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Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives
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Strategic Management
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Strategy Formulation
Vision & Mission External Opportunities & Threats Internal Strengths & Weaknesses Long-Term Objectives Alternative Strategies
Strategy Selection
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Strategy Implementation
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Developing a strategy-supportive culture Creating an effective organizational structure Redirecting marketing efforts Preparing budgets Developing and utilizing information systems Linking employee compensation to organizational performance
Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall
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Strategy Evaluation
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Peter Drucker: Think through the overall mission of a business. Ask the key question: What is our Business?
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The strategic management process attempts to organize quantitative and qualitative information under conditions of uncertainty
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Adapting to Change
Organizations should continually monitor internal and external events and trends so that timely changes can be made as needed
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Competitive advantage Strategists Vision and mission statements External opportunities and threats Internal strengths and weaknesses Long-term objectives Strategies Annual objectives Policies
Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 1 -17
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2. Effectively formulating, implementing, and evaluating strategies that capitalize on those factors
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Strategists
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Controllable
Determined
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Typically located in functional areas of the firm Management Marketing Finance/Accounting Production/Operations Research & Development Management Information Systems
Performance Measures
Internal Factors
Industry Averages
Survey Data
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Long-Term Objectives
Specific results that an organization seeks to achieve in pursuing its basic mission Long-term means more than one year
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Long-Term Objectives
Essential for ensuring the firms success Provide direction Aid in evaluation Create synergy Reveal priorities Focus coordination Provide basis for planning, organizing, motivating, and controlling
Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 1 -28
Strategies
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Strategies
Examples Geographic expansion Diversification Acquisition Product development Market penetration Retrenchment Divestiture Liquidation Joint venture
Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 1 -30
Sample Strategies
Table 1-1
Annual Objectives
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Policies
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Strategic
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Strategic Management
Communication
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Nonfinancial Benefits
Enhanced awareness of threats Improved understanding of competitors strategies Increased employee productivity Reduced resistance to change Clearer understanding of performance-reward relationship Enhanced problem-prevention capabilities
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Lack of knowledge of strategic planning Poor reward structures Fire fighting Waste of time Too expensive Laziness Content with success
Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 1 -39
Fear of failure Overconfidence Prior bad experience Self-interest Fear of the unknown Honest difference of opinion Suspicion
Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 1 -40
Strategic planning is an involved, intricate, and complex process that takes an organization into uncharted territory
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A people process more than a paper process A learning process Words supported by numbers Simple and nonroutine Varying assignments, team membership, meeting formats, and planning calendars Challenging assumptions underlying corporate strategy
Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 1 -42
Welcomes bad news Requires open-mindedness and a spirit of inquiry Is not a bureaucratic mechanism Is not ritualistic or stilted Is not too formal, predictable, or rigid Does not contain jargon or arcane language
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Is not a formal system for control Does not disregard qualitative information Is not controlled by technicians Does not pursue too many strategies at once Continually strengthens the good ethics is good business policy
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Both business and military organizations must adapt to change and constantly improve Business strategy assumes competition Military strategy assumes conflict
Difference
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