Management 490 Chapter 1 Part 1

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Management 490 Chapter 1 Part 1

The process through which organizations analyze and learn from internal and external environments, establish strategic direction, create strategies that are intended to help achieve established goals, and execute those strategies, all in an effort to satisfy key organizational stakeholders

Evaluation of the broad and task environments to determine trends, threats, and opportunities and to provide a foundation for strategic direction

Consist of domestic and global environmental forces such as sociocultural, technological, political, and economic trends

Consist of external stakeholders

Groups or individuals outside the organization that are significantly influenced by or have a major impact on the organization

Managers, employees, and the owners and their representatives who have a stake in the outcomes of their organization

Strengths, weaknesses, opportunities, and threats

The firm’s resources and capabilities that can lead to a competitive advantage

Resources and capabilities that a firm does not possess but they are necessary, resulting in a competitive disadvantage

Conditions in the broad environment and task environment that allow a firm to take advantage of organizational strengths, overcome organizational weaknesses, and/or neutralize environmental threats

Conditions in the broad and task environments that may stand in the way of organizational competitiveness or the achievement of stakeholder satisfaction

Longer-term goals and objectives of the organization. Also Defines the purpose for which an organization exists and operates

Describes the areas or industries in which an organization operates

An organizational plan of action that is intended to move an organization toward the achievement of its shorter-term goals, and ultimately, toward the achievement of its fundamental purposes.

Should be formulated to take advantage of the internal strengths and opportunities arising from the external environment, to overcome internal weaknesses, or to neutralize threats found in the external environment

How businesses compete in the areas they have selected

The selection of business areas in which the organization will compete

The details of how the functional areas such as marketing, operations, finance, and research should work together to achieve business level strategy

This functional strategy is most closely associated with strategy implementation

Involves creating the functional strategies, systems, structures, and processes needed by the organization in achieving strategic ends