Chapter 1 textbook notes. Very In-depth. No need to buy the text book just read these notes!!!

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Management and Organizational Studies
Management and Organizational Studies 4410A/B
Maria Ferraro

Chapter 1Strategic management the art and science of formulating implementing and evaluating crossfunctional decisions that enable an organization to achieve its objectivesFocuses on integrating management marketing nanceaccounting productionoperations research and development and information systems to achieve organizational successSignals commitment to specic markets policies procedures and operations in place of other less desirable courses of actionStages of Strategic ManagementStrategy formulationDeveloping a vision and mission identifying an organizations external opportunities and threats determining internal strengths and weaknesses establishing longterm objectives generating alternative strategies and choosing what strategies to pursueEg 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 specic markets products resources and technologies over an extended period of timeStrategy implementationRequires a rm to establish annual objectives devise policies motivate employees and allocate resources so that formulated strategies can be executedIncludes developing strategysupportive culture creating an effective organizational structure redirecting marketing efforts preparing budgetsCalled action stage mobilizing employees and managers to put formulates strategies into actionInterpersonal skills are criticalChallenge of strategy implementation is to stimulate managers and employees throughout the organization to work with pride and enthusiasmtoward achieving objectivesStrategy Evaluation
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