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Strategic management l.jpg

Strategic Management

AIiDivandari

Fall and Winter 2008


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Ask yourself one question!

How important is a picture when you are trying to assemble a jigsaw puzzle that has no straight edges and includes extra pieces in the box? Running a company in today’s markets is even more challenging than assembling that puzzle.


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Strategy

The word strategy which is derived from the Greek word strategosmeans “the general’s view”.


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Why Study Strategy?

Top executives are not lone wolves when it comes to devising and implementing strategy. They rely on lower-level managers to collect and analyze the regarding competition and commercial opportunities.


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Why Study Strategy?

The better the employees understand the firm’s strategy, the better they’ll be able to make choices that are consistent with it.


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Strategic Management =Strategic Thinking + Strategic Planning


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Strategic Thinking and Strategic Planning

Strategic thinking

Synthetic

Divergent

Creative

Intuitive

Innovative

Role of strategic thinking: to seek innovation and imagine new and very different futures that may lead a company to redefine its core strategies and even its industry

Role of strategic planning:to realize and support strategies developed through strategic thinking process and integrate these back into the business

Strategic

Management

Logical

Systematic

Conventional

Prescriptive

Convergent

Strategic planning


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Two Brains, Two Cognitive Styles

Left Hemisphere

Right Hemisphere

Verbal

Sequential

digital

Logical

analytic

Rational

Western thought

Nonverbal

Simultaneous

analogical

Gestalt

synthetic

Intuitive

Eastern thought


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A Framework for Strategic Thinking

Seeking new strategic opportunities

Collection of hard data

(the scientific skills)

Collection of soft data

(the perceptual skills)

The Intuitive

The Rational

Accumulation of facts and

evaluation of probabilities

Accumulation of uncertainties

and ambiguities

Use of intuition to define

the opportunities

Use of analytical models to

define the opportunities

Unique interpretation

of the strategic opportunity


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A combination of effective strategies

and excellent execution

Strategy

Effective

Ineffective

Long Term Success

Success

Unlikely

Excellent

Execution

Maybe successful

For a while

Failure

Poor


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Strategic Management

Process by which a firm incorporates the tools and frameworks for developing and implementing strategy.


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Competitive Advantage&The Process of Strategic Management


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Competitive Advantage

When a firm sustains profits that exceeds the average for its industry the firm is said to possess a competitive advantage over its rivals. The goal of much of business strategy is to achieve a sustainable competitive advantage.


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Competitive Advantage

A competitive advantage enables a firm to create superior value for its customers and superior profits for itself.


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A Model of Competitive Advantage

Resources

Cost Advantage

&

Competitive Advantage

Value Creation

Distinctive

Competencies

Capabilities


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Strategic Management

Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages.


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The Strategic Management Process

Strategic

Analysis

k

Strategy

Vision and Mission

Goals

and Objectives

Implementation

and

Strategic

Leadership

l


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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 and effectiveness



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