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Chapter 1. Strategic Management: Creating Competitive Advantages

Overview:

This chapter is intended to build your awareness and comprehensiveness of the definition of strategic management and its four key attributes. Strategic management is first defined with its three interrelated and principal activities. The chapter then explores the vital role of corporate governance and stakeholder management, which are essential cornerstones of strategic management. The key players within corporate governance and stakeholder management are discussed. In order to drive success within the company, the chapter discusses that stakeholders need to go beyond financial results and focus on social responsibility and environmental sustainability. Overall, it is important to understand that long term sustainability requires an integrative view of the organization and a hierarchy of strategic goals to achieve coherence in the organization’s strategic direction.

QUESTION

Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding

Also, provide a graduate-level response to each of the following questions:

1. Provide examples of companies that are actively trying to increase the amount of empowerment in the strategic management process throughout the organization. Do these companies seem to be having positive outcomes? Why? Why not?