Chapter 4 notes

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Western University
Management and Organizational Studies
Management and Organizational Studies 4410A/B
Raymond Leduc

Chapter 4The Internal AssessmentMarketing affiliatea business that gets a sales commission by featuring links to outside ecommerce sits on their own Web siteObjectives and strategies are established with the aim to capitalize upon internal strengths and overcome weaknessesDistinctive competenciesa firms strengths that cannot be easily matchedimitated by competitorso Strategies are designed partly to improve on weaknesses to turn into strengths Internal audit involves gathering and assimilating info about firms mgmt marketing finance operations rd and info systemskey factors should be prioritized so that the most important strengths and weaknesses can be determined o Provides opportunity for participants to understand how their job department or division fits into the company which allows them to perform better o A good way to improve the process of communication in the firm o Communication is the most important word in mgmtProcess of gaining a competitive advantage in a firm o Weaknessesstrengthsdistinctive competenciescompetitive advantageAccording to William King managers should determine 1020 of the most important strengths and weaknesses that should influence the future of the firmA key to organizational success if effective coordination and understanding among managers from different business areas Ansoff believes that the transition from a single function focus to a multifunction focus is essential for successful strategic mgmtFinancial ratio analysis helps show the complexity of relationships among the functional areas of business Resourcebased view RBV approach to competitive advantage states that internal resources are more important for a firm than external factors in achieving and sustaining competitive advantage Firm performance will be determined by internal resources that can be grouped into three categories physical resources human resources and organizational resources o Physical resourcesplant and equipmentraw materials machines o Human resourcestraining intelligence experience people o Organizational resourcesfirm structure planning processes patents databases o Resources are what help a firm exploit opportunities and neutralize threatsthe mixtypeamountnature of internal resources should be considered first in devising strategies that can lead to sustainable competitive advantageo It is advantageous for a firm to pursue a strategy that is not currently being implemented by any competing firm o Empirical indicators factors that indicate that a resource is rareRare resources that other competing firms do not possessHard to imitateNot easily substitutableOrganizational culture a pattern of behaviour that has been developed by an organization as it learns to cope with its problem of external adaptation and internal integration and that has worked well enough to be considered valid and to be taught to new members as the correct way to perceive think and feel o Emphasizes importance of matching external with internal factors in making decisions o Usually resistant to change and can be a major strength or weakness for the firm o Cultural products values beliefs ceremonies rites stores language metaphor heroes o A culture shouldSupport the collective commitment of its people to a common purposeFoster competence and enthusiasm o Culture can inhibit strategic mgmt in two waysManagers can miss the significance of changing external conditions because they are blinded by strongly held beliefs When a particular culture has been effective in the past the natural response is to stick with itFunctions of mgmt POMSC o Planningactivities related to preparing for the future ie forecast
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