ADMS 4570 Chapter Notes - Chapter 1: Human Capital, Strategic Management, Stakeholder Management
27 Sep 2016
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Who is responsible for company success? the ceo or the leader external control such as economy (recession or boom) skills and resources. *leaders need to be aware of opportunities and threats that they face in the external environment and have a thorough understanding of their firm"s resources and capabilities. And how should we compete in them: actions: need to implement the intended strategies while allocating the right resources. Four key attributes of strategic management: it must be directed toward organizational goals and objectives. Every decision that is made needs to reflect the whole firm not just individual unit"s goals: it needs to include multiple stakeholders in the decision making. Owners, employees, customers, suppliers, the community need to be involved somehow: it needs to incorporate both short term and long term perspectives. Might create a creative tension since need to focus on the here and now but also have a vision for the future.
