Strategic Management Revision Basic Concepts
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I. BASIC CONCEPTS1. Some basic definitions: Strategic management: Set of managerial decisions and actions that determines the long-run performance of a firm Business policy: General management orientation that looks inward for properly integrating the firms functional activities
2. 4-phases of strategic management: Basic financial planning
Forecast-based planning
Externally-oriented planning (strategic)
Strategic management
3. Results: Clearer sense of strategic vision for the firm Sharper focus on what is strategically important Improved understanding of a rapidly changing environment
4. Challenges: Globalization Electronic commerce
5. Organizational adaptations: Theory of population ecology
Institution theory
Strategic choice perspective
Organizational learning theory
6. Initiation of strategy:
7. Mintzbergs modes: Entrepreneurial mode
Adaptive mode
Planning mode
Logical incrementalism