BUS 590 STRATEGIC MANAGEMENT . ABDU LATIF SALLEH, PhD College of Business Administration Prince Sultan University. Thinking Strategically: Three Big Central Questions. What’s the company’s present situation? - industry conditions and competitive pressure
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ABDU LATIF SALLEH, PhD
College of Business Administration
Prince Sultan University
- industry conditions and competitive pressure
- current performance and market standing
- resource strength and capabilities and competitive weaknesses
2. Where does the company need to go from here?
3. How should it get there?
“Among all the many different business approaches and ways of competing we could have chosen, we have decided to employ this particular combination of competitive and operating approaches in moving the company in the intended direction, strengthening its market position, and competitiveness, and boosting performance.”
to issues of
Owners/shareholders – Rightfully expect some form of return on their investment
Employees - Rightfully expect to be treated with dignity and respect for devoting their energies to the enterprise
Customers - Rightfully expect a seller to provide them with a reliable, safe product or service
Suppliers - Rightfully expect to have an equitable relationship with firms they supply and be treated fairly
Community - Rightfully expect businesses to be good citizens in their community
Strategy . . .
Deals with a company’s competitive initiatives and business approaches
Business Model . . . Concerns whether revenues and costs flowing from the strategydemonstrate a business can be amply profitable and viable
FIVE TASKS OF STRATEGIC MANAGEMENT
2. Setting measurable objectives
3. Crafting a strategy to achieve objectives
4. Implementing & executing strategy
5. Evaluating performance, reviewing new developments, & initiating corrective adjustments
We want to satisfy all of our customers’ financial needs, help them success financially, be the premier provider of financial services in every one of our markets, and be known as one of America’s great companies
Be the global leader in customer value
Our business is renting cars. Our mission is total customer satisfaction
Provide a global trading platform where practically anyone can trade practically anything.
AMERICAN RED CROSS
The mission is to improve the quality of human life; to enhance self-reliance and concern for others; and to help people avoid, prepare for, and cope with emergencies
H. J. Heinz Company
Be the world’s premier food company, offering nutritious, superior tasting foods to people everywhere. Being the premier food company does not mean being the biggest but it does mean being the best in terms of consumer value, customer service, employee talent, and consistent and predictable growth.
Hilton Hotels Corporation
Our vision is to be the first choice of the world’s travelers. Hilton intends to build on the rich heritage and strength of our brands by:
Al-Hammadi Hospital will be recognized as the best private healthcare provider in the Kingdom of Saudi Arabia
We are dedicated to continuously the quality of our services to meet the healthcare needs of our clients through committed leadership, qualified staff and state-of-the-art medical technology.
We pursue excellence in everything we do.
We encourage continuous learning and strive to develop our people to their highest potential.
FAIRNESS AND INTEGRITY
We strive for fairness and adhere to the highest ethical standards.
We support each other and work together to achieve our business objectives successfully.
We strive to maintain the highest levels of safety, security, health and environmental standards.
We are responsive to the expectations of the government and our customers.
We are proud of our company and are committed to preserving its assets and resources.
We place authority where responsibility lies.
We are accountable for our actions.
We support our communities and serve as a role model for others.SAUDI ARAMCO – OUR VALUES
Markets to be pursued
Future product/market/customer/technology focus
Kind of company management is trying to create
The mission statement of a firm focuses on its present business purpose - “who we are and what we do”
Current product and service offerings
Customer needs being served
Technologicaland businesscapabilitiesStrategic Vision vs. Mission
A well-conceived mission statement distinguishes a company’s business makeup from that of other profit-seeking enterprises in language specific enough to give the company its own identify!
A company’s mission is not to make a profit! Its true mission is its answer to “What will we do to make a profit?”Making is profit is an objective or intended outcome!
Courtyard by Marriott
QUAKER OATS COMPANY