Strategic Management

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-procedures rules governing an activity e.g. driving (rules, signaling) -system procedures not equal to process -streamlining (setting a set of procedures) (manmade) -change of process reengineering (e.g. conveyer belt, delivery of pen) -normally the way you change a process is by technology -dont confuse steam lining with reengineering streamlining administrative task reengineering --_ operational task Empirical data Theories Concept Conceptual Framework Analysis Conclusion Decisions Conclusion based on analysis (studies) logical Logic -science of correct reasoning (laws) laws (e.g. universal to particular) Analysis must also be logical How do you conduct a logical analysis? Different analysis using different frameworks E.g. human rights subject to different interpretations

Framework -terms of reference -not all frameworks are logical e.g. movies that make you cry How do you determine whether a framework is logical? -theres no single right framework right if composed of concepts (relationship among them) conceptual framework logical framework Concept Abstract idea or thought Conceptual framework is composed of several concepts (must be diagrammed) shows relationship FOCUS on FRAMEWORKS!!! HOW TO APPLY Concepts -comes from scientific laws experimentation -faith (belief on what you cannot see or understand=mysteries) beliefs management ethics e.g. CSR Theories comes from empirical data

Porters 5 forces concepts not originally formed by porter (from chandler) where did chandlers theories come from? Peter Drucker No framework Management philosopher *read column last Tuesday ORIGIN AND MILITARY ANTECEDENTS The concepts and theories of business strategy have their antecedents in military strategy. The term strategy derives form the Greek word strategia meaning generalship Strategy Formulating a strategy based on environment To formulate a strategy based on the future Management style -process of decision making in an organization *ideal management style -MBO (management by objectives) basis of making decisions is supposedly based on objectives Wrong management styles

1. Management by Extrapolation (MBE) What worked in the past will work in the future Assumes that the conditions will not change Regression analysis (prove correlation) Multi-variant analysis 2. Management by Solving Problems Deviation from a norm (needs standards) Job of management is to prevent deviations from the norm 3. Management by Hard work Based on effort when management should be based on results 4. Management by Gut Feel (experience) Limited 5. Management by Feng Shui 6. Management by Hope Everything will be ok 5 tasks of strategic management 1. Forming a strategic vision of where the organization is headed 2. Setting objectives 3. Crafting a strategy to achieve the desired outcomes 4. Implementing and executing the chosen strategy efficiently and effectively 5. Evaluating performance and initiating corrective adjustments in vision, long term direction, objectives, strategy or execution in light of actual experience, changing conditions, new ideas and new opportunities

*recycle tasks 1, 2, 3 or 4 as needed strategy is both proactive (intended and deliberate) and reactive (adaptive) Specific Measurable (numbers) Attainable Result of activities Time-bound Strategy-making Pyramid Business strategy (corporate objectives) Two-way influence Functional Strategies (R & D, manufacturing, marketing, finance, human resources, etc) action plans Two-way influence Operating Strategies (standards) (regions and districts, plants, departments within functional areas) 4 Ps 1. Product (not physical or service) benefits 2. Price 3. Place 4. Promotions 3 Requirements 1. Case presentation (group) 2. Final exams 3. Term paper (your company, family business, or non-profit organization) (due on 12th session) 3 things needed for presentation 1. Frameworks 2. Insights (why) 3. Poise (presentation) to convince (not a debate) (cannot be adversarial)

Strategic Management
AVON

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-value determines behavior concepts (define) (origin) -core values -core purpose -envisioned future Yin and Yang (Confucian Teaching/philosophy) -Unchanging and changing (the static and the dynamic) -balance of opposing forces Step 1 Envisioned future Step 2 Core Ideology Core purpose - to satisfy the product, service, needs of women Core Values: self fulfillment needs of women Envisioned future to be the company that best understands womens needs IS IT BALANCED? CORPORATE OBJECTIVES STRATEGY TO ACHIEVE OBJECTIVES Strategic drift (when you allow strategy or objective to drag down to a level) San Miguel Porters Wheel of Competitive Strategy What is the basis for corporate strategy? (TOWS not SWOT) 4 factor that sets the limits 1. Company strengths and weaknesses (value chain & financial ratio) 2. Industry Opportunities and Threats (macroenvironment) 3. Personal Values of the Key Implementers 4. Broader Societal Expectations

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AVON

VISION -for a company to last, there must be an envisioned future and core ideology and there must be a balance Envisioned Future BHAG o Clear and definite Core ideology -timeless and unchanging -common good Values that caters to the values of everyone Value desired end state How did he arrive at the conclusion? What is the framework? A good vision -a good vision builds on the interplay between two complementary yin and yang forces It defines what we stand for and why we exist that does not change (core ideology Core ideology

-consistent through time -glue that holds organization together -timeless guiding principle that require no external justification -they have intrinsic values and importance to those inside the organization BHAG Target Common enemy Role model Internal transformation

Assignment: 2 pages use vision framework

COLA WARS Objectivestrategy determine the limits of the companies in order to determine what can be successfully accomplished (four key factors) Threats and opportunities in the future Objectives of a Business firm -long term profitability costs (reduce)

prices (increase) investments (reduce) -what drives them to increase costs, decrease prices, and increase investments? Task Environment (force) is the threat high or low? o Threat of entry o Threat of Substitutes o Bargaining powers of buyers o Bargaining powers of suppliers o Intense competition How do you determine whether it is high or low? o to be able to determine the barrier to entry is high or low o barriers now and barriers in the future o changes in macro environment changes task environment o the macro environment is utilized to analyze the task environment the future o Task environment to analyze the macro environment current situation Macro environment Social -change in lifestyle, demographics, -increase bargaining leverage of buyers increases bargaining power of buyers ergo, increases the threat in the future

determine first the limits before making an intelligent plan what can be changed? Internal can be changed External cannot be changed unless you break the limits

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Term paper outline (due at 12th session)

Executive Summary Module one 1. Table of contents (page number) 2. Acknowledgments 3. Introduction (include reason for paper and choice of company) Module two External Environment Analysis 1. Definition of Industry (include overview) 2. Analysis present task environment 3. Analysis of potential Changes in the Macroenvironment 4. Threats and Opportunities Basis 1. Effect of potential changes of the macroenvironment of barriers/ determinants 2. Effect on forces

Session 5 Major difference vision (companies) vs mission (NGOs or governments) Same headings, but different frameworks Define Market Potential changes in the macro (no geographical limits)

Depend on the analysis of experts (research) Personal Values (values of key implementers) Functional objectives come from the corporate objectives Most difficult is determining the size of the market (correlation) numeric Value chain defines the company as a system of activities What kind of activities? -activities that create value Who determines? -buyers (willing to pay for the product result of performing activities) -result must have value -focus on activities that have value -value chain you must learn to cost activities (activity based cost) -strength is giving you the capability to perform the valued activities EBAY Financial ratios framework Cash + inventory + Accounts receivable /Accounts payable +short term loans Current assets Current liabilities Better aging (collection) with regard to accounts receivable and 0 inventory liquidity ratio result of a capability -expand to China

three ways to expand 1. Borrowing Leverage ratios (liabilities/assets) 2. Internal operations Liquidity ratios (assets/liabilities) 3. Capital contribution Profitability ratios (net profit/net sales) -include strengths that you will develop or the weakness you will overcome -what is your capability? -to do what? -WHY? WHY? WHY? WHY? WHY? Important to determine capability because you can determine strength for this strategy Basis (to do what)Capability strengthstrategy E.g. lee system capability to receive complaints instantly How do you know if this is what you want? Set standards (time, quality, costs) BENCHMARKING -BEST PRACTICES (resulting standards continuous innovation) does not remain constant support activities that facilitate or enhance the primary activities standards for support activities performance of the primary activities (facilitated or enhanced)

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Family business

Societal Expectations -CSR Personal values of key implementers Family business -business owned, controlled or managed by family In the western world, basic unit is the individual Business axis Start-up stage Characteristics -informal organizational structure, with owner-manager at center -one product Key challenges -Survival (market entry, business planning, financing) -Rational analysis versus the dream

Strategic management minimizing risks Entrepreneur thrives on risk Expansion Characteristics -Increasingly functional structure -Multiple products or business lines Key challenges -Evolving the owner-manager role and professionalizing the business -strategic planning -organization systems and policies -cash management Maturity Characteristics -Organizational structure supporting stability -stable (or declining) customer base, with modest growth -divisional structure run by senior management team -Well-established organizational routines

Key Challenges -Strategic refocus -Management and ownership commitment -reinvestment

Ownership Controlling owner Characteristics -Ownership control consolidated in one individual or couple -Other owners, if any, have only token holdings and do not exercise significant ownership authority Key challenges -Capitalization -Balancing Unitary control with input from key stakeholders -Choosing an ownership structure for the next generation Sibling partnership Characteristics -2 or more sibling with ownership control

-Effective control in the hands of one sibling generation Key challenges -Developing a process for shared control among owners -Defining the role of non-employed owners -Controlling the factional orientation of family branches Cousin Consortium Characteristics -Many cousin shareholders -Mixture of employed and non-employed owners Key challenges -Managing the complexity of the family and shareholder group -Defining the role of non-employed owners -Creating a family business capital market Family Young business Characteristics -Adult generation under forty

-Children, if any, under eighteen Key challenges -Crea Entering The business Characteristics -Senior generation between thirty-five and fifty-five -Junior generation in teens and twenties Key challenges -Managing the mid-life transition -Separation and individuation of the younger generation -Facilitating a good process for initial career decisions Working together Characteristics -Senior generation between fifty and sixty five -junior generation between twenty and forty five Key challenges -Fostering cross-generational cooperation and communication

-Encouraging productive conflict management -Managing the three-generation Working together family Passing the baton Characteristics -senior generation age sixty and above Key challenges -Senior generation, disengagement from the business -Generational transfer of family leadership Selkirk -strategy; they are not able to implement their strategy show why not being implemented Nike Economic vs political vs social rights

CSR Philanthropy Corporate governance (obeying the laws)

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Selkirk

Family constitution Family Council Saturday evening post Value chain backward vertical integration> Raw materials

Corporate citizenship CSM CSR Philanthropy

Differentiation -uniqueness in an industry with perceived value Caterpillar -Industry: earth moving e.g. wheel barrow, shovel

*basis of need

strategy -replacing components of the equipment in a maximum of 48 hours basis: Caterpillars manufacturing and distribution system makes them capable of quick response perceived value: minimizes down time maximizes up town elements of differentiation; also has tangible value Best cost strategy Elements of cost leadership

Generic strategy has two basic components: 2 types of market 1. broad 2. focused 2 types of competitive advantage 1. cost 2. differentiated

Cost leadership -same margin -other can cut cost; competitor cannot strategy generic but should be done specific differentiation -higher value in one company; can charge higher price; competitor cannot How can you make it more competitive? *next week understand the industry vs marketing segment strategic map of industry x and y mathematical model regression analysis correlation *assignment lamoiyan

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5 generic strategies 1. 2. 3. 4. 5. low cost provider broad differentiation best cost focused cost focused differentiation

cost advantage 1. Out-manage rivals 2. revamp the firms overall value chain a low cost strategy can defeat a differentiation strategy when buyers are satisfied with a basic product and dont think extra attributes are worth a higher price Make sure niche is profitable -if industry has many different niches and segments, Only one generic strategy House of Tata

Dimension strategic option

11 strategic dimensions for all companies -at least 11 corporate strategies -use as a framework for identifying a companys strategy (planned or actual) dimensions in terms of how to measure e.g. specialization: 1. geographic markets 2. width of the line 3. target customer segments strategic map only correct or incorrect (nothing to analyze) -in drawing a map, you choose two (longitude and latitude) Other dimensions -Product scope -Geographical scope -size -aggressiveness Price policy (Y) -price position all price positions, (SET) e.g., sub compact, compact, mid-size, sedan, large, all price positions) 7 price positions (how many they will compete in?)

Geographic Scope (X) -SET (the world) -7 continents (5 continents) -region -country strategies 7 price positions world intersections every intersection is a set of strategy 56 strategies = 56 intersections the weaker strategic group disappears brand identification lowest: price and other variables highest: brand identification Specialization -all products positioning in the industry (choose market where you compete) market sometimes composed of more than 1 strategic group -TATA want to change their positioning (changes in the Macro) -Do they have a choice? -if they stay with same position, they die -they do not have financial capabilities get capitalization from shareholders or borrow family business (strategy borrow) will only sell minority not majority

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Functional Areas

1. 2. 3. 4. 5. 6. 7.

Marketing Finance Operations HRM (Human Resource Management) Information Management Supply Management Merchandising

I. Marketing Objective: sales Four Ps 1.Product -not physical; determination of physical is a corporate strategy -refers to benefits 2. Price -not actual price; but strategy 3. Place -place of distribution 4. Promotion *5. People 4 Cs

1. Customer benefits 2. Cost to customer -total cost; if you want to reduce 3. Convenience -how convenient do you make it for the customer -no physical place 4. Communication -how do you communicate Marketing: activities that develop and determine value to customer E.g. beauty Selling is an activity; marketing is a functional area Drucker -final test in marketing: When you do not have or need to sell your product -aim: to make selling unnecessary -product refers to goods and services -what is the basis of your price Brand recognition Brand Recall Brand Awareness Unique selling proposition

Marketing plan -for target market (one or more segments) *learn to determine market segments -for every target market there is a plan Market segment -group of buyers with the same buying motivation e.g. toothpaste (oral health care) buying motivation (4 segments) o anti decay (50%) o fresh breath (20%) o Taste (10%) o Price (10%) -mother: buying decision -the one who uses product is not necessarily used by the one who bought it -best unit of measurement: monetary, correlation, volume II. Finance -different from accounting -role of functional area: optimize the value of the firm (financial terms) -*optimize just enough -ratio measurement: liquidity

leverage or solvency profitability activities

optimization must be linked to corporate strategies of the firm strategic plan (basis for functional plans) current status: strengths and weaknesses maybe a basis for strategy not objective III. Operations -processes that transform raw materials to the final product -most of the cost -lower costs -measure: productivity -not anymore efficiency -to lower the cost of performing an activity(process) -improve productivity lowering cost -at the same time you want to improve quality -easy to reduce the cost if willing to lower quality -easy to increase quality if willing to increase cost HOW? (reduce cost; improve quality) Framework -capacity (if too big, waste cost; if too small, lose sales)

-determine first capacity -linked to standards -dependent on inventory (ideal=0, just in time); have to be very good in forecasting -standards dependent on scheduling -all dependent on control -ideal control: using systems (statistical process control) quality control: removing defective products on the final process at the end of process: sigma 3.44 defect out of 1 million) control the process e.g. product: sound Activity: slapping -control process (sound consistent) control process in the beginning -can you do that on services? -even consistent e.g. supermarket queuing time (no one should wait for more than 1 minute) quality standard 10 check out counters incurring unnecessary cost -improved quality but increased cost

best way to measure customer satisfaction: market share IV. HRM (Human Resource Management) objective: measure performance of people HR Cycle Recruitment Performance of people Performance evaluation system Rewards or Development or Terminate V. Information Management - not I.T. -includes accounting -management information system -information: processed data -management: making decisions -processing data in making decisions -real time: at the time it is needed -real time, anticipate management decisions model Strategic information system What if (contingency) Exception reporting (By now should have 1 million sales)

Variance reporting (sales vs targets; sales vs same period last year) Day-to-day (core: accounting) Efficiency of data bank *what do you use to move to one level I. processing data T.- the way activities are performed (primitive, advanced) I.T. the way activities are performed in processing data

VI. Supply Chain Management Framework Objectives: 1. Cycle time 2. Cost 3. Inventory management 4. Other factors/determinants (quality) TOOL: Forecasting Economic Order Quantity (EOQ) -when you order what is the most economic size -1 day sale Reorder time when do you reorder?

*reduce inventory as much as possible -financially, the longer the turnover, the more expensive it gets Sourcing (looking for new suppliers) Traditional purchasing (value chain) Negotiating Financing ***VII. Merchandising -deciding what to buy in order to sell -category management -assortment plan -Determine SKU per segment govt what is your market what is your public -political or legislative strategy -functional areas the same; frameworks different

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Strategic map (no analysis) Choosing dimensions -going together degree of brand identification -you compete with price and other variables Push: rely on the channel Pull: They dont go together Price policy ( World Wide (3-4 continents, 1 continent, region, country) Choose any two that do not go together Strategic group set of strategies Tata Markets overlapping -weaker strategic group disappears -change in the macroenvironment (only of antique) -product scope number of product lines geographic scope (physical) vs geographic market Industry

determine needs and wants service is a product competes in the basis of price and other variables does not compete on the basis of brand identification competitors in the same strategic group products the result of strategies we already we are in the same market -how do you compete? Same strategies and same strengths in same strategic group To attain objectives you need strategies and competitive advantage Porters positioning framework Is position advantage a competitive advantage Exam 4hrs Aug. 28 Investments on people and equipment

Competitive advantage is the result of activities of value chain Source not the same as activities Activities that result in an car engine Fabricating Assembling What enables and enhances primary activity? Supporting activity -designing car engineer sources of advantage people who will give them the new capabilities that will give them more fuel efficient engines -need a retooled assembly line -competitive advantage is a positional advantage -value still dependent on your customer -no formula for competitive advantage market segment group of buyers with the same buying motivation -buying motivation completely dependent on buyer -no 100% market share; different buying motivation competitive advantage is dependent on buying motivation (whatever it will compel the buyer to purchase the product) focus on sources of advantage -source not just one positional advantage not necessarily competitive advantage (determinants: performance rewards) Investment sources of advantage realized erosion investment

Kodak competitive dynamics erode changes in marcoenvironment New technology effect on task environment increased threat of entry cameras in phone increase intensity of rivalry increase in diversity What is competitive advantage of Kodak that is eroding? -point of view of customer: more accessible -digital technology: you can do it from your house (you dont have to go into a print shop anymore) MySpace -customers point of view -with the present competitive advantage sources of these advantages how did they develop you do not change the activities you change they way the activities are performed use drivers they determine behavior of activities -way activity is performed (consistency) two drivers 1. fear 2. Cost advantage use cost drivers Differentiation advantage

7S framework
What is the 7S framework?

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For effective organizational change What is an effective organization? An organization that attains its goals or objectives Relationship between: 1. structure 2. strategy 3. systems 4. style 5. skills 6. staff 7. superordinate goals *8 minimum changes (from macroenvironment) Philips Starting point (strategy) -change in parent will change subsidiary -to keep the plant in the Philippines (strategic dimension: cost position) *extent to which it seeks the low cost position in manufacturing and distribution through investment (cost position) Philips Philippines must become the regional manufacturing center (lowest cost in the Region) cost must be lower than Indonesia or Thailand -operating costs value chain primary activity operations

All Ss are interconnected Change at the same time Why? Must be aligned *cannot be one at a time Structure -central problem -emphasis and coordination (how to make the whole thing work) strategy -look at structure and determine who will coordinate (set up task forces) -coordinates with strategy Systems -all the procedures, formal and informal, that make the organization go, day by day and year by year: capital budgeting systems, training systems, cost accounting procedures, budgeting systems. *training Skills -dominating attributes, or capabilities; what the company does best -research prowess, product managerial capability, financial controls, innovation and quality, project management. *Philips must MANAGE COSTS!!! *subsidiary is often the result of the strategy of the parent company

Staff -people as a pool of resources to be nurtured, developed, guarded, and allocated -the way they introduce young recruits into the mainstream of their organizations and to the way they manage their careers as the recruits develop into tomorrows managers Style -pattern of actions -symbolic behavior (to reinforce a message) *for term paper: trigger is strategy 7s diagnostic tool for determining company effectiveness Superordinate Goals Guiding concepts a set of values and aspirations, often underwritten, that goes beyond the conventional formal statement of corporate objectives -want to change behavior -values determine behavior JA AGRO Strategy Change in selecting seeds Buying equipment for new technology increase yield but reduce labor shared values Structure -buying seeds -selecting teams

Systems -3 procedures 1. selecting seeds 2. planting 3. replanting Staff -set standards (how to choose) Skills Style -spend more time in monitoring in the nursery -pattern of action (not what you say and what you do) -symbolic behavior: to explain why to farmers How do we implement this change? What are the steps? How 8 sit done simultaneously for all (step by step) Analyze the changes needed for new strategy Analyze each one separately Changing culture -definition: beliefs and expectations widely shared in the organization -how do you define culture in the organization? -what are the beliefs? Stories of heroes and villains

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Vision noynoy

8 sit CEO -To make sure that the company is capable of strategy execution -who will coordinate/ who will execute strategy -term paper (who will do it) 1. Spending considerable effort in screening and evaluating job applicants, selecting only those with suitable skill sets, energy initiative, judgment, aptitudes for learning, and personality traits that mesh well with the companys work environment 2. Putting employees through training programs that continue throughout their careers 3. Providing promising employees with challenging, interesting, and skillstretching assignments 4. Rotating people through jobs that not only have great content but also span functional and geographic boundaries. Providing people with opportunities to gain experience in a variety of international settings is increasingly considered an essential part of career development in multinational or global companies 5. Encouraging employees to challenge existing ways of doing things, to be creative and innovative in proposing better ways of operating, and to push their ideas for new products or businesses. Progressive companies work hard at creating an environment in which ideas and suggestions bubble up from below and employees are made to feel that their views and suggestions count 6. Making the work environment stimulating and engaging such that

8 sit based on 7s tailor made based from baseball -all 8 bases must be covered 7s and 8 sit are aligned

-to marshal sufficient money and people you have to give them resources no. 3 of 8 sit linked to SYSTEMS of 7s -new procedure top-down guidance 1. best practices not necessarily in industry (not just competitor) 2. continuous improvement (Quality Assurance Programs) You must propose a quality management program (applies to government and NGOs) (5s [mutual responsibility] or kaizen or 6 sigma) o If food processing company (HACP) o Good manufacturing practices 7s evaluate existing strategy defining industry needs and wants creating public value what is public value no. 8 style, leading change Leading change beliefs and expectations widely shared in an organization -stories (heroes and villains) culture

Assignment: I. Describe strategy through objectives to be the basis II. Competitive advantage cycle III. 7S

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last session

-5 tasks strategy is effective is when you have attained objectives -adjusting a plan -how do I evaluate the present strategy of the company? -evaluate along the way (corrective adjustment) -you need a evaluation and monitoring -traditional (financial statements: monthly) monitor or evaluate your company is doing well not enough -what is the current evaluation and monitoring method? Balance scorecard Misconception: can only be used by large companies (not true) Frameworks are common sense Nothing to do with objectives How do you attain objectives? o By strategies Adjustments in strategy Monitor the strategies, if not being performed they should be adjusted If I continue pursuing the strategy, would it attain the objectives? (most critical) If No, what do I have to adjust in order to obtain objectives? Ex. child Objective: for child to get honors Plan: tutor, buy books, no going out,

I want to know whether the plan is working? Is the plan going to lead for the child to get honors? Ask the school for regular report card (not objective) What kind of report card? Every aspect of her school life Attendance Conduct PTA consultation Balanced report card/score card Concept Initiate judgments You dont have to wait Balance scorecard(framework for 5th task) - financial measurement (traditional measurement of performance) -activity based costing -not adequate to measure performance of the company 2008-2009 financial melt down not consistent with todays business realities (value creating not in fixed asset of companies) rearview (measuring performance of the past) no predicted power repaired by functional areas o expenses (it doesnt tell you anything) sacrifices long term thinking (research development are sacrificed); (will weaken company in the long term)

not relevant to many levels of the organization

-difference between apparel and clothing -apparel =clothing + fashion -ZARA two key success factors supply chain (immediate change) no factories Resource Budgeting -1000 rims of paper -100 pads of yellow paper -100 pencils -(has relevance to day to day activities (part of their activities) -reduce 100 pencils to 95 pencils -biggest problem is with accounting people (takes away their power) -functional silos (this is the way to budget) Balance scorecard (vision and strategy) 1. Financial 2. Customer 3. Internal Business Process 4. Learning and Growth Objective

Measure Target Initiatives -align to objectives and strategy

Financial -total assets -total assets per employee -profile as a % of total assets -return on net assets -revenues/total assets -gross margin -net income -profit as a % of sales -profit per employee -revenue -revenue from new products -revenue per employee -return on equity -return on capital employed Customer

-customer satisfaction -customer loyalty -market share -customer complaints -complaints resolved on first contact -return rates -response time per customer request -direct price -Price relative to competition -total cost to customer -relationship -customer lost -customer retention -customer acquisition rates -percentage of revenue from new customers -number of customers -return on investment -annual sales per customer Perspectives Objectives (end of a period) You do not want to wait at the end of the period Along the way you will monitor What will you monitor? You are not going to monitor your objectives Implementing strategy on the 1st day Before start of exam (Saturday)

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