Management 490 Chapter 1 Part 2

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Management 490 Chapter 1 Part 2

The processes that lead to adjustments in strategic direction, strategies, or the implementation plan when necessary

Activities are usually performed simultaneously, with constant adjustments to assumptions, direction, strategies, and processes as new information is learned and new assessments are made

A renewed emphasis on the things an organization does well, combined with a variety of tactics to revitalize the organization and strengthen its competitive position.

Good management is associated which strategy will best fit environmental, technical, and human forces at a particular point in time, and then working to carry it out. The most successful organization will be the one that best adapts to existing forces

Organizations do not have to submit to existing forces in the environment. They can shape their environments through strategic alliances with stakeholders, advertising, political lobbying, and a variety of other activities

Implies that managers plan to pursue an intended strategic course

A strategy that was not planned or intended, but involves recognizing an opportunity and reacting quickly

Managers often learn what will work through trial and error

An organization has a bundle of resources which fall into the general categories of financial resources, physical resources, human resources, knowledge and learning resources, and general organizational resources

An advantage that is difficult to imitate by competitors and thus leads to higher than average organizational performance over a long time period

Identifying and prioritizing key stakeholders, assessing their needs, collecting ideas from them, and integrating this knowledge into strategic management processes such as the establishment of strategic direction and the formulation and implementation of strategies.

Communicating, negotiating, contracting, and managing relationships with stakeholders, and motivating them to behave in ways that are beneficial to the organization and it other stakeholders.

Dominated by three regions (Triad Region) which are North America, Europe, and the Pacific Rim. The best parts and technology do not exist here

The creative aspect of strategic management

Based on a vision of where the organization is trying to go

Where the firm is going in the long run

Strategies that emerge out of a stream of decisions

The organization sits at the center of a network of constituencies called stakeholders

The firm generates ideas through a creative process and then test them to see if they will work

Falling trade barriers in European markets, a general worldwide economic malaise, and fears of increased terrorist activity are among the most significant global trends affecting business decision making in international markets.