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Chapter 2

CHAPTER 2.docx

1 pages68 viewsFall 2013

Department
Management
Course Code
MGT 247
Professor
Reed
Chapter
2

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CHAPTER 2: Leading Strategically
Strategic leadership
oEstablishing vision and mission
oDeveloping the management team and succession
Top management team=group of managers charged with the
responsibility of developing and implementing the firms strategies
Develop people who can succeed them
oManaging the resource portfolio
Human capitol= knowledge and skills of those working in the firm
Social capitol= all internal and external relationships that help the
firm provide value to customers and ultimately to its other
stakeholders
oBuilding entrepreneurial culture
Encourages employees to identify and exploit new opportunities
oPromoting integrity and ethical behavior
Related-party transactions= paying a person who has a relations
with the firm, extra money for reasons other than their normal
activities on the firms behalf
oUsing effective controls
Financial controls= focus on shorter term financial outcomes
Generating sales revenue, maintaining expenses, remaining
financially solvent, generate profit
Strategic controls= focus on the content of strategic actions rather
than on their outcomes
Balanced scorecards= provides a framework for evaluating the
simultaneous use of financial and strategic controls
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