Chapter 1 notes

3 Pages

Management and Organizational Studies
Course Code
Management and Organizational Studies 4410A/B
Raymond Leduc

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Chapter 1 The Nature of Strategic MgmtThe concept behind strategic mgmt is to achieve and maintain competitive advantage o Definition the art and science of formulating implementing and evaluating crossfunctional decisions that enable an organization to achieve its objectives o Focuses on integrating mgmt marketing financeaccounting productionops RD and information systems to achieve organizational success o Aka strategic planning this term is usually used in the business world whereas strategic mgmt is used in academia o Strategic mgmt is also used to refer to strategy formulation implementation and evaluation with strategic planning referring only to strategy formulation o purpose of strategic mgmt is to exploit and create new and different opportunities for tomorrow in contrast longrange planning tries to optimize for tmw the trends of todaythe term strategic planning originated in 1950s and was believed to be the answer to all problems died in the 1980s but was revived in 1990sa strategic plan is a firms game plan in order to compete successfully o signals commitment to specific markets policies procedures and operationsthe strategic mgmt process consists of 3 stages 1 Strategy formulationinvolves developing a vision and mission identifying external opportunitiesthreats determining internal strengthsweaknesses establishing LR objectives generating different strategies and picking particular strategies to pursue a What new business to enter What business to abandon How to allocate resources Expand operations Enter international markets Merge or form new venture How to avoid a hostile takeover b Commits firm to specific products markets resources and technologies over an extended period of time because of resource limitationsc Strategies determine LR competitive advantages these decisions have multifunctional consequences and enduring effects on the organization 2 Strategy implementationrequires a firm to establish annual objectives devise policies motivate employees and allocate resources so that formulated strategies can be executed a Need to develop
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