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Mgmt & organization

Remember This Notes

chapter 8 p. 200 To think strategically means to take the long-term view and see the big picture.
Managers in all types of organizations,including businesses; nonprofit organizations, and gov't. agencies, have to think about how the organization fits in the environment. Strategic thinking is important for both businesses & nonprofit organizations.
In for-profit firms, strategic planning typically pertains to competitive actions in the marketplace. In nonprofit organizations, strategy planning pertains to events in the external environment.
Strategic mgmt refers to the set of decisions and actions used to formulate and execute strategies that will provide a competively superior fit between the org. and its environment so as to achieve organizational goals. Purpose of Strategy: The first step in strategic mgmt is to define an explicit strategy, which is the plan of action that describes resource allocation & activities for dealing with the environ, achieving a competitive advantage, attaining the org. goals
Competitive advantage refers to what sets the org apart from others & provides it with a distinctive edge for meeting customer or client needs in the marketplace. Exploit Core Competence: A co's core competence is something the org does esp well in comparison to its competitors.
A core competence represents a competitive adv because the co. acquires expertise that competence may be in the area superior research & development, experts technological know-how, process efficiency, or exceptional customer service. Build Synergy: When organizational parts interact to produce a joint effect that is greater than the sum of the parts acting alone, synergy occurs.
The org may attain a special adv with respect to cost, market power, tech, or mgmt skill. Synergy can also be obtained by good relationships btween organizations. Deliver Value: Delivering value to the cust is at the heart of strategy. Value can be defined as the combination of benefits received & costs paid.
Levels of Strategy: Another aspect of strategic mgmt concerns the org level. Strtegic mgrs normally think in terms of 3 levels of strategy: Corporate-level strategy, How Do We Compete, How Do We Support the Business-Level Strategy
Created by: cacox2