SGMT 3000 Study Guide - Midterm Guide: General Idea, Franchising, Strategic Management

• School: York University
• Department: Strategic Management
• Course: SGMT 3000
• Professor: Stan Xiao Li

Document Summary

Strategic management are analyses, decisions and actions an organization undertakes in order to create and sustain competitive advantages. Strategy analysis: analyzing organizational goals and objectives, analyzing the external environment of the firm, analyzing the internal environment of the firm, a(cid:374)al(cid:455)zi(cid:374)g a fi(cid:396)(cid:373)"s i(cid:374)telle(cid:272)tual assets. Strategy formulation: formulating business-level strategy, formulating corporate-level strategy, formulating international strategy, entrepreneurial strategy and competitive dynamics. Stakeholder management recognizes that stakeholder interests often conflict with stockholder interests and managerial objectives. Shareholder management might not necessarily be in the best interest of the firm as a sustainable strategy. What are its three key elements and how can it be improved? (cid:862)co(cid:396)po(cid:396)ate go(cid:448)e(cid:396)(cid:374)a(cid:374)(cid:272)e(cid:863) is (cid:449)ho (cid:862)go(cid:448)e(cid:396)(cid:374)s(cid:863) the o(cid:396)ga(cid:374)izatio(cid:374) and determines direction. Its three key elements are: stockholders, managers and the board of directors. This traditional approach can be improved by considering the talents and resources available in the stakeholders, and finding ways to incorporate those (cid:396)esou(cid:396)(cid:272)es i(cid:374)to the o(cid:396)ga(cid:374)izatio(cid:374)"s (cid:271)usi(cid:374)ess st(cid:396)ateg(cid:455).