MGMT 491 Chapter Notes - Chapter 1: Henry Mintzberg, Balanced Scorecard, Strategic Management
Document Summary
Strategic management helps answer the key question: why do some firms out-perform other firms? . Professor henry mintzberg articulated what he labeled as the 5 ps of strategy ; understanding plan, as a ploy, position, pattern, and as a perspective are important. Strategic plans are the essence of strategy according to one classic view of strategy. The strategic management process includes: understanding of strategy and performance, environmental and internal scanning, strategy formulation, strategy implementation. Learn what is meant by each of the 5 ps of strategy. Learn what is meant by intended and emergent strategies, and the difference between them. Understand realized strategies, and how they are influenced by intended, deliberate, and emergent strategies. Understand the four steps in the strategic management process. David norton of harvard university developed a tool called the balanced scorecard. Entrepreneurial orientation (eo) refers to the processes, practices, and decision-making styles of organizations that act entrepreneurially.
