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ADMS 3430 (6)
T B A (1)
Chapter 1

ADMS 3430 Chapter 1: Chapter 1 hrm 3430

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York University
Administrative Studies
ADMS 3430

Chapter 1: A Need for Strategic Management Strategy: the formulation of organizational objectives, scopes, and action plans for gaining advantage o How they intend to achieve its goals they determine strategy though a process of environmental analysis o Strategic planning requires thinking about the future must be predictable (3 to 5 years) Must be viewed as a dynamic process, moving, shifting, and evolving as conditions warrant changes. o Emergent Strategy: plan that changes incrementally due to environment changes o Intended Strategy: formulated plan is the beginning of the period and Realized Strategy: the implemented plan what actually happens Basic Strategies: o (1) Corporate Strategy and (2) Turnaround Strategy Corporate: longterm survival Turnaround: an attempt to increase the viability of an organization (ex. Trying to restore moneylosing businesses to profitable Divestiture: spinning off (Nokia to Microsoft) Liquidation: the termination of a business and the sales of its assets Bankrupts: can no longer pay its creditors Growth Strategy: o Many organizations in the privatesector target growth as their number one strategy (in sales, revenues, customers, and so on. o Growth can be achieved in several ways: incrementally, internationally, or by mergers and acquisitions o Incremental: can be attained by expanding the client base, increasing the products or services, using technology, etc. o International: seeking new customers or market by expanding internationally is another growth option o Mergers and Acquisitions: achieved through acquisitions, mergers or joint ventures Stability Strategy: o Some organizations may choose stability over growth executive team is content Business Strategies: o Business Strategy: plans to build a competitive focus in one line of business The Strategic Planning Process: o This plan describes the businesss future direction, performance targets, and approaches to achieve targets o Framework: Establish the MVV, develop objectives, analyze the external environment, identify the competitive advantage, determine the competitive position, implement the strategy, and evaluate the performance o Establish The MVV Mission: purpose, vision: longterm goals, values: basic beliefs o Develop Objectives What the company intends to do Develop short term objectives to realize its high level MVV o Analyze the External Environment Must be aware of the threats and opportunities in external by scanning and monitoring o Identify the Competitive Advantage The characteristics of a firm that enable it to earn higher rates of profit than its competitors
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