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Management in Action: Book Summary

Management in Action: Book Summary. Team #2 Cynthia Ceniceros , Russell Johnson, Peyton Kampas, Ben Griffin. Introducing the Concepts Ch. 1. Who’s involved in strategic management: BOD, Top Managers (CEO, CFO etc), Strategic Leadership (people with the ability to anticipate)

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Management in Action: Book Summary

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  1. Management in Action: Book Summary Team #2 Cynthia Ceniceros, Russell Johnson, Peyton Kampas, Ben Griffin

  2. Introducing the ConceptsCh. 1 • Who’s involved in strategic management: • BOD, Top Managers (CEO, CFO etc), Strategic Leadership (people with the ability to anticipate) • Interdisciplinary, Internal, External, Future direction • 3 Important Factors Affecting Strategic Management • Global economy and globalization, management, ecommerce and technology

  3. The Context of Managing StrategicallyCh. 2 • Industrial Organizational View (I/O view) • Impact of external factors (Porter’s Five Forces) • Resource Based View • Exploit external circumstances • Guerrilla View • Disrupt the current situation and surprise competitors

  4. Assessing Opportunities and Threats: External AnalysisCh. 3 • External analysis- process of scanning and evaluating an organization’s environment. The Opportunities and Threats in SWOT. • Porter’s 5 Forces: Rivalry among existing firms, bargaining power of buyer, bargaining power of suppliers, threat of new entrants and threat of substitutes. • Take external information and use it to help formulate future strategies.

  5. Assessing Strengths and Weaknesses: Internal AnalysisCh. 4 • Internal analysis- evaluating an organization’s resources and capabilities to analyze the Strengths and Weaknesses (SW in SWOT) to see where the business needs to improve. • Companies need to take their capabilities to core competencies and distinctive capabilities. • Performing an internal analysis allows a company to identify the strengths and weaknesses and is needed for making good strategic decisions.

  6. Functional StrategiesCh. 5 • Functional Strategy is the short-term, goal-directed decisions and actions of the organization. • Help move organization in the desired direction, and take into account the organizations vision, mission and competitive strategy. • Organizations have 3 functional concerns: Product, people, and the support process. • Implementing the functional strategy involves deciding what processes and activities need to be done, and making sure the required resources are available.

  7. Competitive StrategiesCh. 6 • What sets an Org. apart? which comes from capabilities or unique resources, and implies there is competition. • The three approaches in defining an Org. competitors includes: Industry perspective, market perspective, and strategic group concept. • Competitive strategies are implemented through functional strategies and competitive actions. • Competitive strategies are evaluated by performance results

  8. Corporate Strategy Ch. 7 • Corporate Strategy is concerned with what businesses to be in and what to do with those businesses while establishing the direction that the organization hopes to go in. • Moving Forward – Growth Strategies expand products offered, markets served, and activities, or operations of businesses. There are five growth strategies to choose from. • Concentration, Vertical Integration, Horizontal Integration, Diversification, & International • Keeping as is – The Stability Strategy is one in which an organization maintains its current size and current activities. • Reversing a decline – A Renewal Strategy reverses a decline and puts an organization on a more appropriate path to achieve its strategic goals.

  9. International Strategies & Strategies for Entrepreneurial Ventures & Not-for-Profits Ch. 8 • Issues that arise as organizations go international. • Legal-political, the economic, & the cultural environments. • Some important international strategic decisions include whether to use a multicountry or global approach. • There are five international strategy alternatives which are exporting, importing, licensing, franchising, & direct investment.

  10. Chapter 9-Appendix Case Example: Executive Summary Company Vision/Mission External Analysis Internal Analysis Strategic Alternatives Recommendation

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