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Learning Objectives
After completing this Chapter you should have the strategic management knowledge needed to:
Define strategic leadership and describe top-level managers importance as a resource. Define top management teams and explain their effects on firm performance. Describe the internal and external managerial labor markets and their effects on developing and implementing strategies. Discuss the value of strategic leadership in determining the firms strategic direction.
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Explain what strategic leaders can do to establish and emphasize ethical practices.
Discuss the importance and use of organizational controls.
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Figure 1.1
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and
Influences
Successful Strategic Actions
Strategic Mission
Formulation of Strategies
Implementation of Strategies
Yields
Strategic Competitiveness Above-average Returns
Yields
Adapted from Figure 12.1
Strategic Leadership
Requires the managerial ability to:
Anticipate and envision Maintain flexibility Empower others to create strategic change as necessary
External Environment
Industry structure Rate of market growth Number and type of competitors Nature and degree of political/legal constraints Degree to which products can be differentiated
Managerial Discretion
SOURCE: Adapted from S. Finkelstein & D. C. Hambrick, 1996, Strategic Leadership: Top Executives and Their Effects on Organizations, St. Paul, MN:West Publishing Company.
SOURCE: Adapted from S. Finkelstein & D. C. Hambrick, 1996, Strategic Leadership: Top Executives and Their Effects on Organizations, St. Paul, MN:West Publishing Company.
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SOURCE: Adapted from S. Finkelstein & D. C. Hambrick, 1996, Strategic Leadership: Top Executives and Their Effects on Organizations, St. Paul, MN:West Publishing Company.
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The most effective forms of governance share power and influence among the CEO and board of directors
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Figure 12.3
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Figure 12.4
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Key Strategic Leadership Actions: Developing Human Capital and Social Capital
Human capital
The knowledge and skills of the firms entire workforce are a capital resource that requires investment both in training and development and knowledge management.
Social capital
Relationships inside and outside the firm that help it accomplish tasks and create value for customers and shareholders.
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Entrepreneurial orientation
Personal characteristics that encourage or discourage entrepreneurial opportunities
Autonomy Innovativeness Proactiveness Risk taking
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Effectiveness of processes used to implement the firms strategies increases when based on ethical practices.
Ethical practices create social capital and goodwill for the firm.
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Balanced Scorecard
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Financial
Customer
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Improvements in innovation ability Number of new products compared to competitors Increases in employees skills
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Lean Manufacturing
Lean production is aimed at the elimination of waste in every area of
production including customer relations, product design, supplier networks and factory management. Its goal is to incorporate less human effort, less inventory, less time to develop products, and less space to become highly responsive to customer demand while producing top quality products in the most efficient and economical manner possible. Principles of a Lean
Enterprise:
Zero waiting time Zero Inventory Scheduling -- internal customer pull instead of push system Batch to Flow -- cut batch sizes Line Balancing Cut actual process times.
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