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Strategy: The unifying theme that gives coherence and direction to the decisions of an organization Strategic Management: Consisting of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages.
Strategic Management basically seeks to answer the question:
Slow Growth
Cash Cow
Bark!!
Dog
Forms of Strategy
Mintzbergs Critique of Formal Strategic Planning: The fallacy of prediction the future is unknown The fallacy of detachment -- impossible to divorce formulation from implementation The fallacy of formalization --inhibits flexibility, spontaneity, intuition and learning.
Unrealized Strategy
Realized Strategy
Emergent Strategy
**Normally emergent strategy comes from learning and dissemination within the organization.
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Cost Leadership
Strategy 3A
Differentiation
Strategy 3B
Narrow Target
Cost Focus
Differentiation Focus
RBV Model
Resources Capability Sustainable CA
Assets/Skills Assessment
Implementation
Strategy Formulation
Implementation
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Lagging
CUSTOMER
Objectives Measures
Hard
Leading
Soft
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Thinking Strategically:
The Three Big Strategic Analysis Questions 1. Where are we now? What is our situation? 2. Where do we want to go?
Business(es) we want to be in and market positions we want to stake out
Competitor/Stakeholder
Internal Organization
Strategy Formulation (4) -Formulate and Consider Alternatives -Make Strategy Choice
Context of Strategy
(type of organization, culture, values, life cycle competitive position) 12
Business Strategy
Functional Strategy