Mgt Notes

Topics: Strategic management, Strategic planning, Michael Porter Pages: 16 (3274 words) Published: April 19, 2013
Exam I Outline

1.Chapter 1: Strategic Management: Creating Competitive Advantages a.Views of Leadership
i.Romantic View
1.Leader is the key force in an organizations success
ii.External Control Perspective
1.Focus is on external factors that may affect an organizations success b.What is “Strategic Management”?
i.Definition: Consists of the analyses, decisions and actions an organization undertakes in order to create and sustain competitive advantages ii.Key attributes:
1.Directs the organization toward overall goals and objectives 2.Includes multiple stakeholders in decision making
3.Needs to incorporate short and long term perspectives
4.Recognizes trade-offs between efficiency and effectiveness c.The Strategic Management Process
i.Strategic Analysis
1.Introduction and Analyzing Goals and Objectives
2.Analyzing the External Environment
3.Analyzing the Internal Environment
4.Assessing Intellectual Capital
ii.Strategic Formulation
1.Formulating Business-Level Strategies
2.Formulating Corporate-Level Strategies
3.Formulating International Strategies
4.Entrepreneurial Strategy and Competitive Dynamics
iii.Strategic Implementation
1.Strategic Control and Corporate Governance
2.Creating Effective Organizational Designs
3.Strategic Leadership Excellence, Ethics and Change
4.Fostering Corporate Entrepreneurship
d.Corporate Governance and Stakeholder Management
i.Corporate Governance
1.The relationship among various participants in determining the direction and performance of corporations ii.Primary Players
2.Management (CEO)
3.Board of Directors
iii.Board of Directors
1.Elected representatives of the owners
2.Ensure interests and motives of management are aligned with those of the owners 3.Engaged
4.Shareholder activism
5.Manager pay and incentives
iv.Stakeholder Management Views
1.Zero Sum View
a.Stakeholders compete for attention and resources of the organization b.Gain of one is loss of another
c.Rooted in traditional conflict between workers and management 2.Stakeholder Symbiosis View
a.Stakeholders are dependent upon each other for their success and well-being b.Mutual benefits
e.Ensuring Coherence (Hierarchy of Goals)
i.Hierarchy of Goals
1.Organizational goals ranging from, at the top, those that are less specific yet able to evoke powerful and compelling mental images, to, at the bottom those that are more specific and measurable 2.Examples: vision, mission statement, strategic objectives ii.Coherence in Strategic Direction

1.Company Vision
a.Massively inspiring
d.Driven by and evokes passion
e.Fundamental statement of the organizations:
2.Why do Visions fail?
a.The walk doesn’t match the talk
c.Too much focus leads to missed opportunities
d.Not the holy grail
e.An ideal future reconciled with the present
3.Mission Statements
a.Purpose of the company
b.Basis of competition and competitive advantages
c.More specific than vision
d.Focused on the means by which the firm will compete
4.Strategic Objectives
a.Operationalize the mission statement
b.Provide guidance on how the organization can fulfill or move toward the “higher goals” c.More specific
d.Cover a more well-defined time frame
e.Should be:
vii.Resolve conflicts that arise
viii.Yardstick for rewards and incentives
2.Chapter 2: The External Environment
a.Creating the environmentally aware organization (Forecasting and SWOT) i.Environmental Scanning
1.Surveillance of a firm’s external environment to predict environmental changes and detect changes already under way 2.Alerts the firm to critical trends before changes have developed a...
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