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Strategic Intent
Strategic management :- a strategy is a unified,
comprehensive & integrated plan that relates the
strategic advantages of the firm to the challenges
of the environment.
Strategic management is defined as a set of
decisions & actions resulting in formulation &
implementation of strategies designed to achieve
the objectives of an organization
Includes following areas
Determining a mission including statement of its purpose
Developing a company profile that reflects internal
conditions & capabilities
Assessments of company’s external environment
Identifying the desired options and analyzing them
Strategic choice of a particular set long term objectives &
grand strategies needed to achieve desired options.
Implementation of strategic choice.
Review or evaluation of the success of strategic process.
SM involves 3 types of
decisions
Definitional decisions;- defining business,
identifying customer groups, functions &
technologies.
Goalistic decisions: - defining corporate &
functional objectives & policies.
Optimal decisions:- strategies action programs &
tactics
Strategy of an organization Comprises of
Business vision
Mission
Objectives and goals
Business definition
vision
Vision articulates the position that the firm would
like to attain in the distinct future.
A vision is more dreamt of than it is articulated .
Tata steel says about its mission :- “ tata steel
enters the new millennium with the confidence of
learning, knowledge based happy organization.
By its nature vision could be vague as a dream that
one experienced last night & is not able to
perfectly recall it.
It acts as a powerful motivation to action.
definition
Vision is a description of something (an organization
corporate culture , business ,a technology an activity in
future)
Benefits of having a good vision:-
Are inspiring , exhilarating & motivating.
Represents discontinuity , a jump ahead
Helps in creation of common identity and shared sense of
purpose.
Should be competitive, original & unique.
Fosters risk taking & experimentation
Represent integrity , are truly genuine & can be used for the
benefit of the people.
Vision could be divided into
two
Core ideology:- it defines the enduring character of an
organization that remains unchangeable as it passes the
changing environment
It rests on the core values , mission & purposes.
Importance of objectives:-
Justify the organization
Provide direction
Basis for management by objectives
Helps in strategic planning & management
Helps coordination
Provides standards for assessment & control
Helps decentralization
Characteristics of ideal
objectives
Formulation should involve participation
They should be clear
Realistic
Flexibility
Consistency
Ranking (assigning priorities)
Verifiability
Balance
Understandable
Concrete & specific
Challenging
Should be in the constraints
What objectives are set
Profit
Employee welfare
Marketing
Growth
Quality products & services
Power
Social responsibility of business
classification of objectives
Economic & social:-
Survival
Return on investment
Growth
Market share
Welfare of society
Protect consumer rights
Interest of workers
Primary :-
Extension, development & improvement
Paying fair dividends to share holders.
Payment of fair wages
Reduction of prices
Secondary:-
Provide bonus for workers
Promote education
R&D in techniques
Long run & short run:-
Official & operative:-
Formulation of the
environment
Forces in the environment
Value system of top executives
Awareness of management.
Business definition
Dimensions of business:-
Customer functions:-what is being satisfied;
freshness, germs fight, protection
Customer groups:- who is being satisfied; oral
care, dental protection
Alternative strategies:- how the need is being
satisfied, paste powder, foam
Business policy
It involves all member of organization
Explicit or implicit
Decision making process
Formulated for frequent happenings
Pyramids of policies – policies procedures ,
standard operating plans all guide to act
but differ in the degree of guidance
Features of business policy
Credibility
Acceptability
Feasibility
Clear and consistent
Proper communication
Flexible
Relative to objectives
Policies should not be the result of
opportunistic decisions
Determinants of business
policy
Internal factors -
Mission
Objectives
Strength and weakness
Management value orientation
External factors -
Market structure
Nature of industry
Economic and government policies
Technological social and political situation
Importance of business policy
For learning the course –
Integrates knowledge
Deals with constraint and complexity of real life business
Broad perspective
Make study and practice of management more meaningful
For understanding business environment –
Formulation of policies
Makes management receptive
Reduces feeling of isolation
For understanding the organization
Presents a basic frame work for understanding decision making
Brings the knowledge in strategic decision making
Importance of job performance
For personal development –
Career choice
Offers unique perspective to employees
Purpose of business policy
Integrate the knowledge in various
functional areas of management
Generalist approach (problem solving)
Understand complex linkage with the
operating system
Formulation of business
policy
Goal specification and priorities
Identification of policy alternatives
Evaluation of policy alternatives
Check the acceptability
Choice of policy
Impact of external and internal
environment
Function of business policy
Policy establishes indirect control over
independent actions
Policy promotes uniform handling of similar
activities
Ensures quicker decision
Institutionalize basic aspect of organization
Reduces uncertainty
Counter act resistance
Mechanism of avoiding hasty and ill
decisions
Types of business policy
Production policy – purchasing policy ,
quality of RM used , choice of material ,
size of purchase
Production process – choice of technology ,
extent of automation , size of
decentralization , extent of division labor
Production capacity – sales forecast , policy
decision , equipment utilization
Marketing and replacement
Marketing policy –
Product mix
Product differentiation
Pricing policy
Distribution policy
Geographical location
Selection of customer
Size of customer
Channel design
Choice of middle man
Promotion policy
Financial polity – financial control
Lease of buy
Risk
User of assets
HR policy
R and D
Business environment
It consists of both external & internal environments
Aggregate of all conditions , events, influences that
surround & effect it.
Internal are controllable aspects
External uncontrollable
Success depends on the ability to design the internal
variable to take advantage of the opportunities & threats.
Internal appraisal
It provides the organization with its capabilities to
capitalize an opportunity for protecting itself from
threats present in the environment.
Determine distant competencies
What makes it unique
What are its capabilities in future, competent in
specific areas.
Frame work for development of
strategic advantage
Strategic advantage
Organization capability
Competencies
Synergistic effect
E.g.:
Copier machine provides better after sales service to its
existing customer to improve its company image
No change strategy:-
Continues with the same business definition
The environment is predictable & certain
No opportunities & threats in environment
No major strength & weakness
No new competitors
No obvious threat of substitute
Profit strategy
No firm can identically continue with no change.
Sometimes things do change & the firm has to face
situation where it has to do something.
When there occur temporary changes or problems the firm
tries to maintain the profits
The problems could be: economic recession, govt. attitude,
industry downturn, competitive pressure.
These problems are short run only
If problem continues has to adopt another strategy
Pause/proceed with caution
Firms which wish too test the ground before moving ahead with
full fledged strategy.
Or may have had a blistering phase of expansion & now wish to
rest for a while before moving ahead.
Purposes to let the strategic changes seep down the organization
levels, allow structural changes to take place, and let the
systems adopt new strategies.
While profit strategies are enforced choices aimed at sustaining
profitability
Pause/proceed are deliberate and conscious attempt to adjourn
major strategic changes to a more opportune time, or when the
firm is ready to move on with rapid strides again
Expansion strategy
Conditions:-
Expansion becomes imperative when envt. Demands increase
in the pace of activity.
Increasing size may lead to more control over the market
Advantages from experience curve & economies of scale
High risk
Redefinition of business
Fresh investments new business/ product/ market
Highly versatile strategy
Through concentration:-
Converging resources in one or more firm’ s
business
1st preferred strategy.
Involves investment of resources in product
line for an identified market.
Market ExistingMarket
market
new market
penetration development
Existing product
Product diversification
development
New product
Applies to situation where the firm finds expansion
worth while.
It’s the 1st preferred strategy
Entering into known business
Advantages:-
Involve minimal org. change so there is less
threatening
Managers comfortable with present business
enables the firm to master in business by the depth of
the knowledge.
Can develop competitive advantage.
Past experience is valuable.
Limitations:-
Putting all eggs in one basket has his
own problem
Heavily dependent on industry
If industry goes into recession firm finds
difficult to save itself
Its crowded with competitors its
attractiveness decreases.
Factors like product obsolescence,
merging of new technologies are threats
to firm.
Through integration
Works in present set of CF & CG but the AS
dimension of business undergoes a change
Integration is combining activities on the
basis of value chain
A set of interlinked activities performed by
firm right from procurement of basic raw
material to marketing of finished products.
Widening the scope of business.
Petrochemicals steel hydrocarbons industry.
Cost economics
Forward or backward integration
diversification
Diversification may involve all dimensions of
strategic alternatives
Internal – external, related – unrelated, horizontal
– vertical.
Involves a substantial change in business
definition.
Different types are :-
concentric diversification:-
Related to existing business definition either in
terms of CG, CF or AS ,is called concentric
diversification.
May be of three types:
Marketing related:-similar type of product is offered with help of unrelated
technology . sewing machines produces diversify into kitchenware & house
hold appliances, sold to housewives through a chain of retail stores.
Conglomerate:-
Unrelated to existing business definition.
ITC
Essar (shipping, marine construction, oil
support services)
Merger:-
Combination of 2 or more than 2 entities involved in which
one acquires the assets & liabilities of other in exchange of
cash or shares .
Or both the organizations are dissolved assets & liabilities
combined & new stock is issued.
Objectives of the firms are matched
Types of mergers
Horizontal :- same business
Vertical mergers:-complementary in terms
of input or output
Concentric:-related CF,CG, AS
Conglomerate;- unrelated.
Reasons for mergers
Increase value of firm’s stock
Increase growth rate & make a good investment
Improve stability of earning sales
To balance, complete & diversify product lines.
Reduce competition
Take advantages of synergy
Takeover/ acquisition
How t takes place:-
Spell objective
Indicate how they will be achieved
Assess managerial quality
Check compatibility of business style
Anticipate & solve problems early
Treat people with dignity & concern
reasons
Quick growth
Reducing competition
Increasing market share
Creating goodwill
Conditions for JV
One cant do alone
Risk is to be shared
Competitive advantage of both can be brought together.
Advantages:-
Foreign technology
Govt. Policy & support
New fields
Synergistic effect
Disadvantages:-
Coordination lacking
Foreign regulations
Cultural & behavioral differences
Strategic alliance
2 or more firms unite to pursue a set of agreed upon goals but
remain independent.
Win win strategy
Share strength
Lend power to enterprise
Pooling of resources
Risk is mutual
E.g. TVs Suzuki, Mahindra ford, bpl SANYO, Videocon Suzuki.
Types of strategic alliance
Pro active (low interaction/low conflict)
Inter industry, vertical value chain integration
Non competitive(high interaction/low conflict)
Intra industry , non competitive firms
Competitive: (high interaction/high conflict)
Rival firms to cooperation , inert/ intra industry
Pre competitive: (low interaction high conflict)
Unrelated industries, new product development.
reasons
Entering new markets
Reducing manufacturing costs
Developing & diffusing strategy
Diversification through
internationalization
Competitive advantage of nations
Factor conditions
Demand conditions
Related & supporting industries
Firm strategy, structure & rivalry
Beyond domestic market
Asses environment
Evaluate capabilities
Devise strategy.
Motives:-
Expansion
Market potential
Govt. policies
resources
Global strategy Transactional
strategy
Contractual:-
Licensing
Franchising
Other forms (tech.)
Investment
JV, strategic alliance
Independent ventures
Advantages:-
Sales profit
Expansion
Above average returns
Disadvantages:
Risk
Uncertainty of economic & political environment
Cultural diversity
Trade barriers
retrenchment
Reducing scope of activity
Demand saturation
Govt. policies adverse
Substitutes emerged
Changing needs & preferences
Poor managt
Wrong strategies
Poor quality
4 types of situation
Realistic non recoverable
Temporary recovery
Sustained survival
Sustained recovery
Turn around
Negative cash flow
Profits
Mismanagement
Declining market share
Uncompetitive products
High turnover
Approaches:-
Surgical
Non surgical
Divestment/cutback
Sale or liquidation of portion of business .
Liquidation strategies:-
Closing down a firm & selling its assets
Termination of employees
Loss of employer
Serious consequences.
combination
Mixture of all either applied simultaneously or
sequentially
management
Establishing strategic intent:-
Vision, mission, business definition & objectives
Formulation of strategies:-
Environment & organizational appraisal
Swot analysis
Corporate level strategies
Business level strategies
Strategic choice
Strategic plan
Strategy implementation:-
Project, procedural, resource allocation, structural, behavioral
functional & operational
Strategic evaluation
Strategic control
Business level strategies
Business strategies are those courses of action adopted by a
firm for each of its business separately to serve identified
CG, provide value to the customers by a satisfaction of their
need.
Competitive scope
Cost leadership Differentiation
Broad target
Risks:-
Does not sustain for long time as can be copied
Not a market friendly approach
Can limit experimentation
Technological shifts ,cheaper process & technologies may be
used by competitors
Differentiation business
strategy
Special features incorporated in product/service which is
demanded by customers who are willing to pay .
The strategy which is then adopted is called differentiation
strategy.
Special features & attributes
A premium price is charged, customers gain additional value &
command customer loyalty
Profit comes from difference in premium price
But may fail if customers are not longer interested in
differentiated products
E.g.:-
Orient fans offers premium ceiling fans based on product
innovation & superior technology.
Extra wide blades, heavy duty motor
Low voltage, high velocity & maximum coverage area.
Offer utility for customers & match their tastes & preferences
Incorporate features that can lower the cost
Which can raise the performance
Increase buyer satisfaction
Promise high quality
Enhance status & prestige
Full range of products is offered to satisfy
Conditions under which
differentiation is used
Market is too large to be catered by few firms offering
standardized products
Customer needs & preferences are too diversified to be
satisfied by standardized products
Is possible to change premium price
Brand loyalty is possible to generate & sustain
Ample scope for increasing sales on basis of
differentiated features
benefits
Lessoning competitive rivalry
Customer brand loyalty acts as a safe guard
Customers are generally less prices sensitive, can
absorb price increases
Powerful buyers do not negotiate price , special
features & attributes
New entrants are not normally in a condition to offer
similar differentiation
Substitute products pose a negligible threat
risks
Difficult to sustain, first mover advantage associated
Distinctiveness is gradually lessoned & ultimately lost
Failed if unnecessary features are added
Price premiums too have a limit
Focus business strategy
These strategies rely on either cost leadership or differentiation
but cater to an narrow segment of the local market.
Used for identifying customer groups on the basis of
demographic characteristics, geographic segmentation.
Performance desired
performance
o
performance gap
Present performance
How wide or narrow is the gap.
Where gap is narrow , stability strategy would
seem to be better
Gap is large due to expected environment
opportunities expansion is feasible
If due to past & expected bad performance,
retrenchment strategies may be suitable
Considering the selection
factors
Determine the criteria on which evaluation of
strategic alternative can be used.
2 groups:-
Objective:- based on analytical techniques & are
hard facts or data used to facilitate strategic choice
called ration/ normative/ prescriptive factors
Subjective:- based on personal judgments /
collective or descriptive factors.
Evaluation of strategic
alternatives
Bring together the results of analysis.
Stars Question
Growth stage marks/problem children
High Modest cash flow Large negative cash flow
Expansion strategy Retrenchment/expansion
Scooter for Bajaj, activa Holiday resorts, light
for Honda commercial vehicle
Fast food, telecom,
electronics
Cash cows dogs
Market growth
Mature stage Late maturity & decline
Rate Stability Retrenchment
Large cash flow Modest cash flow
Colgate, decorative paint Cotton, jute textile shipping
for Asian paints
Low
high relative market share
low
GE 9 cell matrix
Mckinsey & group
Vertical axis 8 different factors
Industry attractiveness
4. Market size
5. Growth rate
6. Industry profit margin
7. Competitive intensity
8. Seasonality
9. Cyclicality
10.Economies of scale
11.Tech, & social , legal & human aspects
Horizontal axis;-
2. Business strength
3. Relative market share
4. Profit margins
5. Ability to compete on price & quality
6. Knowledge of customer & market
7. Competitive S&W
8. Tech\ Capability & ability of the firm
Zone
Green:-
investment/expand
Red:-
Harvest/ divest
green
Industry attractiveness
High
yellow
Medium
red
Low
o strong avg weak
o business strength/competitive position
Advantages of GE9
Intermediate classification of medium & avg.
Large no. of variables
Disadvantages
Provides broad strategic prescription than specifying the
business strategy.
Limitation of BCG:-
Predicting profitability from growth rate of market share is
difficult.
Difficulty in determining market share
No consideration to experience curve
Disregard for human aspect
Hofer’s product/market evolution matrix
15 cell matrix
Considers the stages of development
And competitive position
Growth
Development
Shake out
Maturity
decline
Directional policy matrix
Company’s competitive abilities
Strong avg. weak
Business sector prospects
Unattractive avg attractive
Corporate parenting analysis
Fit between parenting opp. & parenting characteristics
x axis
Misfit between CSF & parenting characteristics. Y
axis
Focuses on fit of business with the corporate parent
Heartland business:-expansion strategy
Edge of heartland:- expansion strategy may suit by
investing
Ballast:- like cash cows
Alien territory;- retrenchment
Value trap:- retrenchment
SWOT analysis
Business level analysis
Experience curve analysis
Life cycle analysis
Industry analysis:-
Michael porter 5 forces model
Threat of new entrants:-
Higher entry barriers
Economies of scale
Capital requirements
Switching costs
Product differentiation
Access to distribution channel
Cost disadvantages
Govt policies
Rivalry among competitors:-
Competitive structure
Demand conditions
Exit barriers
Threat of substitutes:-
Level of price charged is reasonable
Strategic groups analysis
Clusters of competitors that share similar strategies &
therefore compete with one another directly.
Homogeneous & heterogeneous because of their
strategies
Icici aimed at becoming a universal bank through
attaining a large size
HDFC at optimum revenue generation.
Competitor analysis
It focuses on competitors directly
Deals with actions & reactions of individual firm
Components of competitor analysis;-
Future goals of competitor;- how our goall are
compaed with others ?what is the attitude towards
risk?
Current strategy of competitor:- does it suppoat
changes?
Key assumptions made by the competitor;-
Capabilities of competitor:-
Subjective factor in strategic
choice
Considerations for govt. policy
Perception of CFF & distinctive competencies
Commitment to past strategic plans
Strategic decisions style & attitude to risk
Internal political considerations
Timing & competitors consideration.
Management philosophy
Corporate ethics
Social responsibility
Contingency strategies
Strategic choice is made on certain conditions, assumptions
& premises. When conditions change strategy becomes
partly irrelevant , if changes are drastic, strategies have to be
modified continuously. strategies are formulated in advance
to deal with certain conditions.
Most changes occur in environment social, market ,
regulatory, international, where it occurs suddenly
Eg FMCG, power, telecom, IT Insurance
3 scenario model
Pessimistic
most likely
optimistic
Contingency planning
process
Identify the contingent event
Establishing the trigger points
Developing strategies & tactics
Strategic plan
A clear statement of strategic intent
Results of environmental appraisal, major opportunities and threats,
CSF
Results of organization appraisal, major strength & weakness & core
competencies.
Strategies chosen & the assumptions under which strategies would be
relevant . Contingent strategies to be used for different conditions.
Strategic budget for the purpose of resource allocation for
implementing strategies & schedule for implementation.
Proposed organizational structure & major organizations system
Functional strategies & mode of their implementation
Measure to be used to evalaute performance & assess the success of
strategy implementation
Strategy implementation
pyramid of strategy
implementation
Project implementation
strategies lead to plans, programs, projects.
Knowledge related to projects is covered under
project management
A project is a one shot goal limited, time limited ,
major undertaking , requiring the commitment of
various skills & resources.
Goals are derived from plans & programs
Phases of project
Conception phase
Definition phase
Planning & organizing phase
Implementation phase
Clean up phase
Procedural implementation
Formulation of a company
Licensing procedures
Securities & exchange board of india
Monopolies & restrictive trade practices MRTP
Foreign collaboration procedure
Foreign exchange management act FEMA
Import & export requirements
Patenting & trademarks requirement
Labor legislation requirement
Environment protection & pollution control
Consumer protection requirements
Incentives & facilities benefits
Resource allocation
deals with the procurement & commitment of financial ,
physical & HR to strategic tasks for the achievement of
org. objectives.
Both one time & continuous process
New project requires
What sources are tapped
What factors affect
What approaches adopted
How it takes place
What are the difficulties
Procurement of resources
Different types of resources are
Financial
Physical
Human
External sources
Capital market sources
Equity & loans
Money market sources
Bank credit,
Trade credit
Fixed deposits
Both have pros & cons but company prefers internal sources
1st task is to distribute the resources within the org. to
different SUB’s , divisions, departments.
Approaches to RA:-
Top- down approach:- a process of segregation down
to the operating level adopted (ceo , management) in
entrepreneul modes
Bottom approach:-
Allocated after aggregation from operating level
Mix of both
Means of RA
Used as planning budgeting coordination & control device
BCG based budgeting;- SBU identified as stars, cash cows.
Plc based:- stages of product or SBU may attract more
resources, diverted from high yielding products at maturity.
Capital budgeting:- in case of restructuring or modernization
Zero based budgeting:- justify RA demand , on zero grounds,
fresh cost calculation
Parta system:- indigenous for of control device, exercising
control to access daily net cash inflow from operations, tax &
dividends, daily budgeting & reporting system
Factors affecting RA
Objectives of org
Preference of dominant strategies
Internal policies
External influences
Difficulties
Scarcity of resources
Financial resources
Physical assets , land , machinery
Human resource
Restriction on generating resources for newer units
Over statement of needs
Structural implementation
What is structure?
Is the way in which the tasks & sub tasks required to implement
a strategy.
Structures for strategy:-
Entrepreneur structure:-
structure
Quick decision making
Timely response to environmental changes
Informal & simple org systems
Disadvantages:-
Excessive reliance on the manager – owner & proves
demanding
May divert the attention of owner to day to day activities.
Inadequate for future if business expands
Functional structure
Specialized skills &delegation of authority
Advantages:-
Efficient distribution of work through specialization
Delegation of day to day operational functions
Providing time for top management to focus on the
strategic decisions.
Disadvantages:-
Difficulty in coordination
Specialization at the cost of overall benefit of org.
Functional , line & staff conflicts
Divisional structure
Work divided on the basis of product lines, type of
customers served, or geographic area covered.
Advantages :-
Enables grouping of functions related to a division.
Generates quick response to environmental changes
affecting the different divisions.
Enables top management to focus on startegeis.
Disadvantages:-
Problem in resource allocation, corporate overhead
costs.
Inconsistency from the sharing of authority between
corporate & divisional levels
Policy inconsistency between the different divisions
SBU
Any part of business org which is treated
separately for strategic management purposes.
Advantages:-
Establishing coordination between divisions having
common strategic interests.
Facilitates strategic management & control of large,
diverse org.
Disadvantages:-
There are too many diff. SBU’s to handle effectively in a
large , diverse org.
Difficulty in assigning responsibility & defining
autonomy for SBU heads.
Addition of another level of management between
corporate & divisional management
Matrix structure
In large org. there is a need to work on projects
& products.
This results in requirement of matrix org.
Once a project is completed , the team
members revert to their parent departments.
Advantages;-
Individual talent to be assigned where talent is needed
Fosters creativity because of pooling of talents
Provides exposure to specialists
Disadvantages:-
Dual accountability creates confusion for individual
team members
Requires high level of vertical & horizontal
combination
Shared authority may create communication problems
Network structure
Spider web or virtual org.
Non hierarchical, highly decentralized & organized around
customer groups.
Advantages:-
High level of flexibility
Permits concentration of core competencies of the firm
Adaptability to cope with rapid changes
Disadvantages:-
Loss of control & lack of coordination
High costs as duplication of resources could be there
Other types of structures
Product based:-
Volume of sales is prevalent
Customer based:-
Sales volume of individual customer groups justifies the
separate divisions.
Geographic structure:-
Org. design & change
Steps:-
Identify key activities to be performed to accomplish the
goals & mission grouping of activities similar in nature.
Choice of structure that can accommodate group of
activities.
Creation of departments , divisions
Establishing interrelationship between departments.
Strategies formulated for
Span of management
Line & staff relationship
Use of committees & group decision making
Restructuring, reengineering, delayering, flatter structures
Org. systems
Information system
Control system
Appraisal system
Motivation system
Development system
Planning system
Behavioral implementation
Leadership implementation:- roles diff. strategists play
Theoretical under planning of leadership
Personality:- traits & qualities, & great personalities.
Influence:- relationship between individuals.
Behavior :- actions of leaders
Situation:- in which the leader operates.
Contingency:-
Transactional;-role differentiation & social interaction
between the leader & subordinates
Anti – leadership:- absence of real concept of leadership.
Culture of entire org
Strategists style & strategy:-
Risk taking
Technocracy:-of planning , qualified personnel &
techniques.
Organicity:- extent of org, structural flexibility
Participation:-
Coercion;-
Development of strategies
Choice of future strategists,
Their career planning & development
Succession planning
Corporate culture:-
Shared things
Shared sayings
Shared actions
Shared feeelings
Strategy culture relationship
4 approaches:- ignore culture
Adapt strategy implementation to suit corporate culture.
Change corporate culture to suit strategic requirements.
Too change strategy to fit corporate culture.