Business Essay

2012 words - 9 pages

Sept.14
 :
 Chapter
 1
  Introduction
 to
  Strategic
 
Management
 
Monday,
  September
  14,
  2015

11:32
  AM

Why
  is
  strategy
  important?
• Because
  it
 leads
  the
  organization
  in
  the
  right
  direction
  to
  achieve
  its
  goals
  and
 
objectives.(
  performance)
 
• It
  outlines
  the
  means
  by
  which
  a
  company
  intends
  to
  create
  unique
  value
  for
  customers
  a
other
  important
  stakeholders
 
• If
  forces
  managers
  to
  think
  holistically
  ad
  dynamically
  about
  what
  the
  company
  does
  and
 
those
  ...view middle of the document...

This
  is
  largely
  influenced
  by
  their
  present
 
situation
 
3. How
  will
  get
 there?
a. This
  is
  where
  you
  talk
  about
  strategy
 
i. Either
  strategy
  formulation
  or
 
implementing
  strategy
Corporate
  level
  strategy
 

Why
  study
  strategy:
• Because
  your
  functional
  cont
will
  fit
  better,
  with
  those
  of
  o
function
  when
  effectively
  car
the
  general
  manager's
  plans
 
• Appreciate
  strategic
  leaders
 
because
  they
  have
  to
  make
  t
in
  pursuit
  of
  what
  is
  best
  for
 
company.
 
○ It
  makes
  you
  more
 
understanding
  of
  the
  r
others
  in
  the
  company
 
more
  accommodating
 
needs
 

and
 

d
  why
 

tributions
 
other
 
arrying
  out
 

 
decisions
 
tradeoffs
 

  the
 

roles
  of
 

  and
 
of
  their
 

What
  are
  the
  3
  overarching
  themes
  in
 
strategy?(assumptions)
1. Firms
  and
  industries
  are
 dynamic
  in
  nature
 
2. To
  succeed
  the
  formulation
  of
  a
  good
 
strategy
  and
  its
  implementation
  should
  be
 
inextricably
  connected
 
a. Known-­‐doing
  gap
  :
  it’s
  a
 problem
  that
 
is
  created
  when
  managers
  are
 better
 
at
 formulating
  strategies
  than
  they
 
are
  at
 implementing
  them
 
3. Strategic
  leadership
  is
  essential
  for
  a
  firm
  to
 
 
be
  able
  to
  both
  formulate
  and
  implement
 
strategies
  that
 create
  value
 
a. It
  is
  responsible
  for
 
i. Making
  substantive
  resource
 
allocation
  decisions
 
ii. Developing
  key
  stakeholder
 
support
  of
  the
  strategy
 
We
  need
  to
  see
  a
 firm's
  competitive
  position
  as
 
an
  ongoing
  movie
 
What
  is
  strategic
  management
  ?
• The
  process
  by
  which
  the
  leader
  of
  a
  company
  manages
  the
 
formulation
  and
  implementation
  of
  its
  strategy
 
 
• Strategos:
  the
  general
  view
○ Holistic
  "
 big
  picture"
  -­‐
○ Tactical
  details
 

3. How
  will
  get
 there?
a. This
  is
  where
  you
  talk
  about
  strategy
 
i. Either
  strategy
  formulation
  or
 
implementing
  strategy

more
  accommodating
 
needs
 

Corporate
  level
  strategy
 
• Is
  a
 strategy
  for
  creating
  value
  by
  diversifying
  into
  various
  industries
 
• It
  requires
  that
 management
  decide
  which
  industries
  the
  corporation
  will
  be
  in,
  when
  and
how
  to
  enter
  &
 leave
  these
  industries,
  and
  the
  strategies...

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