The document outlines chapters from a textbook on strategic management. It discusses strategic management, the strategic management process, and the role of corporate governance and stakeholder management. It also covers ensuring coherence in strategic decision making through organizational vision, mission statements, and strategic objectives. The key aspects are defining strategic management, the four stages of the strategic management process, perspectives on stakeholder management, and using a hierarchy of goals including vision, mission, and objectives.
The document outlines chapters from a textbook on strategic management. It discusses strategic management, the strategic management process, and the role of corporate governance and stakeholder management. It also covers ensuring coherence in strategic decision making through organizational vision, mission statements, and strategic objectives. The key aspects are defining strategic management, the four stages of the strategic management process, perspectives on stakeholder management, and using a hierarchy of goals including vision, mission, and objectives.
The document outlines chapters from a textbook on strategic management. It discusses strategic management, the strategic management process, and the role of corporate governance and stakeholder management. It also covers ensuring coherence in strategic decision making through organizational vision, mission statements, and strategic objectives. The key aspects are defining strategic management, the four stages of the strategic management process, perspectives on stakeholder management, and using a hierarchy of goals including vision, mission, and objectives.
The document outlines chapters from a textbook on strategic management. It discusses strategic management, the strategic management process, and the role of corporate governance and stakeholder management. It also covers ensuring coherence in strategic decision making through organizational vision, mission statements, and strategic objectives. The key aspects are defining strategic management, the four stages of the strategic management process, perspectives on stakeholder management, and using a hierarchy of goals including vision, mission, and objectives.
ANALYSIS Strategic Management: Creating Competitive Advantage (An Introduction to Strategic Management) Chapter Outline 1. What is strategic Management? 1. Defining Strategic Management 2. Four Key of Attributes of Strategic Management 2. The Strategic Management Process 1. Intended versus Realized Strategies 2. Strategy Analysis 3. Strategy Formulation 4. Strategy Implementation 3. The Role of Corporate Governance and Stakeholder Management 1. Alternative Perspectives of Stakeholder Management 2. Social Responsibility and Environmental Sustainability 4. The Strategic Management Perspective: An Imperative Throughout the Organization 5. Ensuring Coherence in Strategic Decision 1. Organizational Vision 2. Mission Statements 3. Strategic Objective "The future belongs to those who believe in the beauty of their dreams." — Eleanor Roosevelt The Role of Corporate Governance and Stakeholder Management Corporate governance - the relationship among various participants in determining the direction and performance of corporations
Gregory G. Dess, G. M.-H. (2019). Strategic Management text and cases. New York: McGraw-Hill Education. Alternative Perspectives of Stakeholder Management • stakeholder management - a firm’s strategy for recognizing and responding to the interests of all its salient stakeholders Gregory G. Dess, G. M.-H. (2019). Strategic Management text and cases. New York: McGraw-Hill Education. Social Responsibility and Environmental Sustainability • Social responsibility is the expectation that businesses or individuals will strive to improve the overall welfare of society. Social Responsibility and Environmental Sustainability 1. social responsibility recognizes that businesses must respond to society’s expectations regarding their obligations to society 2. the triple bottom line approach evaluates a firm’s performance. This perspective takes into account financial, social, and environmental performance 3. making the case for sustainability initiatives addresses some of the challenges managers face in obtaining approvals for such projects—and how to overcome them The Strategic Management Perspective: An Imperative Throughout the Organization Three Types of Leaders
• Local line leaders who have significant
profit-and-loss responsibility. • Executive leaders who champion and guide ideas, create a learning infrastructure, and establish a domain for taking action. • Internal networkers who, although they have little positional power and formal authority, generate their power through the conviction and clarity of their ideas. Ensuring Coherence in Strategic Decision Hierarchy of Goals -organizational goals ranging from, at the top, those that are less specific yet able to evoke powerful and compelling mental images, to, at the bottom, those that are more specific and measurable
Gregory G. Dess, G. M.-H. (2019). Strategic Management text and cases. New York: McGraw-Hill Education. Organizational Vision - organizational goal(s) that evoke(s) powerful and compelling mental images
Examples: • “To be the happiest place on earth.” (Disney) • “Restoring patients to full life.” (Medtronic) • “Our vision is to be the world’s best quick service restaurant.” (McDonald’s) • “To organize the world’s information and make it universally accessible and useful.” (Google) • “To give everyone in the world the power to share and make the world more open and connected” (Facebook) Visions fail for many reasons, including the following: •The Walk Doesn’t Match the Talk •Irrelevance •Not the Holy Grail •Too Much Focus Leads to Missed Opportunities •An Ideal Future Irreconciled with the Present Mission Statements - a set of organizational goals that identifies the purpose of the organization, its basis of competition, and competitive advantage.
• Effective mission statements incorporate the
concept of stakeholder management, suggesting that organizations must respond to multiple constituencies. Strategic Objectives - a set of organizational goals that are used to put into practice the mission statement and that are specific and cover a well-defined time frame
Criteria: • Measurable • Specific • Appropriate • Realistic • Timely "The future belongs to those who believe in the beauty of their dreams." Eleanor Roosevelt Reference: Gregory G. Dess, G. M.-H. (2019). Strategic Management text and cases. New York: McGraw-Hill Education. End of Lessons 1.1.3-1.1.5
