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Chapter 1

ADMS 4900 Chapter Notes - Chapter 1: Strategic Management


Department
Administrative Studies
Course Code
ADMS 4900
Professor
Jung- Chin Shen
Chapter
1

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ADMS4900
Chapter 1 Strategic Management: Creating Competitive Advantages
Strategic management: Consists of the analyses, decisions, and actions an
organization undertakes to create and sustain competitive advantages.
4 Key Attributes…
(1) Directs organization toward over goals and objectives
(2) Includes multiple stakeholders in decision making
(3) Both short-term and long-term perspectives
(4) Acknowledges trade-offs between efficiency/effectiveness
Corporate governance is seen as the vehicle to carry out the responsibility, the
organization’s purpose. Primary participants are (1) shareholders, (2) management
(led by CEO), and (3) board of directors
External Control consists of auditors, banks, and analysts
Hierarchy of Goals are organizations best express priorities stated through goals
and objectives
Vision: Goals that is inspiring, overarching, and long-term
Mission: Both the purpose of the company and the basis of competition
Objectives: How companies can fulfill/move toward the “higher goal”
S.M.A.R.T. Criteria: Specific, Measurable, Appropriate, Realistic, Timely
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