Chapter 1: Strategic Management

Front 1

Strategic management

Back 1

Analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantage

Hint 1

A.D.A

Front 2

Four key attributes of strategic management

Back 2

Directs the organization towards overall goals and objectives. (Organizational vs. Individual reality)

Includes multiple stakeholders in decision-making.

Needs to incorporate short-term and long-term perspectives.(creative tension)

Recognizes trade-offs between efficiency and effectiveness.(right thing/doing things right)

Front 3

Romantic view of leadership

Back 3

Leader is the key for determining the organization's success

Front 4

External control view of leadership

Back 4

External forces determine the organization's success

Front 5

Intended strategy

Back 5

Decisions are determined only by analysis

Front 6

Realized strategy

Back 6

Decisions are determined by both analysis and unforeseen environmental developments unanticipated resource-constrained and or changes in managerial preferences

Front 7

Operational effectiveness

Back 7

Performing similar activities better than rivals

Front 8

Ambidexterity

Back 8

The challenge by Ledger's face of both aligning resources to take advantage of existing product markets and proactively exploring new opportunities

Front 9

Strategic management process

Back 9

Strategy analysis (advanced work), strategy formulation, and strategy implementation

Front 10

Intended strategy

Back 10

The strategy in which organizational decisions are determined only by analysis

Front 11

Strategy analysis

Back 11

Study of firms external and internal environment and their fit with organizational visions and goals

Front 12

Strategy formulation

Back 12

Decisions made by firms regarding Investments commitment and other aspects of operations that create and sustain competitive advantage

(How to compete. 2 issues - what business to compete in and how business can achieve synergy)

Front 13

Strategy implementation

Back 13

Actions made by firms that carry out the formulate a strategy including strategic controls, organizational design, and Leadership

Front 14

Corporate governance

Back 14

Relationship among various participants in determining the direction and performance of Corporations. The primary participants are one, the shareholders two, the management led by CEO and three, the board of directors

Front 15

Stakeholder management

Back 15

A firm strategy for recognizing and responding to the interest of all its Salient stakeholders

Front 16

Difference between zero-sum and symbiosis

Back 16

Zero sum, various stakeholders compete for the organization's resources

Symbiosis, recognizes that stakeholders are dependent upon each other for their success and well-being.

Front 17

Social responsibility

Back 17

The expectation that businesses or individuals will strive to improve the overall welfare of society.

Front 18

Triple bottom line approach

Back 18

Takes into account Financial, social, and environmental performance

Front 19

Why are the Returns on investments on sustainability projects often difficult to quantify

Back 19

The data necessary to calculate Roy accurately are often not available when it comes to sustainability projects. Many of the benefits from such projects are intangible. The payback period is on a different time frame.

Front 20

There is critical need for what three types of leaders?

Back 20

Local line leaders. Executive leaders. Internal networkers.

Front 21

Key and setting the tone for empowerment of employees

Back 21

Top-level executives

Front 22

Hierarchy of goals

Back 22

Organizational goals ranging from, at the top, those that are less specific get able to evoke powerful and compelling mental images, at the bottom, those that are more specific and measurable.

Front 23

Vision

Back 23

Organizational goals that evoke powerful and compelling mental images(longer time horizons)

( massively inspiring, over-reaching, and long-term)

Front 24

Mission statement

Back 24

A set of organizational goals that includes the purpose of the organization, its scope of operations, and the basis of its competitive advantage

Front 25

Strategic objectives

Back 25

A set of organizational goals that are used to operationalize the mission statement and that are specific and cover a wall to find time frame

Front 26

For objectives to be meaningful what criterias must they satisfy

Back 26

Measurable. Specific. Appropriate. Realistic. Timely.

This allows the channeling of all employees efforts towards common goals it allows the organization to concentrate and conserve valuable resources and can help motivate and Inspire employees to higher levels of commitment and effort.