Professional Documents
Culture Documents
21022102
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Set of managerial decisions and actions that determines the long-run performance of a firm.
MFY
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4 Phases of Strategic Management 1. 2. 3. 4. Basic financial planning Forecast-based planning Externally-oriented planning Strategic management
MFY
1-3
Highly Rated Benefits Clearer sense of strategic vision Sharper focus on strategic importance Improved understanding of changing environment
MFY
1-4
Where is the organization now? (not where do we hope it is) If no changes are made, where will the organization be in 1,2,5 or 10 years? What specific actions should management undertake? What are the risks and payoffs?
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MFY
1-6
Monitoring, evaluation, and disseminating information from external and internal environments to key people in the firm
MFY
1-7
Environmental Variables
MFY
1-8
Environmental Scanning
MFY
1-9
Strategy Formulation
Development of long-range plans for effective management of opportunities and threats in light of corporate strengths and weaknesses
MFY
1-10
Strategy Formulation
Mission Statement Purpose/reason for organization Promotes shared expectations Communicates public image Who we are; what we do; what we aspire to
MFY
1-11
Organizational Adaptation
Organization fit with environment Theory of population ecology Institution theory Strategic choice perspective Organizational learning theory
MFY
1-12
Organizational Adaptation
Strategic flexibility Demands long-term commitment to development of critical resources Demands firm become a learning organization
MFY
1-13
Learning Organizations
An organization skilled at creating, acquiring, and transferring knowledge and at modifying its behavior to reflect new knowledge and insights
MFY
1-14
Learning Organizations
4 Chief Activities Systematic problem solving New approach experimentation Learning from experiences Intra-organization knowledge transfer
MFY
1-15
Hierarchy of Strategy
MFY
1-16
Corporate Goals/Objectives
Profitability (net profit) Growth Resource utilization (ROE, ROI) Market leadership
MFY
1-17
3 Types of Strategy
Corporate strategy Business strategy Functional strategy
MFY
1-18
Corporate Strategy
Stability Growth Retrenchment
MFY
1-19
Business Strategy
Competitive strategies Cooperative strategies
MFY
1-20
Functional Strategy
Technological leadership Technological followership
MFY
1-21
MFY
1-22
Strategic Decisions
Rare Consequential Directive
MFY
1-23
Mintzbergs Modes
Entrepreneurial mode Adaptive mode Planning mode Logical incrementalism
MFY
1-24
MFY
1-25