MGMT-121 Chapter Notes - Chapter 10: Strategic Management, Longrun, Switching Barriers

• School: MacEwan University
• Department: Business Management
• Course: MGMT-121
• Professor: Dawit Isaac

Document Summary

What managers do to develop the organization"s strategies. Plans for how an organization will do what it"s in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its goals. A strategic design for how a company intends to profit from its strategies, work processes, and work activities. A company"s business model focuses on two things: (1) whether customers will value what the company is providing (2) whether the company can make any money doing that. Why is strategic management important: it results in higher organizational performance, it requires that managers examine and adapt to business environment changes, allowing them to better cope with uncertain environments. The importance of strategic management: it"s involved in many of the decisions that managers make. Today, strategic management has moved beyond for-profit business organizations to include government agencies, hospitals, and other not-for-profit organizations. A six-step process that encompasses strategic planning, implementation, and evaluation.