MGMT 310 Lecture Notes - Lecture 3: Organizational Learning, Joint Venture, Franchising
Document Summary
Read chapter 2, 3, 4, 5 and study notes. Homework for mind tap due sept. 19 for chapters 1-4 at 11pm next class. Brief history of strategy: back in the day, there was not much strategy, just more people. Act of growing through unrelated diversification, essentially by acquiring companies in different industries. Analyzing the internal and external environments of a firm: internal environment, goals, internal resources, culture, employee capabilities, external environment, industry analysis, customer analysis, supplier analysis, competitor analysis. Goal and core competencies: goal: an organization desired result, product, or end state, core competencies: a network of unique activities that strategically fit together and are difficult to replicate. Benefits of effective mission statements: define the purpose of the firm, build motivation and commitment among employees, provide direction and inspiration, serve as a focal point, assist in making strategic trade-offs. Three components of strategy: managing trade-offs, choosing a set of activities, creating a fit.
