: the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives. Focuses on integrating management, marketing, nance/accounting, production/operations, research and development and information systems to achieve organizational success. Signals commitment to speci c markets, policies, procedures and operations in place of other. Developing a vision and mission, identifying an organization"s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing what strategies to pursue. E. g. what new businesses to enter, what businesses to abandon, how to allocate resources, whether to expand or diversify, whether to enter international markets, etc. Commit an organization to speci c markets, products, resources, and technologies over an extended period of time. Requires a rm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed. Includes developing strategy-supportive culture, creating an effective organizational structure, redirecting marketing efforts, preparing budgets.
