Chapter 5 textbook notes. Very In-depth. No need to buy the text book just read these notes!!!

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 4410A/B
Professor
Maria Ferraro
Semester
Fall

Description
Chapter 5 Strategies in actionLongterm objectivesLong term objectives represent the results expected from pursuing certain strategiesNature of long term objectivesObjectives should be quantitative measurable realistic understandable challenging hierarchical obtainable and congruent among organizational unitsShould follow timelineA lot of the US industrys competitive decline can be attributed to managers looking only at short term objectivesArthur d little argues that bonuses or merit pay for managers today must be based to a greater extent on longterm objectives and strategiesFinancial vs strategic objectivesTwo types of objectives financial and strategicFinancial objectives include those associated with growth in revenues and earnings higher dividends larger profit margins etcStrategic goals focus on larger market share lower cost higher product quality ESTOften times a tradeoff between financial and strategic objectivesOften times long term strategic goals are not accomplished due to the need to accomplish short term financial goalsBest way to sustain competitive advantage over the long run is to relentlessly pursue objectives that strengthen a firms business position and align financial goals within thatNot managing by objectivesAvoid these types of management stylesManaging by extrapolationIf aint broke dont fix itManaging by crisisManagement should not be a reactive process but a proactive processManaging by subjectiveDo your own thing the best way you know howNo actual plan mystery approach to decision makingManaging by hopeIf at first it dont succeed try again
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