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Management - Chapter 8: The Strategic Management Process

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What is strategic management? What are the foundations of strategic analysis? What are corporate strategies and how are they formulated? What are business strategies and how are they formulated? What are current issues in strategy implementation?

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Nội dung Text: Management - Chapter 8: The Strategic Management Process

PowerPoint Presentation to Accompany Management, 10/e John R. Schermerhorn, Jr. Chapter 8: The Strategic Management Process Prepared by: Jim LoPresti University of Colorado, Boulder Published by: John Wiley & Sons, Inc.
Planning Ahead — Chapter 8 Study Questions  What is strategic management?  What are the foundations of strategic analysis?  What are corporate strategies and how are they formulated?  What are business strategies and how are they formulated?  What are current issues in strategy implementation? Management 10/e Chapter 8 2
Study Question 1: What is strategic management?  Basic concepts of strategy: Competitive advantage — operating with an attribute or set of attributes that allows an organization to outperform its rivals. Sustainable competitive advantage — one that is difficult for competitors to imitate. Management 10/e Chapter 8 3
Study Question 1: What is strategic management?  Basic concepts of strategy Strategy — a comprehensive action plan that identifies longterm direction for an organization and guides resource utilization to accomplish organizational goals with sustainable competitive advantage.  Strategic intent — focusing all organizational energies on a unifying and compelling goal. Management 10/e Chapter 8 4
Study Question 1: What is strategic management?  Strategic Management Process:  Strategic management — the process of formulating and implementing strategies to accomplish longterm goals and sustain competitive advantage.  Strategic analysis – process of analyzing the organization, the environment, its competitive position and current strategies Management 10/e Chapter 8 5
Figure 8.1 Strategy formulation and implementation in the strategic management process. Management 10/e Chapter 8 6
Study Question 1: What is strategic management?  Strategic Management Process: Strategy formulation – the process of crafting strategies to guide allocation of resources Strategy implementation – putting strategies into action Management 10/e Chapter 8 7
Study Question 1: What is strategic management?  Goal of strategic management is to create aboveaverage returns for investors.  Returns exceeding those for alternative opportunities at equivalent risk.  Earning aboveaverage returns depends in part on the organization’s competitive environment. Management 10/e Chapter 8 8
Study Question 2: What are the foundations of strategic analysis?  Strategy formulation  The process of creating strategy.  Involves assessing existing strategies, organization, and environment to develop new strategies and strategic plans capable of delivering future competitive advantage. Management 10/e Chapter 8 9
Figure 8.1 Three levels of strategy in organizations- corporate, business, functional strategies. Management 10/e Chapter 8 10
Study Question 2: What are the foundations of strategic analysis?  Drucker’s strategic questions for strategy formulation:  What is our business mission?  Who are our customers?  What do our customers consider value?  What have been our results?  What is our plan? Management 10/e Chapter 8 11
Study Question 2: What are the foundations of strategic analysis?  Strategy implementation  The process of allocating resources and putting strategies into action.  All organizational and management systems must be mobilized to support and reinforce the accomplishment of strategies. Management 10/e Chapter 8 12
Study Question 2: What are the foundations of strategic analysis?  Analysis of mission:  The reason for an organization’s existence.  Good mission statements identify:  Customers  Products and/or services  Location  Underlying philosophy  An important test of the mission is how well it serves the organization’s stakeholders. Management 10/e Chapter 8 13
Figure 8.2 How external stakeholders can be valued as strategic constituencies of organizations. Management 10/e Chapter 8 14
Study Question 2: What are the foundations of strategic analysis?  Analysis of values:  Values are broad beliefs about what is or is not appropriate.  Organizational culture reflects the dominant value system of the organization as a whole. Management 10/e Chapter 8 15
Study Question 2: What are the foundations of strategic analysis?  Organizational culture  Shapes the values of managers and other organization members.  Points people in common directions.  Helps build institutional identity.  Gives character to the organization in the eyes of employees and external stakeholders.  Backs up the mission statement.  Guides the behavior of organizational members in meaningful and consistent ways. Management 10/e Chapter 8 16
Study Question 2: What are the foundations of strategic analysis?  Analysis of objectives:  Operating objectives direct activities toward key and specific performance results.  Typical operating objectives:  Profitability  Market share  Human talent  Financial health  Cost efficiency  Product quality  Innovation  Social responsibility Management 10/e Chapter 8 17
Study Question 2: What are the foundations of strategic analysis?  What are our  What are our Strengths? Weaknesses  Manufacturing  Outdated facilities? efficiency?  Inadequate research and development?  Skilled workforce?  Obsolete  Good market share? technologies?  Strong financing?  Weak management?  Superior reputation?  Past planning failures? Management 10/e Chapter 8 18
Study Question 2: What are the foundations of strategic analysis?  What are our  What are our Opportunities? Threats?  Possible new  New competitors? markets?  Shortage of  Strong economy? resources?  Weak market rivals?  Changing market  Emerging tastes? technologies?  New regulations?  Growth of existing  Substitute products? market? Management 10/e Chapter 8 19
Study Question 2: What is the strategic management process?  Analysis of organizational resources and capabilities:  Core competency is a special strength that gives an organization competitive advantage  Important goal of assessing core competencies.  Potential core competencies:  Special knowledge or expertise.  Superior technology.  Efficient manufacturing approaches.  Unique product distribution systems. Management 10/e Chapter 8 20

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