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Strategy. Planning - strategic - emergent - contingency plans Objectives: LT, ST. Mission statement Environmental analysis (SWOT) Competitive analysis (Porter’s 5 forces) Portfolio analysis. Identifying Mission Statement Components:

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Presentation Transcript
slide2
Planning

- strategic

- emergent

- contingency plans

Objectives: LT, ST

slide3
Mission statement
  • Environmental analysis (SWOT)
  • Competitive analysis (Porter’s 5 forces)
  • Portfolio analysis
slide4

Identifying Mission Statement Components:

A compilation of Excerpts from Actual Corporate Mission Statements

slide5

Identifying Mission Statement Components:

A compilation of Excerpts from Actual Corporate Mission Statements (cont’d)

slide6

Identifying Mission Statement Components:

A compilation of Excerpts from Actual Corporate Mission Statements (cont’d)

slide7
This exercise should help you think about 1) your long-term personal goals, and 2) companies you might want to work for
  • 1. What do you want inscribed on your gravestone?
  • What would be your primary goal if you were told you had 18 months to live?
  • If you had a child, what is the most important lesson that you would like him or her to know?
  • Book says, “…every organization has a mission statement that defines its purpose and answers the question ‘what business are we in?’
slide8
Use the answers to the above questions to write a personal mission statement/paragraph that should specify your life’s goal!
  • Consider:

Values: what’s important to you, e.g. health, friends

Principles: guidelines to follow, e.g. fairness, quality, service

Strengths: your qualities, e.g. adaptable, confident

Blockers: what’s stopping you? e.g. shyness, laziness

Next write a paragraph describing the mission of a company you would want to work for.

swot analysis
SWOT analysis
  • Environmental Scan – Both internal and external factors need to be considered:

1. Internal factors – characteristics in the firm (management, mission, resources, systems process, and structure) that can be considered strengths or strong points and weaknesses or weak points.

2. External factors - characteristics in the environment that are “outside” the firm (customers, competitors, suppliers, labor force, shareholders, society, technology, the economy, and governments) that represent opportunities to tap or threats to flank.

slide12

BUSINESS STRENGTH

INDUSTRY ATTRACTIVENESS

organizational strategies occur on 3 levels grand business and functional
Organizational Strategies occur on 3 levels: Grand, Business, and Functional
  • A. Grand level strategies:

- 1. Growth (a. concentration; b. diversification)

- 2. Retrenchment

- 3. Stability (status quo)

- 4. Combination (multiple strategies)

slide14
1a. Growth through concentration – concentrating on your existing specialization

i. market penetration – aggressively targeting current markets with existing product specialties

ii. market development/geographic expansion – expanding into new markets

iii. market segmentation – dividing existing

markets

iv. product development – modify existing

products, or develop new but related

products

slide15
1b. Growth through diversification – branching out into new areas

i. horizontal integration – expanding across the general industry (e.g. Coke acquires Minutemaid).

ii. vertical integration – expanding into industries populated by suppliers/buyers (e.g. Ford buys steel plant).

iii. conglomerate diversification – expanding into unrelated industries (e.g. GM buys Hershey’s candy).

iv. joint venture – expanding together with another company in order to diversity efficiently.

2 retrenchment
2. Retrenchment

i. Turnaround – downsizing existing company/divisions

ii. Divestiture – selling off existing divisions/subdivisions

iii. Liquidation – Chapter 11 bankruptcy

slide17
3. Stability - maintain status quo (e.g. continuous improvement)

4. Combination – multiple use of strategies

slide18
B. Business level strategies

1. Michael Porter’s Competitive Strategies:

i. low cost (e.g. Wal-Mart)

ii. differentiation (Volvo/Mercedes)

iii. focus (Penny’s/Pea in a Pod)

2. Adaptive business level strategies:

a. prospecting

b. defending

c. analyzing

slide19
B. Business level strategies (cont’d)

3.Product life cycle

i. introduction stage

ii. growth stage

iii. maturity stage

iv. decline stage

slide21
C. Functional level strategies

i. Marketing

ii. Manufacturing

iii. Human resources

iv. Etc.

slide23

Seven S Model of Implementation

STRATEGY

SKILLS

STRUCTURE

SHARED

VALUES

SYSTEMS

STAFF

STYLE

seven s model
Seven S Model
  • Strategy – Plan or course of action leading to the allocation of firm’s resources to reach identified goals.
  • Structure – The ways people and tasks relate to each other. The basic grouping of reporting relationships and activities. The way separate entities of an organization are linked.
  • Shared Values – The significant meanings or guiding concepts that give purpose and meaning to the organization.
  • Systems – Formal processes and procedures, including management control systems, performance measurement and reward systems, and planning and budgeting systems, and the ways people relate to them.
  • Skills – Organizational competencies, including the abilities of individuals as well as management practices, technological abilities, and other capabilities that reside in the organization.
  • Style – The leadership style of management and the overall operating style of the organization. A reflection of the norms people act upon and how they work and interact with each other, vendors, and customers.
  • Staff – Recruitment, selection, development, socialization, and advancement of people in the organization.