GMS 200 Lecture Notes - Lecture 9: Strategic Management, Human Resources, Contingency Plan

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Kenneth Kalu

Document Summary

Exam questions (1) major responsibilities of strategic management include: Not evaluation - outside opinion (2) strategy formulation is ______. Method by which strategies guide resource allocation (3) strategy analysis is _______. Process used to analyze organization, existing strategies & changes in the organizational environment, and the organization"s competitive position & strategies. Steps or tactics needed to achieve goals defined in strategic plan. Process of planning strategic goals and objectives to tactical goals and objectives. Company compares quality & service to other companies to continually improve their own performance. Broad beliefs about what is or is not appropriate. Dominant value system of organization as a whole. Porter"s five forces model (1) industry competition (2) new entrants (3) substitute products (4) bargaining power of suppliers. Suppliers influence the price (5) bargaining power of customers. 2 or more organizations partner to pursue an area of mutual interest. Evaluates competitiveness & resource allocation (high) question marks.