Mid Review

Mid-term Study Guide

Romantic View of Leadership – implicit assumption that the leader is key force in determining an organizations success or lack thereof

External View of Leadership – focus on external factors that may positively or negatively affect a firms success

Incremental Management – view job as making series of small, minor changes to improve efficiency of firms operations

Strategic Management – the analyses, decisions and actions an organization undertakes in order to create and sustain competitive advantages

Operational Effectiveness – performing similar activities better than rivals, important but don’t lead to sustainable competitive advantage – possible only through performing different activities from rivals or performing similar activities in different ways.

4 key attributes of strategic management

1. directed toward overall organizational goals and objectives, organizational vs individual rationality – what might look good in one area, may not be the best interest for the firm.

2. Includes multiple stake holders

3. Requires incorporating both short term and long term perspectives, must maintain vision of future but focus on its present operating needs

4. Involves recognition of trade offs between effectiveness(doing the right thing) and efficiency (doing things right)

Ambidexterity – managers challenge to both align resources to take advantage of existing product markets as well as proactively explore new opportunities.

Realized strategy – organizational decisions determined by both analysis and unforeseen environmental developments, unanticipated resource constraints, and or changes in managerial preferences

Intended Strategy –organizational decisions determined only by the analysis, rarely survives in its original form, changes may result in some parts of strategy remaining unrealized.

Strategy Analysis

* Starting point of strategic management, consist of advanced work that must be done in...