Strategic and International Management at Universität Mannheim

Flashcards and summaries for Strategic and International Management at the Universität Mannheim

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Study with flashcards and summaries for the course Strategic and International Management at the Universität Mannheim

Exemplary flashcards for Strategic and International Management at the Universität Mannheim on StudySmarter:

What is management?

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PLANNING

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ORGANIZING 
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LEADING

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CONTROLLING

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What is strategic management?

Exemplary flashcards for Strategic and International Management at the Universität Mannheim on StudySmarter:

Sustainable competitive advantage of a company
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Patterns of actions that define a company’s strategy 

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A company’s strategy is 

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Proactive strategy elements 

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Reactive strategy elements 
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Realized strategy

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Exemplary flashcards for Strategic and International Management at the Universität Mannheim on StudySmarter:

Strategic and International Management

What is management?

Planning, Organizing, Leading and Controlling to achieve organizational goals effectively and efficiently 

Strategic and International Management

PLANNING

Choose organizational goals and courses of action to achieve them 

Strategic and International Management

ORGANIZING 
Choose task and autority relationships to work together and achieve goals

Strategic and International Management

LEADING
Motivate, coordinate and energize to work together and achieve goals

Strategic and International Management

CONTROLLING
Choose measuring and monitoring systems to evaluate the achievement of goals 

Strategic and International Management

What is strategic management?
Improvement of:
  • financial performance
  • competitive position
Achievement of:
  • Competitive edge

Strategic and International Management

Sustainable competitive advantage of a company
When many buyers prefer its products over the offerings of competitors (durable preference) 

Strategic and International Management

Patterns of actions that define a company’s strategy 
ACTIONS TO
  • Diversify earnings and revenues 
  • Enter new markets or exit existing ones 
  •  mergers & acquisitions
  • alliances and collaborations
  • Respond to market changes or external factors
  • Improve capabilities and correct weaknesses 
  • Gain market share 

Strategic and International Management

A company’s strategy is 
Dynamic

Strategic and International Management

Proactive strategy elements 
DELIBERATE STRATEGY
New planned initiatives + ongoing strategy

Strategic and International Management

Reactive strategy elements 
EMERGENT STRATEGY
New strategies that emerge from adapting to changing circumstances 

Strategic and International Management

Realized strategy
Deliberate strategy + emergent strategy

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