Exam (elaborations)
MGMT 310 - Exam 2 (1
- Course
- Institution
MGMT 310 - Exam 2 (1
[Show more]
Seller
Follow
topgradesdr
Reviews received
Content preview
MGMT 310 - Exam 2viewed as a framework, or tool for managers to allocate resources and evaluate activities, rather
than a fixed plan
provide value to customers; making trade-offs about which businesses to pursue, what products
to produce, and which customers to serve; and aligning resources to achieve organizational
objectives
choosing activities, making trade-offs, creating fit - ANS-strategy
creates more economic value than competitors by engaging in a strategy that is difficult or
impossible for others to duplicate and -exceeds the cost of producing the product or service -
ANS-competitive advantage
art of war, roman empire, rules of engagement, corporate planning - ANS-history of strategy
out think opponent > out maneuver - ANS-art of war
tactical implementation of military strategies that were contingent on internal and external
assessments - ANS-roman empire
generate better information than your rivals; Analyze that information to make informed choices;
Quickly select among choices; Convert strategic choices into decisive action
war and business share some similarities in that there is a desire to beat an opponent and
succeed in competition - ANS-rule of engagement
planning process involves the development of detailed forecasts and business-level goals and
objectives - ANS-corporate Planning
-What is the purpose of our business? (most critical)
-How will environmental forces impact our firm?
-What stakeholders are important?
-In what businesses or areas will we compete?
-Whom will we serve?
-How to distinguish our firm from competitors? - ANS-steps for strategic framework
a) Profit (Milton Friedman)
b) Stakeholder - ANS-purpose of business
-Goals
, -Internal resources
-Culture
-Employee capabilities - ANS-internal environment
-Industry analysis
-Customer analysis
-Supplier analysis
-Competitor analysis - ANS-external environment
an organizationally desired result, product, or end state
ultimate goal: core competencies - ANS-goal
a network of unique activities that strategically fit together and are difficult to replicate -
ANS-core competencies
a concept or picture of what a firm wants to achieve and how it plans to accomplish that
development of a vision is critical because this is typically what motivates people to join a firm
and perform beyond expectations. - ANS-vision
a statement that defines a firm's reason for existence
benefits:
•Define the purpose of the firm
•Build motivation and commitment among employees
•Provide direction and inspiration
•Serve as a focal point
•Assist in making strategic trade-offs - ANS-mission statement
series of quantifiable milestones or benchmarks by which a firm can assess its progress -
ANS-objectives
identifying how a firm can best align its resources to carve out a defensible position in the
marketplace
-Is the first step toward creating value for customers and achieving profitability
-Is both a planned and emergent and evolving process
-Is directed as a top-down process under the guidance of an upper management team lead by
the CEO
-Does not always flow in a linear fashion due to the dynamic nature of the business environment
-Involves making a series of strategic choices - ANS-strategy formulation
Choices to be made when formulating a strategy for a firm
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller topgradesdr. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81531 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now