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Without a strategy the organization is like a ship without a rudder, going around in circles.
Quote
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The traditional thinking in China We may know that there are five essentials for victory:
He will win who knows when to fight and when not to fight. He will win who knows how to handle both superior and interior forces He will win who knows whose army is animated by the same spirit throughout all its ranks. He will win who, prepared himself, waits to take the enemy unprepared. He will win who has military capability and is not interfered with by the sovereign.
----Sun Wu (The art of war)
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Cheshire Puss, she [Alice] began... would you please tell me which way I ought to go from here? That depends on where you want to get to, said the cat. Lewis Carroll How can you lead if you dont know where you are going? George Newman The Conference Board My job is to make sure the company has a strategy and that everybody follows it. Kenneth H. Olsen Former CEO, Digital Equipment Corporation A strategy is a commitment to undertake one set of actions rather than another. Sharon M. Oster Professor, Yale University
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Class participation
Presence in classes Listening to the comments of others
10
Final examination
Clear, concise and convincing writing style Right understanding of concepts
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Suggested Readings
Books
M. A. Hitt, R. D. Ireland, and R. E. Hoskisson. Strategic Management: Competitiveness and Globalization, Concepts and Cases (8th Edition). South-Western College Pub. 2008 A. A. Thompson and A. J. Strickland. Strategic Management: Concepts and Cases (12th Edition). The McGraw-Hill Companies, Inc. 2008 D. Besanko, D. Remove, M. Shanley, and S. Schaefer. Economics of Strategy (5th Edition). John Wiley & Sons, Inc. 2009 H. Mintzberg. Strategy Safari: The Complete Guide Through the Wilds of Strategic Management (2nd Revised Edition). FT Press. 2008
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Suggested Readings
M. E. Porter. Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press. 1998 M. E. Porter. Competitive Advantage: Creating and Sustaining Superior Performance. Free Press. 1998 M. E. Porter. The Competitive Advantage of Nations. Free Press. 1998 R. Burgelman, C. Christensen, and S. Wheelwright. Strategic Management of Technology and Innovation (5th Edition). McGrawHill/Irwin. 2008 G. Hamel, C. K. Prahalad, H. Thomas, and D. ONeal. Strategic Flexibility: Managing in a Turbulent Environment. Wiley. 1999 A. Campbell and K. S. Luchs. Strategic Synergy (2nd Edition). Intl Thomson Business Press. 1998
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Suggested Readings
Journals
Harvard Business Review Strategic Management Journal Sloan Management Review California Management Review Management Science Journal of Management Academy of Management Journal RAND Journal of Economics McKinsey Quarterly
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Session 1
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Outline
What is Strategic Management? The Strategic-Management Model Stages of Strategic Management Key Terms in Strategic Management Benefits of Strategic Management Guidelines for Effective Strategic Management
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1960s 1970s
Strategic planning very popular
Widely viewed as panacea for problems
1980s
Strategic planning cast aside
Planning models did not yield higher returns
1990s2000
Revival of strategic planning
Widely practiced in business world
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Art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.. As this definition implies, SM focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and computer information systems to:
achieve organizational success.
A Local Case
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The framework is a widely accepted, comprehensive model of the strategic-management process. The strategic-management process is dynamic and continuous. The strategic-management process is not as cleanly divided and neatly performed in practice as the strategic-management model suggests. Involvement and commitment from mangers and employees is essential to successful strategicmanagement.
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Strategy Formulation
Strategy Implementation
Strategy Evaluation
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Strategy Formulation
Strategy Implementation
Strategy Evaluation
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Strategy implementation
Strategy implementation requires a firm establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed. Implementing strategy means mobilizing employees and managers to put formulated strategies into action. Successful strategy implementation hinges upon managers ability to motivate employees, which is more an art than a science.
Strategy Formulation Strategy Implementation Strategy Evaluation
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Strategy evaluation
Strategy evaluation is the final stage in strategic management. Three fundamental strategy-evaluation activities
reviewing external and internal factors that are the bases for current strategies measuring performance taking corrective actions
Strategy Formulation
Strategy Implementation
Strategy Evaluation
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Adapting to Change
The only constant is change
In todays business environment, more than in any preceding era, the only constant is change.
E-commerce Globalization Economic recession Merger mania
Manage change
Successful organizations effectively manage change. The strategists should continually monitor internal and external events and trends so that timely changes can be made as needed.
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The emphasis of strategic management The emphasis of strategic management should be put on the four basic, educational themes.
First, the tasks of general management in leading the overall enterprise, in contrast to the tasks of a specialist manager Second, the strategic management as a key function and responsibility of the line general manager, not as a staff planning activity. Third, the general managers ability to manage the process by which an organization both formulates and implements its strategy. Finally, the responsibility of a general manager to multiple constituencies with conflicting needs and goals, and the management of that organization so as to achieve both economic and social-ethical goals.
2. Setting objectives.
Objectives are yardsticks for tracking an organizations performance and progress. Companies need both financial objectives and strategic objectives.
4. Implementing and executing the chosen strategy efficiently and effectively. 5. Evaluating performance, reviewing new developments, and initiating corrective adjustments in long-term direction. A companys mission, objectives, strategy, and approach to implementation are never final; evaluating performance, reviewing changes in the surrounding environment, and making adjustments are normal and necessary parts of the strategic management process.
Who Performs The Five Tasks Of Strategic Management: Strategic Decision Makers
Adaptive Mode.
Sometimes referred to as muddling through, this strategy-formulation mode is characterized by reactive solutions to existing problems, rather than a proactive search for new opportunities.
Planning Mode.
Analysts assume major responsibilities for strategy-formulation. Strategic planning includes both the proactive search for new opportunities and the reactive solution of existing problems. Systematic comprehensive analysis is used for the development of strategies.
Corporate Board Directors Continuum: The degree of involvement in strategic management (from low passive to high active) is as follows:
Phantom:
Never knows what to do, if anything; no degree of involvement.
Rubber Stamp:
Permits officers to make all decisions. It votes as the officers recommend on action issues. Minimal Review: Formally reviews selected issues that officers bring to its attention.
Nominal Participation:
Involved to a limited degree in the performance or review of selected key decisions, indicators, or programs of management.
Active Participation:
Approves, questions, and makes final decisions on mission, strategy, policies, and objectives. Has active board committees. Performs fiscal and management audits.
Catalyst:
Takes the leading role in establishing and modifying the mission, objectives, strategy, and policies. It has a very active strategy committee.
Competitive advantage Strategists External opportunities and threats Long-term objectives Annual objectives
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Sustained competitive advantage Vision and mission Internal strengths and weaknesses Strategies Polices
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Jak Welch
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Bill Gates
LIU Chuanzhi
REN Zhengfei
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weaknesses.
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Long-Term Objectives
Objectives can be defined as specific results that an organization seeks to achieve in pursuing its basic mission. Long-term means more than one year.
Strategies
Strategies are the means by which long-term objectives will be achieved.
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Annual Objectives
Annual objectives are short-term milestones that organizations must achieve to reach long-term objectives.
Policies
Policies are the means by which annual objectives will be achieved.
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Financial benefits
Organizations using strategic-management concepts are generally more profitable and successful.
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Thanks