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Mgmt & organization
Remember This Notes
| Question | Answer |
|---|---|
| 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 |
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