0. Strategy Formulation and Implementation. CHAPTER 8. 0. Learning Objectives. Define the components of strategic management. Describe the strategic planning process and SWOT analysis. Understand grand strategies for domestic and international operations.
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Need for Global Integration
Need for National Responsiveness
Scan External Environment – National, Global
Identify Strategic Factors – Opportunities, Threats
Implement Strategy via Changes in: Leadership culture, Structure, HR, Information & control systems
Evaluate Current Mission, Goals, Strategies
Formulate Strategy – Corporate, Business, Functional
Define new Mission Goals, Grand Strategy
Scan Internal Environment – Core Competence, Synergy, Value Creation
Identify Strategic Factors – Strengths, Weaknesses
Potential New Entrants
Internet blurs differences among competitors in an industry
Threat of Substitute Products
Bargaining Power of Buyers
Rivalry among Competitors
Bargaining Power of Suppliers
Source: Based on Michael E. Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors (New York: Free Press, 1980).
Leadership Persuasion Motivation Culture/values
Human Resources Recruitment/selection Transfers/promotions
Information and Control Systems
Pay, reward system Budget allocations Information systems Rules/procedures
Source: Adapted from Jay R. Galbraith and Robert K. Kazanjian, strategy Implementation: Structure, Systems and Process, 2d ed. (St. Paul, Minn.: West, 1986), 115, Used with permission.