David ch01

Welcome To Strategic Management
Abdul Sattar sattarudin@hotmail.com

A. Sattar (sattarudin@hotmail.com)
Ch 1 - 1
Strategic Management Defined
Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives
Ch 1 - 2
Strategic Management achieves a firms success through integration
Management Finance/Accounting Research & Development
Marketing Production/Operations MIS
Ch 1 - 3
Strategy Formulation
Vision & Mission External Opportunities & Threats Internal Strengths & Weaknesses Long-Term Objectives Alternative Strategies
Strategy Selection
Ch 1 - 4
Strategy Implementation
Annual Objectives Policies Employee Motivation Resource Allocation
Ch 1 - 5
Strategy Evaluation
Internal Review External Review Performance Metrics Corrective Actions
Ch 1 - 6
Prime Task of Strategic Management
Peter Drucker: -- Think through the overall mission of a business. Ask the key question: What is our Business?
Ch 1 - 7
Integrating Intuition & Analysis

Analytical Thinking
Intuitive Thinking
Ch 1 - 8
Strategic Management is Gaining and Maintaining Competitive Advantage
Anything that a firm does especially well compared to rival firms
Ch 1 - 9
Adapting to Change
Rate & magnitude of change increasing dramatically

E-commerce Demographics Technology
Ch 1 - 10
Adapting to Change
Effective Adaptation
Requires long-term focus
Ch 1 - 11
Adapting to Change Key Strategic Management Questions

What kind of business should we become? Are we in the right fields Are there new competitors? What strategies should we pursue? How are our customers changing?
Ch 1 - 12
Key Terms
Strategists Firms success/failure
Various Job Titles:
Chief Executive Officer (CEO) Chief Strategy Officer (CSO) President Owner Board Chair Executive Director
Ch 1 - 13
Key Terms
Vision Statement What do we want to become?

Mission Statement What is our business?
Ch 1 - 14
Key Terms
Opportunities and Threats (External)
Largely beyond the control of a single organization
Ch 1 - 15
Key Terms
Opportunities & Threats (External)

Analysis of Trends:
Economic Social Cultural Demographic/Environmental Political, Legal, Governmental Technological Competitors
Ch 1 - 16
Key Terms Opportunities & Threats

Environmental Scanning (Industry Analysis)
Process of conducting research and gathering and assimilating external information
Ch 1 - 17
Key Terms Opportunities & Threats
Basic Tenet of Strategic Management

Take advantage of External Opportunities Strategy Formulation
Avoid/minimize impact of External Threats
Ch 1 - 18
Key Terms
Strengths & Weaknesses (Internal)

Controllable activities performed especially well or poorly
Ch 1 - 19
Key Terms
Strengths & Weaknesses (Internal)

Typically located in functional areas of the firm Management Marketing Finance/Accounting Production/Operations Research & Development
Computer Information Systems
Ch 1 - 20
Key Terms Strengths & Weaknesses
Assessing the Internal Environment

Financial Ratios
Performance Metrics
Internal Factors
Industry Averages
Survey Data
Ch 1 - 21
Key Terms
Long-term Objectives
Mission-driven pursuit of specified results more than one year out
Ch 1 - 22
Key Terms
Long-term Objectives
Essential for ensuring the firms success Provide direction Aid in evaluation Create synergy Focus coordination Basis for planning, motivating, and controlling
Ch 1 - 23
Key Terms
Strategies
Means by which long-term objectives are achieved
Ch 1 - 24
Key Terms
Strategies
Some Examples Geographic expansion Diversification
Acquisition
Market penetration Retrenchment Liquidation Joint venture
Ch 1 - 25
Key Terms
Annual Objectives
Short-term milestones that firms must achieve to attain long-term objectives
Ch 1 - 26
Key Terms
Policies
Means by which annual objectives will be achieved
Ch 1 - 27
Comprehensive Strategic Management Model

External Audit
Chapter 3
Vision & Mission
Long-Term Objectives
Generate, Evaluate, Select Strategies
Implement Strategies: Mgmt Issues
Implement Strategies: Marketing, Fin/Acct, R&D, CIS
Measure & Evaluate Performance
Chapter 2
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Internal Audit
Chapter 4
Ch 1 - 28
Benefits of Strategic Management

Financial Benefits
Improvement in sales Improvement in profitability Productivity improvement
Ch 1 - 29
Benefits of Strategic Management

Non-Financial Benefits
Improved understanding of competitors strategies
Enhanced awareness of threats

Reduced resistance to change Enhanced problem-prevention capabilities
Ch 1 - 30
Advantages of International Operations

Absorb excess capacity Reduce unit costs
Spread risk over wider markets

Low-cost production facilities
Ch 1 - 31
Disadvantages of International Operations
Difficult communications Underestimate foreign competition Cultural barriers to effective management Complications arising from currency differences
Ch 1 - 32

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David ch01

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Welcome To Strategic Management

Abdul Sattar sattarudin@hotmail.com

Strategic Management Defined

Strategic Management achieves a firms success through integration

Management Finance/Accounting Research & Development

Marketing Production/Operations MIS

Annual Objectives Policies Employee Motivation Resource Allocation

Internal Review External Review Performance Metrics Corrective Actions

Prime Task of Strategic Management

Integrating Intuition & Analysis

Strategic Management is Gaining and Maintaining Competitive Advantage

Anything that a firm does especially well compared to rival firms

Rate & magnitude of change increasing dramatically

Requires long-term focus

Adapting to Change Key Strategic Management Questions

Vision Statement What do we want to become?

Opportunities and Threats (External)

Largely beyond the control of a single organization

Opportunities & Threats (External)

Key Terms Opportunities & Threats

Process of conducting research and gathering and assimilating external information

Key Terms Opportunities & Threats

Basic Tenet of Strategic Management

Avoid/minimize impact of External Threats

Strengths & Weaknesses (Internal)

Strengths & Weaknesses (Internal)

Computer Information Systems

Key Terms Strengths & Weaknesses

Assessing the Internal Environment

Mission-driven pursuit of specified results more than one year out

Comprehensive Strategic Management Model

Vision & Mission

Generate, Evaluate, Select Strategies

Implement Strategies: Mgmt Issues

Implement Strategies: Marketing, Fin/Acct, R&D, CIS

Measure & Evaluate Performance

Benefits of Strategic Management

Benefits of Strategic Management

Enhanced awareness of threats

Advantages of International Operations

Spread risk over wider markets

Disadvantages of International Operations

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