1. Don't just have a clear sense of strategic vision, but live and breathe that vision 2.

Lead organization toward a more strategic driection 3. Relentlessly improve your team by coaching, building, and evaluating 4. You need a plan in order to win in business, also known as a mission 5.. Values, which are behaviors expected from your people, are needed in achieving your mission. 6. Leaders need a competitive advantage in life 7. Leaders need to get into everybody's skin with enthusiasm and optimism 8. A leader needs the guts to make unpopular decisions when they are necessary 9. Leaders need to inspire people to take risk and set examples doing so 10. A good leader needs to nurture great ideas through establishing a culture of candor, where individuals can freely speak their minds without fear of reprimand. 11. Great performers need to be differentiated and rewarded, while poor performers need to be firmed. Poor performers will probably be happier somewhere else. 12. Gather many people to get ideas, not just a few. 13. Leaders need to execute, or take the necessary decisions to make things happen 14. Translate vision statements into goals and actions that an organization use to move towards fulfilling its vision. 15. Articulate a company's vision to all members of an organization, have a vision for the future 16. Assemble the right personnel for working in teams, taking advantage of the synergies created by different personalities in the organization 17. Delegate responsibilities meaningfully, influencing the way work is segmented 18. Nurture and maintain information channels within the organization to ensure effective communication 19. Create a lean, agile, fast organization that starts "thinking like a small company 20. Focus on speed, simplicity, and self-confidence 21. Be a driving force for quality throughout the organization 22. Mangaing strategically requires a destination, a conversion, intensive corporate culture, adaptability, and a strong sense of corporate mission 23. Strategic management requires organizational learning 24. Organization needs to be continuously improved on way to the mission 25. Strategic management courages experimentation with with approaches in management 26. A true knowledge organization harnesses entrepreneurship and risk as well as embodying strategic thinking

27. Business Policy is needed to link formulation of strategy with implementation 28. Strategy can be threatened by punctuated events, such as gaps in performance or changes in external environment 29. Strategic management forces comprehensive analysis of organizational and competitive environments 30. Strategic management creates awareness of the multiple forces impacting the firm 31. Strategic management is difficult, requires management skills 32. EFAS, IFAS, SWOT are part of information gathering 33. Strategy formulation develops plans, creates mission, objectives, strategies, and policies 34. Strategy implementation is putting strategy into action with programs, budgets, procedur es 35. Evaluation and Control is measuring performance and results of management plan 36. Strategy is a comprehensive master plan of a firm corporate direction, business situation, and functional objectives 37. Strategic Management goes through phases of Basic Financial Planning, ForecastBased Planning, Externally Oriented Planning, and finally Strategic Management 38. Corporate Governance is the distribution of rights and resonbilities among different participants in corporation, such as board, managers, shareholders, and other stakeholders 39. Governance is done by Board of Directors who set corporate mission vision, and control top management 40. Board of Directors' tasks are to monitor issue and resources, evaluate and influence, and initiate 41. Competitve advantage is the outcome achieved when an organization is implementing a value-creating strategy that is not being implemented by competitors and when these competitors are unable to duplicate the benefits of this strategy 42. Five forces ( new entrants, bargaining power of buyers/suppliers, threats of substitutes, and rivalry among competitors) are areas for strategic advantage 43. Competitive advantage assessed by VRIO: Value, rareness, imitability, and organization 44. Functional strategy involves marketing, financial, R&D, Operations 45. Avoid Follow the Leader, Home Run, Arms Race, Losing Hand, and Do Everything strategies 46. Internal analysis involves capabilities (exploit resources), competency (integration of capabilities), core competency (collection of competencies transcending divisions)

47. Implementation, Programs, Syergy, Organziation, Six Sigma can be analyzed 48. Implementation has 3 big Qs: who will carry out the plan, what must be done for alignment, and how will everyone work together 49. Before executing plan, Scanning, Mission, Objectivies, Strategies, and Politices are necessary 50. Fallacies of implementation: it easy, everyone understands the plan, everyone has reousrces, plan is already done 51. Big problem with implementation is that it takes more time than we planned, unanticipated problems arise, ineffective coordination, crises and competing activities, and inadequate training 52. Remember: Structure follows strategy