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SM CH1

QuestionAnswer
What is Strategic Management? The set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives
What is Strategy? Large-scale, future-oriented plan for interacting with competitive environment to achieve objectives
Dimensions of strategic management req. companys resources, involve multibuss and multifx, future oriented, have to take into consideration ext envrirorment, affect company long term prosperity,
Characteristics of strategic management decisions corporate level: long term decision, flexible funtional: words into action business: link between the two and resources, risk and potentiol profitability like A B C
Formality in Strategic Management degree to which people roles, authority and responsabilty in decision making is specified depends on the firm; size, style of management and ext envirorment
The strategy makers and role of ceo ceo, heads of fx area, and product managers, responsable of company succ or decay, guidanc from oard of directors,long termn orientation
benefits and risk of stat making benefits: less overlapping of employees task, avility to prevent problems, reduces resistance to change risk: to many thinking no action, the planners are not in the implementation so nobady is really responsable
draw and explain the component 11
implication of the sm process changes in one component affect others, needs feedback, must be seen as a dynamic process
Created by: jnartig