MNG 590

Vision

describes what the organization would like to be come

· What are the differences between scanning the internal and external environment?

External- Natural, Societal, Task environments · Internal- Structure, Culture, Resources

involves opportunities and threats

External- Opportunities and threats

Functional

Maximize resource Productivity

· What are some reasons why unethical decision making occurs?

Organizational performance required it Rules were ambiguous or out of date Pressure from everyone and who does it.

Corporate Strategy

Overall direction of company and management of its business,

What are some characteristics of the relationship between top management (including the CEO) and the board of directors?

Risk vs initiative and the overall risk profile of the organization Succession planning for the board and top management team Sustainability

Goal-

open-ended statement of what one wants to accomplish

Objectives

the end results of planned activities

Mission-

the purpose or reason for the organizations existence

· What are the eight steps in the strategic management process?

· Mission, Objectives, Strategies, Policies, Programs and Tactics, Budgets, Procedures, Performance.

What are the four phases of strategic management?

· Basic Finical planning, Forecast based planning, Externally oriented planning, Strategic management

Define corporate governance, and identify the parties involved

· Corporate governance- the relationship among these three groups in determining the direction and performance of the corporation/ board of directors, top management, shareholder

· What is environmental scanning and what does it entail?

· Gathering Information

Which environment involves strengths and weaknesses

· Internal- Strengths and weaknesses

· What is a competitive advantage and why is it important?

· Key strengths from a set corporations structure, culture, capabilities, and resources

· Explain Friedman's traditional view of business responsibility.

· There is only one social responsibility of business- to use its resources and engaged in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud

Business Strategy

Competitive and cooperative strategies

· What are the four business responsibilities based on Carroll's conception of corporate social responsibility?

Economic Legal Ethical Discretionary

What are the responsibilities of the board of directors?

Effective board leadership including the processes, makeup, and output of the board Strategy of the organization

· How do you conduct a stakeholder analysis? What are the important questions that should be asked?

Step one- identify primary stakeholders, those who have a direct connection with the corporation. Step 2- Identify secondary stakeholders those who have an indirect stake Step 3- Estimate the effect on each stakeholder group from any particular strategic decision Questions- how much will specific stakeholder lose or gain. What other alternatives do they have to replace what may lost

Policy

a broad guideline for decision making that links the formulation of strategy with its implementation

Strategy

a business forms a comprehensive master approach that states how the business will achieve its mission and objectives