BASIC CONCEPTS OF STRATEGIC MANAGEMENT

Strategic Management and Business Policy Globalization, Innovation and Sustainability, 16e Bamford, Hoffman, Thomas Wheelen, Hunger

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CHAPTER ONE

BASIC CONCEPTS OF STRATEGIC MANAGEMENT

This chapter sets the stage for the study of strategic management and business policy. It summarizes research supporting the conclusion that those corporations that are able to learn from their experiences and manage strategically perform at a higher level than corporations that do not. It describes a number of triggering events that act to initiate strategic change in most organizations. A normative model of strategic management is presented as the basic structure underlying the book. Key concepts are defined and explained as part of the discussion of the model.The chapter also introduces the strategic audit as a method of operationalizing strategic decision making.

LEARNING OBJECTIVES

• Discuss the benefits of strategic management.
• Explain how globalization, innovation, and environmental sustainability influence strategic management.
• Discuss the differences between the theories of organizations.
• Discuss the activities where learning organizations excel.
• Describe the basic model of strategic management and its components.
• Identify some common triggering events that act as stimuli for strategic change.
• Explain strategic decision-making modes.
• Use the strategic audit as a method of analyzing corporate functions and activities.
• Explain the employment opportunities in Strategic Management.

TOPICS OUTLINE COVERED

• The Study of Strategic Management
• Phases of Strategic Management
• Benefits of Strategic Management
• Globalization, Innovation, and Sustainability: Challenges to Strategic Management
• Impact of Globalization
• Impact of Innovation
• Impact of Sustainability
• Theories of Organizational Adaptation
• Creating a Learning Organization
• Basic Model of Strategic Management
• Environmental Scanning
• Strategy Formulation
• Strategy Implementation
• Evaluation and Reassessment
• Feedback/Learning Process

6. Initiation of Strategy: Triggering Events

• Strategic Decision Making
• What Makes a Decision Strategic?
• Mintzberg’s Modes of Strategic Decision Making

c. Strategic Decision-Making Process: Aid to Better Decisions

8. The Strategic Audit: Aid to Strategic Decision Making

• Employment in Strategic Management

SUGGESTED ANSWERS TO DISCUSSION QUESTIONS

1-1. How do the three elements of globalization, innovation, and sustainability impact your understanding of strategy?

Globalization is the integrated internationalization of markets and corporations. As more industries become global,

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