Strategic Management 4e
Strategic Management 4e
4th Edition
ISBN: 9781260779646
Author: Frank T. Rothaermel
Publisher: Mc graw hill
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Chapter 1, Problem 1ESI
Summary Introduction

To determine: The responsibility of the firm in making the trade-offs.

Introduction:

Strategic management refers to formulating and implementing the way to achieve the goals by considering available resource and the internal and external environment. It will be framed by the top management on behalf of an organization.

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Case Study The composition and role of boards. The board of directors is the corporation's governing body. By law, the board is vested with the authority to manage the corporation's business and affairs, and the board's members have a fiduciary responsibility to act in the best interests of the corporation and its shareholders. Boards are thus collegial bodies in the traditional sense that their members share authority and responsibility, and have both individual and collective accountability. Boards typically delegate much of their authority to an executive team that carries out the day-to- day operations of the corporation's business. However, some board duties cannot be delegated, and boards vary widely in the extent of their involvement in the business. The board's core functions typically include selecting, monitoring, advising, and compensating the chief executive; monitoring the company's financial structure and declaring dividends; deciding on major transactions and changes in…
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