MGT 490 Study Guide - Spring 2019, Comprehensive Final Exam Notes - Human Capital, Tacit Knowledge, Human Resources
Document Summary
Strategic goals: vision, mission, strategic objectives. How to compete in those industries: actions & implementation of strategy: Design org to bring intended strategies to reality: strategy: ideas, decisions, & actions that enable firm to succeed, competitive advantage: firm"s resources & capabilities that enable it to overcome competitive forces in industry(ies). Q: what are some key attributes of strategic management: directs org toward overall goals & objectives, includes multiple stakeholders in decision-making, stakeholders: individuals, groups, & orgs that have a stake in success of org. Suppliers & distributors: continued orders & payment. Employees: job security, wages/salary, job satisfaction, benefits, safety. Managers need to be ambidextrous: focus on long-term effectiveness, expand product-market scope by proactively exploring new opportunities, focus on short-term efficiency, align resources to take advantage of existing product markets. Intended: organizational decisions are determined only by analysis, rarely survive in original form.
