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Chapter 1

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MGT 247

CHAPTER 1:The Foundations of Strategic Management • Strategic management= ongoing process companies use to… o Form a vision o Analyze their external environment and their internal organization o Select one or more strategies to use to create value for customers and other stakeholders, especially shareholders  Performance orientated  Ongoing in nature  Dynamic rather than static  Orientated to the present and the future  Concerned with conditions both outside and inside the firm  Concerned with performing well and satisfying customers o Stakeholders= individuals or groups who have an interest in a firms performance and the ability to influence its actions o Strategic leaders= individuals practicing strategic leadership • Vision= contains at least 2 components… o Mission- describes firm’s DNA  Defines core intent and the business or businesses in which it intends to compete  Focuses on the markets the firms serves and the products it provides o The “picture” of the firm as it hopes to exist in the future o Effective visions informs about the firms strategy  Strategy= action plan designed to move an organization toward achievement of its vision • External environment= set of conditions outside the firm that affect the firms performance o Changes in population trends, income levels, competition, economic changes • Internal environment= set of conditions inside the firm that affect the choice and use of strategies o Strengths= resources and capabilities that allow the firm to complete important tasks o Resources= tangible and intangible assets held by the firm o Capabilities= result when the firm integrates several different resources in a way that allows it to effectively and efficiently complete a task or a series of related tasks • Core competencies= capabilities the firm emphasizes and performs espe
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