What situation did Thompson inherit when he became CEO? What are the current forces in the external environment that might affect new CEO Thompson’s strategy?
McDonald’s
Q1. Strategy Concept
- Strategic management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages.
Q1: What situation did Thompson inherit?
15-*
Strategy is all about the ideas, decisions, and actions that enable a firm to succeed.
McDonald’s
Q1. Strategy Concept, cont.
Key Attributes of strategic management:
- Directs the organization toward overall goals and objectives
- Includes multiple stakeholders in decision making
- Needs to incorporate short-term and long-term perspectives
- Recognizes trade-offs between efficiency (cost) and effectiveness (performance)
15-*
McDonald’s
Q1. Strategy Concept, cont.
- The primary role of the organizational leader is to articulate vision, mission and strategic objectives
15-*
Leaders face a large number of complex challenges. Leaders must be proactive, anticipate change and continually refine changes to their strategies. This requires a certain level of “ambidextrous behavior”, where leaders are alert to opportunities beyond the confines of their own jobs, and are also cooperative and seek out opportunities to combine their efforts with others. Leaders must make strategic management both a process and a way of thinking throughout the organization.
McDonald’s
Q1. Strategy Concept, cont.
Exhibit 1.6
15-*
The primary role of the organizational leader is to articulate vision, mission and strategic objectives.
McDonald’s
Q1. Strategy Concept, cont.
- Company vision
- Massively inspiring
- Overarching
- Long-term
- Driven by and evokes passion
- Fundamental statement of the organization’s
- Values
- Aspiration
- Goals