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Chapter 1 The Nature of Strategic Management. Strategic Management – Defined. Art & science of formulating , implementing , and evaluating , cross-functional decisions that enable an organization to achieve its objectives. Strategy Formulation. Vision & Mission.

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slide2

Strategic Management – Defined

Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives.

slide3

Strategy Formulation

Vision & Mission

External Opportunities & Threats

Internal Strengths & Weaknesses

Long-Term Objectives

Alternative Strategies

Strategy Selection

slide4

Strategy Implementation

Annual Objectives

Policies

Employee Motivation

Resource Allocation

slide5

Strategy Evaluation

Internal Review

External Review

Performance Metrics

Corrective Actions

slide6

Achieving Sustained Competitive Advantage

1. Adapting to change in external trends, internal capabilities and resources

2. Effectively formulating, implementing & evaluating strategies

slide7

Adapting to Change – Key Strategic Management Questions

  • What kind of business should we become?
  • Are we in the right fields
  • Are there new competitors
  • What strategies should we pursue?
  • How are our customers changing?
slide8

Key Terms

Vision Statement –

What do we want to become?

Mission Statement –

What is our business?

slide9

Key Terms

Opportunities & Threats (External)

  • Analysis of Trends:
    • Economic
    • Social
    • Cultural
    • Demographic/Environmental
    • Political, Legal, Governmental
    • Technological
    • Competitors
slide10

Key Terms

Strengths & Weaknesses (Internal)

  • Typically located in functional areas of the firm
    • Management
    • Marketing
    • Finance/Accounting
    • Production/Operations
    • Research & Development
    • Computer Information Systems
slide11

Key Terms

  • Means by which long-term objectives are achieved

Strategies

comprehensive strategic management model
Comprehensive strategic management model

External

Audit

Chapter 3

Vision

&

Mission

Chapter 2

Long-Term

Objectives

Chapter 5

Generate,

Evaluate,

Select

Strategies

Chapter 6

Implement

Strategies:

Mgmt Issues

Chapter 7

Implement

Strategies:

Marketing,

Fin/Acct,

R&D, CIS

Chapter 8

Measure &

Evaluate

Performance

Chapter 9

Internal

Audit

Chapter 4

slide13

Benefits of Strategic Management

Financial Benefits

  • Improvement in sales
  • Improvement in profitability
  • Productivity improvement
slide14

Benefits of Strategic Management

Non-Financial Benefits

  • Improved understanding of competitors strategies
  • Enhanced awareness of threats
  • Reduced resistance to change
  • Enhanced problem-prevention capabilities
slide15

Business Ethics & Strategic Management

  • Provides basis on which policies can be devised to guide daily behavior and decisions in the workplace

Code of business ethics –

slide16

Advantages of International Operations

  • Absorb excess capacity
  • Reduce unit costs
  • Spread risk over wider markets
  • Low-cost production facilities
slide17

Disadvantages of International Operations

  • Difficult communications
  • Underestimate foreign competition
  • Cultural barriers to effective management
  • Complications arising from currency differences