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LECT.
DR. HASSAN KHALIFA OSMAN
Management
Marketing
Finance/Accounting
Production/Operations
MIS
Key Terms
Vision: What do we want to become?
Mission: What is our business?
Strategies: Means by which long-term objectives are
achieved
Strengths & Weaknesses (Internal): Controllable activities
performed especially well or poorly
Annual Objectives: Short-term milestones that firms must
achieve to attain long-term objectives
Policies: Means by which annual objectives will be achieved
Strategic Management
Formulation of strategy
Involves analyzing and assessing existing strategies, organization, and
environment to develop new strategies and strategic plans capable of
delivering future competitive advantage.
Remote external environment, including the political, economic, social,
technological, legal and environmental landscape.
Industry environment, such as the competitive behavior of rival
organizations, the bargaining power of buyers/customers and suppliers,
threats from new entrants to the industry, and the ability of buyers to
substitute products.
Internal environment, regarding the strengths and weaknesses of the
organization's resources.
Formulation ends with a series of goals or objectives and measures for
the organization to pursue.
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Strategy Formulation
Vision & Mission
External Opportunities & Threats
Internal Strengths & Weaknesses
Long-Term Objectives
Alternative Strategies
Strategy Selection
Strategy implementation
Strategy implementation
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Manufacturing
efficiency?
Skilled workforce?
Good market share?
Strong financing?
Superior reputation
Management - Chapter 9
16
New competitors?
Shortage of resources?
Changing market tastes?
New regulations?
Substitute products?
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Technology.
Government.
Social structures and population demographics.
Global economy.
Natural environment.
Analysis of industry environment:
Resource suppliers.
Competitors.
Customers.
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Source: Developed from Michael E. Porter, Competitive Strategy (New York: Free Press, 1980).
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Multidomestic strategy.
Cooperative strategies: Strategic alliances in an area of mutual interest
E-business strategies
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Strategy Evaluation
Internal Review
External Review
Performance Metrics
Corrective Actions
Chapter 3
Vision
&
Mission
Chapter 2
Long-Term
Objectives
Generate,
Evaluate,
Select
Strategies
Implement
Strategies:
Mgmt Issues
Implement
Strategies:
Marketing,
Fin/Acct,
R&D, CIS
Measure &
Evaluate
Performance
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Internal
Audit
Chapter 4
Identification of Opportunities
Fear of failure
Fire-fighting
Overconfidence
Waste of time
Too expensive
Self-interest
Laziness
Suspicion