General Management

General Management is the section of the course where all that we have learned is applied toward developing a strategy for the firm.  All the functional areas of business (Finance, Marketing, Operations and Organizational Behaviour) are analyzed to determine whether the firm has the resources to compete in its industry.  Firms are a bundle of resources, which, if they provide value to the firm, are difficult or impossible for other firms to copy, rare and if the firm is organized to utilize them, can provide it with a competitive advantage - the goal of every General Manager.  Strategists must understand their firm's resources (i.e. understand what the firm can do), what is required to compete in the market (i.e. understand what the firm needs to do) and what their organizational goals are (i.e. what the firm wants to do) in order to develop plans to use their resources toward gaining a competitive advantage.  The only way General Managers can do this is if they are experts in all the functional areas.  In this section we will look at strategic options, that is, plans that affect all aspects of the firm and introduce the concept of valuing a firm based on the option that the best option to maximize value may be to sell the business to another party.