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Management and Organizational Studies 4410A/B Chapter 1: Chapter 1 notes

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15 Jan 2012

School

Western University

Department

Management and Organizational Studies

Course

Management and Organizational Studies 4410A/B

Professor

Learned something new

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Document Summary

Strategy formulation, implementation and evaluation activities occur at 3 hierarchical levels in a large organization; this helps a firm function as a competitive team: corporate, divisional/strategic business unit, functional. The strategic mgmt process is an objective, logical, systematic approach for making major decisions in an organization: organizes qualitative and quantitative info. Firms should continually monitor internal/external events and trends so that timely changes can be made as needed. continually adapting to changes in external trends/events/internal capabilities. Effectively formulating, implementing and evaluation strategies that capitalize on above factors. Vision statement what do we want to become? : first step in strategic planning. Mission statement - enduring statements of purpose that distinguish one business from other similar firms. Indentifies the scope of a firm s operations in product/market terms. What is our business: a clear mission statement should describe the values and priorities of a firm, broadly charts the future direction.

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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!!!

Related Questions

Checking the competitive advantage potential of cross-business strategic fit involves:

A) evaluating a diversified company's profitability relative to competitors.

B) examining a company's costs relative to the costs of its chief rivals in the industry.

C) determining if there are opportunities to exploit outsourcing opportunities by a diversified company's lineup of businesses.

D) considering what competitive value can be generated from a strategic fit.

E) evaluating how much benefit a diversified company can gain from cross-business value chain matchups and resource sharing.

Which of the following is not true about strategy and/or strategic management?

a. The strategic leader's perspective ought to be the holistic consideration of the business and its environment.

b. Strategic management encompasses all the functional areas of business.

c. In business, the strategy requires a big-picture perspective.

d. Strategies sometimes emerge from bottom-up processes.

e. A good leader can afford to devise a strategy in isolation from the lower-level leaders who are responsible for executing it

emeraldmammoth893

Environmental scanning occurs in what phase of strategic conflict management?