Mgc1 Study Guide

7925 words 32 pages
Strategic Management
(Chapters 4 & 9) 1. Identify elements of the external environment and internal resources of the firm to analyze before formulating a strategy. a. External Environment: Industry and market analysis (industry profile, growth, and forces), Competitor analysis, Political and Regulatory analysis, Social analysis, Human Resources analysis, Macroeconomics analysis, and Technological analysis. Also forecasting future trends b. Internal Resources: Financial analysis, marketing audit, operations analysis, other internal resources analysis (such as research and development, management information systems, engineering and purchasing.), human resources assessment. 2. Define core competencies and explain
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Participative management is one of the more popular approaches executives use to gain employees’ input and ensure their commitment to strategy implementation. 6. The 6 Barriers to Strategy Implementation (or Silent Killers) a. Top- down or laissez-faire senior management style: With the top team and lower levels, the CEO/ general manager creates a partnership built around the development of a compelling business direction, the creation of an enabling organizational context, and the delegation of authority to clearly accountable individuals and teams. b. Unclear strategy and conflicting priorities: The top team, as a group, develops a statement of strategy, and priorities that members are willing to stand behind are developed. c. An ineffective senior management team: The top team, as a group, is involved in all steps in the change process so that its effectiveness is tested and developed. d. Poor vertical communication: An honest, fact- based dialogue is established with lower levels about the new strategy and the barriers to implementing it. e. Poor coordination across functions, businesses, or borders: A set of businesswide initiatives and new organizational roles and responsibilities are defined that require “ the right people to work together on the right things in the right way” to implement the strategy. f. Inadequate down- the-line leadership skills and development: