International Essay

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Chapter 1 The Foundations of Strategic Management KNOWLEDGE OBJECTIVES 1. Define strategic management. 2. Discuss why firms use the industrial organization model to analyze their external environment. 3. Discuss why firms use the resource-based view of the firm model to analyze their internal environment. 4. Define stakeholders and understand their importance. 5. Explain the work of strategic leaders. CHAPTER OUTLINE Focusing on Strategy: Integrating Solutions to Handle Cash: The Foundation for Loomis’s Continuing Success? WHAT IS STRATEGIC MANAGEMENT? The Three Parts of the Strategic Management Process Understanding Strategy, Learning from Success: Wal-Mart’s Grocery Business: Can the Momentum and Success Be Maintained? Understanding Strategy, Learning from Failure: ”:”CompUSA Is Closing All of its Stores,” the Headlines Read. What Happened? THE INDUSTRIAL ORGANIZATION MODEL THE RESOURCE-BASED VIEW OF THE FIRM MODEL STAKEHOLDERS STRATEGIC LEADERS HOW THE BOOK IS ORGANIZED SUMMARY KEY TERMS DISCUSSION QUESTIONS STRATEGY TOOLBOX Mini-Case: Are Still Better Days Ahead for Hewlett-Packard? EXPERIENTIAL EXERCISES BIZ FLIX ENDNOTES Lecture notes: Chapter Introduction: This chapter lays the groundwork with concepts and terminology that will be used throughout the book. The instructor may wish to emphasize to the students that a firm grasp of these concepts will give them a good foundation for understanding and using the material in the rest of the text. The purpose of the text is to explain the three parts of strategic management: vision, analysis, and strategy. Stress that it is crucial for the success of the organization for all members to understand and implement the vision and strategy of the firm. Ideally, strategy is not isolated at the CEO

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