tailieunhanh - Lecture Strategic management (7/e): Chapter 1 - Dess, Lumpkin, Eisner, McNamara

Chapter 1 - Strategic management: Creating competitive advantages. After reading this chapter, you should have a good understanding of the following learning objectives: The definition of strategic management and its four key attributes, the strategic management process and its three interrelated and principal activities, the vital role of corporate governance and stakeholder management, as well as how "symbiosis" can be achieved among an organization's stakeholders,. | Strategic Management: Creating Competitive Advantages chapter 1 Two Perspectives of Leadership Leader is the key force in the organization’s success . Steve Jobs External forces determine the organization’s success . economic downturns Romantic View External Control Perspective 1- OR? Romantic view of leadership = situations in which the leader is the key force determining the organization’s success – or lack thereof. External control view of leadership = situations in which external forces – where the leader has limited influence – determine the organization’s success. Defining Strategic Management Strategic Management involves Analysis Strategic goals (vision, mission, strategic objectives) Internal and external environment Decisions What industries should we compete in? How should we compete in those industries? Actions Allocate necessary resources Design the organization to bring intended strategies to reality 1- Strategic management = the analyses, decisions, . | Strategic Management: Creating Competitive Advantages chapter 1 Two Perspectives of Leadership Leader is the key force in the organization’s success . Steve Jobs External forces determine the organization’s success . economic downturns Romantic View External Control Perspective 1- OR? Romantic view of leadership = situations in which the leader is the key force determining the organization’s success – or lack thereof. External control view of leadership = situations in which external forces – where the leader has limited influence – determine the organization’s success. Defining Strategic Management Strategic Management involves Analysis Strategic goals (vision, mission, strategic objectives) Internal and external environment Decisions What industries should we compete in? How should we compete in those industries? Actions Allocate necessary resources Design the organization to bring intended strategies to reality 1- Strategic management = the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Strategic management is the study of why some firms outperform others. Strategy = the ideas, decisions, and actions that enable a firm to succeed. Two Fundamental Questions How should we compete in order to create competitive advantages in the marketplace? How can we create competitive advantages in the marketplace that are unique, valuable, and difficult for rivals to copy or substitute? NOTE: Operational effectiveness is not enough to sustain a competitive advantage. 1- Competitive advantage = a firm’s resources and capabilities that enable it to overcome the competitive forces in its industry(ies). Operational effectiveness = performing similar activities better than rivals; sustainable competitive advantage is possible only by performing different activities from rivals, or performing similar activities in different ways. Strategic Management Key Attributes of strategic .