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Chapter 1

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Department
Administrative Studies
Course
ADMS 4570
Professor
Lois King
Semester
Fall

Description
Chapter 1Who is responsible for company successthe CEO or the leader external controlsuch as economy recession or boomskills and resourcesLeaders need to be aware of opportunities and threats that they face in the external environment and have a thorough understanding of their firms resources and capabilitiesmust be proactive anticipate change continually refine and make significant changes to the strategiesit must be a process and a way of thinking challenges areodecide on strategies that provide advantages which can be sustained overtime oexecute effectively those strategies in an ever changing environmentIt is defined as consisting of the analysis decisions and actions an organization undertakes in order to create and sustain competitive advantage which makes your product superior to the competitor oIt can be superior quality unique features customization or lower price 1 Analysis analysis of strategic goals vision mission and objectives along with analysis of internal and external environment of the firm 2 Strategic decisions oWhat industries should we compete in And how should we compete in them 3 Actions need to implement the intended strategies while allocating the right resourcesThen need to determine how a firm is to compete so that it can obtain advantages that are sustainable over a period of time oHow should we competeLow costoHow can we create competitive advantage in the marketplace that are difficult to copy or substitute Michael Porter says sustainable competitive advantage cannot be attained with operational effectiveness aloneusing outsourcing justintime benchmarking etc obut everyone can do thatyou need to be different otherwise its going to be a destructive price competition Four key attributes of strategic management1 It must be directed toward organizational goals and objectivesEvery decision that is made needs to reflect the whole firm not just individual units goals2 It needs to include multiple stakeholders in the decision makingOwners employees customers suppliers the community need to be involved somehow 3 It needs to incorporate both short term and long term perspectives
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