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threats
Vision statement Mission statements
-refer to economic, social, cultural,
Strategists
Competitive advantage -enduring statements of purpose demographic, environmental, political,
-answers the question What
-the individuals who are that distinguish one business from legal, governmental, technological, and
-anything that a firm do we want to become?
most responsible for the other similar firms competitive trends and events that
does especially well could significantly benefit or harm an
success or failure of an -often considered the first
compared to rival firms -identifies the scope of a firms organization in the future
organization step in strategic planning
operations in product and market
terms
addresses the
basic Internal strengths and internal
question that weaknesses
faces all
strategists: -an organizations controllable activities
What is our that are performed especially well or
business? poorly
Objectives
-determined relative to competitors
-specific results that an organization seeks 2. Key Terms in Strategic Management
to achieve in pursuing its basic mission
-should be measurable, quantitative, -may include geographic expansion, -Unemployment and underemployment rates remain high.
challenging, realistic, consistent, and prioritized diversification, acquisition, product
development, market penetration, -Interest rates are rising.
-should be established at the corporate,
retrenchment, divestiture, liquidation, and
divisional, and functional levels in a large -Product life cycles are becoming shorter.
joint ventures
organization
-State and local governments are financially weak.
1. WHAT IS STRATEGIC MANAGEMENT
Stages of Strategic Management
-A strategic plan is a companys game plan. -Whether to merge or form a joint venture,
-A strategic plan results from tough managerial choices -How to avoid a hostile takeover.
among numerous good alternatives, and it signals
commitment to specific markets, policies, procedures, and
operations.
Strategy evaluation
Integrating Intuition and Analysis Stages of Strategic Management
-reviewing external and internal factors that are the bases
-Most organizations can benefit from strategic management, for current strategies, measuring performance, and taking
which is based upon integrating intuition and analysis in decision correctiStrategy formulation, implementation, and
making evaluation activities occur at three hierarchical levels in a
large organization: corporate, divisional or strategic
-Intuition is particularly useful for making decisions in situations Strategy implementation
business unit, and functional
of great uncertainty or little precedent
-requires a firm to establish annual objectives, devise -Strategic management helps a firm function as a
policies, motivate employees, and allocate resources so that competitive team
Adapting to Change formulated strategies can be executed
-The second-largest bookstore chain in the United States, Borders -often called the action stage
Group, declared bankruptcy in 2011 as the firm had not adapted well
to changes in book retailing from traditional bookstore shopping to
customers buying online, preferring digital books to hard copies