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Management
Lecture - 1
Learning Objectives
2
Strategic Management:
Its Nature
Globalization: Survival for
businesses
Management
Finance
Productions/Operations
Information Systems
Strategic management
Used more often in academic circles
Strategic planning
Used more often in the business world
6
Terminology
Strategic management
Refers to:
Strategy formulation
Strategy implementation
Strategy evaluation
Strategic planning
Refers to:
Strategy formulation
7
Brief History
1950s
Term strategic planning originates
1960s 1970s
Strategic planning very popular
Widely viewed as panacea for problems
8
Brief History
1980s
Strategic planning cast aside
Planning models did not yield higher
returns
1990s2000
Revival of strategic planning
Widely practiced in business world
9
Strategic Management:
Its three phases
1. Strategy Formulation
2. Strategy Implementation
3. Strategy Evaluation
10
Strategy Formulation
11
Strategy Formulation
Generating Possible
Strategies
Selecting a strategy
12
Strategy Formulation
Considerations:
Allocation of resources
Businesses to enter/retain
Businesses to divest/liquidate
13
Strategy Formulation
Considerations:
Joint ventures/mergers
Whether to expand/diversify
Opening foreign markets
Avoiding takeovers
14
Strategy Implementation
Policies
Annual Objectives
Resource Allocation
Employee Motivation
15
Strategy Implementation
This is the action phase:
Requires consensus to pursue the
goals
Includes developing a supportive
culture
Interpersonal & managerial skills are
critical
Requires high overall motivation
16
Strategy Implementation
Toughest of all phases, it needs:
- Personal discipline
- Commitment
- Sacrifice
Challenge: Inspiring everyone to work
with pride and enthusiasm
Creating effective organizational
structure
17
Strategy Evaluation
Fundamental Activities:
Internal assessment
External assessment
Measuring performance
Remedial measurers/Fine tuning
18
Strategy Evaluation
20
Intuition & Analysis
Strategic management tries to bring
together qualitative and qualitative
information
22
Intuition & Analysis
23
Intuition & Analysis
24