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LECTURE 05. MGT686. REVIEW OF LECTURE 04. 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,

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review of lecture 04
REVIEW OF LECTURE 04

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

strategic management model
Strategic-Management Model

Strategic-Management Process –

  • Dynamic and Continuous
  • More formal in larger organizations
strategic management model1
Strategic-Management Model
  • Identify Organization’s existing:
    • Vision
    • Mission
    • Objectives
    • Strategies
strategic management model2
Strategic-Management Model
  • Perform External Audit
  • Perform Internal Audit
  • Establish long-term objectives
  • Generate, evaluate, select strategies
  • Implement strategies
  • Measure and evaluate performance
benefits of strategic management
Benefits of Strategic Management
  • Proactive in shaping organization’s future
  • Initiate and influence activities
  • Formulate better strategies
    • Systematic, logical, rational approach
benefits of strategic management1
Benefits of Strategic Management
  • Financial benefits
    • Improvement in sales
    • Improvement in profitability
    • Improvement in productivity
benefits of strategic management2
Benefits of Strategic Management
  • Non-Financial benefits
    • Enhanced awareness of xternal threats
    • Improved understanding of competitors’ strategies
    • Increased employee productivity
    • Reduced resistance to change
    • Understanding of performance-reward relationships
    • Enhances problem-prevention capabilities
benefits of strategic management3
Benefits of Strategic Management
  • Identification of opportunities
  • Objective view of management problems
  • Improved coordination and control
  • Minimizes adverse conditions and changes
  • Decisions to better support objectives
  • Effective allocation of time and resources
  • Internal communication among personnel
benefits of strategic management4
Benefits of Strategic Management
  • Integration of individual behaviors
  • Clarifies individual responsibilities
  • Encourages forward thinking
  • Encourages favorable attitude toward change
  • Discipline and formality to the management of the business
why some firms do no strategic planning
Why Some Firms Do No Strategic Planning
  • Poor reward structures
  • Waste of time
  • Too expensive
  • Laziness
  • Content with success
why some firms do no strategic planning cont d
Why Some Firms Do No Strategic Planning (Cont’d)
  • Fear of failure
  • Overconfidence
  • Prior bad experience
  • Self-interest
  • Fear of the unknown
  • Suspicion
business ethics and strategic management
Business Ethics and Strategic Management

Business ethics defined:

  • Principles of conduct within organizations that guide decision making and behavior.
business ethics and strategic management1
Business Ethics and Strategic Management

Good business ethics:

  • prerequisite for good strategic management
business ethics and strategic management2
Business Ethics and Strategic Management

Code of business ethics:

  • Provides basis on which policies can be devised to guide daily behavior and decisions at the workplace
business ethics strategic planning
Business Ethics & Strategic Planning

Business actions always unethical include:

  • Misleading advertising
  • Misleading labeling
  • Environmental harm
  • Poor product or service safety
  • Insider trading
  • Dumping flawed products on foreign markets
nature of global competition
Nature of Global Competition

Companies conduct business across borders

    • International or multinational corporations
      • Parent company
      • Host country
  • Strategy implementation more difficult
    • Cultural differences
      • Norms, values, work ethics
advantages of international operations
Advantages of International Operations
  • Absorb excess capacity
  • Reduce unit costs
  • Spread economic risks over wider markets
  • Low-cost production facilities
  • Competition may be less intense
  • Reduced tariffs, lower taxes
  • Economies of scale
disadvantages of international operations
Disadvantages of International Operations
  • Different social, cultural demographic, legal forces may create difficult communication
  • Weaknesses of foreign competition may be underestimated
  • Barriers to communication and effective management of personnel
  • Complications from different monetary systems
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