Management in Action: Book Summary Team #2 Cynthia Ceniceros, Russell Johnson, Peyton Kampas, Ben Griffin

Introducing the Concepts Ch. 1 Who’s involved in strategic management: – BOD, Top Managers (CEO, CFO etc), Strategic Leadership (people with the ability to anticipate) Interdisciplinary, Internal, External, Future direction 3 Important Factors Affecting Strategic Management – Global economy and globalization, management, ecommerce and technology

The Context of Managing Strategically Ch. 2 Industrial Organizational View (I/O view) – Impact of external factors (Porter’s Five Forces) Resource Based View – Exploit external circumstances Guerrilla View – Disrupt the current situation and surprise competitors

Assessing Opportunities and Threats: External Analysis Ch. 3 External analysis- process of scanning and evaluating an organization’s environment. The Opportunities and Threats in SWOT. Porter’s 5 Forces: Rivalry among existing firms, bargaining power of buyer, bargaining power of suppliers, threat of new entrants and threat of substitutes. Take external information and use it to help formulate future strategies.

Assessing Strengths and Weaknesses: Internal Analysis Ch. 4 Internal analysis- evaluating an organization’s resources and capabilities to analyze the Strengths and Weaknesses (SW in SWOT) to see where the business needs to improve. Companies need to take their capabilities to core competencies and distinctive capabilities. Performing an internal analysis allows a company to identify the strengths and weaknesses and is needed for making good strategic decisions.

Functional Strategies Ch. 5 Functional Strategy is the short-term, goal-directed decisions and actions of the organization. Help move organization in the desired direction, and take into account the organizations vision, mission and competitive strategy. Organizations have 3 functional concerns: Product, people, and the support process. Implementing the functional strategy involves deciding what processes and activities need to be done, and making sure the required resources are available.

Competitive Strategies Ch. 6 What sets an Org. apart? which comes from capabilities or unique resources, and implies there is competition. The three approaches in defining an Org. competitors includes: Industry perspective, market perspective, and strategic group concept. Competitive strategies are implemented through functional strategies and competitive actions. Competitive strategies are evaluated by performance results

Corporate Strategy Ch. 7 Corporate Strategy is concerned with what businesses to be in and what to do with those businesses while establishing the direction that the organization hopes to go in. Moving Forward – Growth Strategies expand products offered, markets served, and activities, or operations of businesses. There are five growth strategies to choose from. o Concentration, Vertical Integration, Horizontal Integration, Diversification, & International Keeping as is – The Stability Strategy is one in which an organization maintains its current size and current activities. Reversing a decline – A Renewal Strategy reverses a decline and puts an organization on a more appropriate path to achieve its strategic goals.

International Strategies & Strategies for Entrepreneurial Ventures & Not-for-Profits Ch. 8 Issues that arise as organizations go international. – Legal-political, the economic, & the cultural environments. Some important international strategic decisions include whether to use a multicountry or global approach. There are five international strategy alternatives which are exporting, importing, licensing, franchising, & direct investment.

Chapter 9-Appendix Case Example: Executive Summary Company Vision/Mission External Analysis Internal Analysis Strategic Alternatives Recommendation