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300:
STRATEGIC MANAGEMENT
Series of Lecture Presentations
TOPIC 1 & 2
TOPIC ONE:
STRATEGIC MANAGEMENT IN CONTEXT
Quotations Ctd
Plans are less important than planning
(Dale McConkey)
Most of us fear change. Even when our minds
say change is normal, our stomachs quiver at
the prospect. But for strategists and
management today, there is no choice but to
change (Robert Waterman, Jr.)
If a man takes no thought about what is
distant, he will find sorrow (surprise) near at
hand. He who will not worry about what is far
off will soon find something worse than
worry (Confucius)
3
Strategic ManagementDefined
Strategic
Establishing
theCritical
company
mission,
Managerial
Tasks
and vision,
philosophy,
policies,Embedded
strategic in
objectives
Responsibilities
and strategies
Strategic Mgt.
Conducting an analysis that reflects the
companys internal conditions and
capabilities
Assessing the companys external
environment ; general and critical
environment
Key Attributes
of Strategic
Mgt.
directed
towards overall
organizational
objectives; what is the best for the entire
organization-not just a single functional area
Involves multiple stakeholders in decision
making; incorporates the diverse demands of
various stakeholders
Requires the need to incorporate both long
term and short term perspectives referred to
as creative tension.
Involves
the recognition of trade-offs
between effectiveness and efficiency
Is
There
considering
the
organizations
external environment; all organizations exist
in an open system. They affect and are
affected by external conditions that are
largely beyond their control
Business Level
Is
Characteristics of Decisions:
17
Functiona
l
20
Corporate Level
Business
Functional
23
SWOT /C
Analysis
Formulatio
n of
Mission
and Vision
Formulation of
Philosophy &
Policies
Det. Of
Strategic
Objectives
Det. Of Org.
Strategy
Implemen
tation of
Org.
Strategy
Control of
Org. Strategy
Control &Impl.
24
1.
2.
3.
4.
5.
25
26
27
31
TOPIC TWO
FORMULATING THE DIRECTION FOR THE
COMPANY
Company/Organization Mission Statement
Think of the Following Mission Statements:
University of Dar Es Salaam Mission
Statement:
The unrelenting pursuit of scholarly and strategic
research, education, training and public service
directed at attainment and sustainable socioeconomic development of Tanzania and the rest
of Africa
32
Company/Organization Mission
Statement Ctd
University of Dar Es Salaam Business
School Mission Statement
To provide quality entrepreneurship, business
management
and
governance
training,
research
and
advisory
services
for
development of Tanzania and the rest of the
world
33
What is a Company/Organizations
Mission Statement?
What is a Company/Organizations
Mission Statement? Ctd.
What is a Company/Organizations
Mission Statement? Ctd.
What is a Company/Organizations
Mission Statement? Ctd.
What is a Company/Organizations
Mission Statement? Ctd.
Represents
an
organizations
enduring,
overarching
strategic
priorities
and
competitive positioning
Mission statements can and should change
when competitive conditions dramatically
change or the company is faced with new
threats or opportunities
Mission statements can vary in length and
specificity
38
What is a Company/Organizations
Mission Statement? Ctd.
Employees of the company or departments
are the key missions audience.
For them, the mission should help to build a
common understanding of purpose and
commitment to nurture
The Key Questions Addressed by the
Mission
1.
1.
Why
is
the
company/organization in
business?
2. What are the company/organizations
economic goals?
39
What is a Company/Organizations
Mission Statement? Ctd.
3.
40
Refining the
Organization/Company Mission
45
46
4.
5.
6.
7.
53
54
QUESTIONS
1. To what extent do you agree that a mission
statement provides a substantive guidance
while
a
vision
statement
provides
inspirational guidance? Discuss by using
some
practical
examples
from
any
company/companies of your choice.
2. Provide some evidence that portray the
valuable role played by the companys
mission statement
55
56
Company Philosophy
57
58
59
Typical
focuses
of
most
organization
philosophies are such as; respect for mankind
equity and dignity, adherence to professional
ethics, customer orientedness in all the
organization's operations.
60
61
Organization Policies/Standard
Operating Procedures
Organization Policies/Standard
Operating Procedures Ctd..
63
Organization Policies/Standard
Operating Procedures Ctd..
Policies aim at guiding the thinking, decision
making, and actions of managerial and nonmanagerial staff
Organization policies can be categorized into
two broader categories:
1. Strategic planning policies- reflecting the
planning dimension of strategic management
2.
Implementation
and
control
policies;
reflecting the implementation and control
dimension of strategic management.
64
Benefits of Policies
They
establish
indirect
control
over
independent actions by clearly stating how
things are to be done now.
In addition, by defining discretion, policies in
effect control decisions yet empower staff to
conduct activities without direct intervention
by top management
They promote uniform handling of similar
activities
65
They
ensure
quicker
decisions
by
standardizing answers to previously answered
questions that otherwise would recur and be
pushed up to management hierarchy
Policies institutionalize basic aspects of
organization
behaviour.
This
minimizes
conflict practices and establishes consistent
patterns of action in attempts to make the
strategy to work.
66
Forms of Policies
68
70
71
74
77
Profitability
Capturing the market share
Research and Development
Human Resources
Attainment of appropriate physical resources
Reduced production costs (productivity)
Improved customer services
Corporate Social responsibility
78
79
QUESTIONS
Task 1.
Identify any five (5) mission statements from
any reputable organizations that you are
familiar with. Thereafter, critically discuss the
extent to which each mission serves the
purpose for which it was devised
Task 2.
Identify any five (5) vision statements from any
reputable organizations that you are familiar
with. Thereafter, critically discuss the extent
to which each vision serves the purpose for
which it was devised