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Strategic

Manageme
nt:
Creating
Competitiv
e
chapter 1
Advantages
Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill
Education

Two Perspectives of
Leadership

1-2

External Control
Perspective

Romantic View

Leader is the key


force in the
organizations
success

External forces
determine the
organizations
success

i.e. Steve Jobs

i.e. economic
downturns

OR?

Defining Strategic
Management

1-3

Strategic Management involves

Analysis
Strategic

goals (vision, mission, strategic objectives)


Internal and external environment

Decisions
What

industries should we compete in?


How should we compete in those industries?

Actions
Allocate

necessary resources
Design the organization to bring intended strategies
to reality

1-4

Two Fundamental
Questions
1. How should we compete in order to

create competitive advantages in


the marketplace?
2. How can we create competitive

advantages in the marketplace that


are unique, valuable, and difficult for
rivals to copy or substitute?
NOTE: Operational effectiveness is not enough to
sustain a competitive advantage.

Strategic Management
1-5

Key Attributes of strategic management

Directs the organization toward overall goals


and objectives.

Includes multiple stakeholders in decision


making.

Needs to incorporate short-term and longterm perspectives.

Recognizes trade-offs between efficiency


and effectiveness.

Strategic Management Tradeoffs

1-6

Managers need to be
ambidextrous

Focusing on
Wh
ile
short-term
also
efficiency

Aligning
resources to take
advantage of
existing product
markets

Focusing on longterm
effectiveness
Expanding
product-market
scope by
proactively
exploring new
opportunities

Intended vs Realized
Strategies

1-7

The Business Environment is far from


predictable.
Intended Strategy
Realized Strategy

Organizational
decisions are
determined only by
analysis

versu
Intended strategy
s
rarely survives in its
original form

Decisions are
determined by both
analysis (deliberate) &
unforeseen
environmental
developments,
unanticipated resource
constraints, and/or
changes in managerial
preferences (emergent)

1-8

Strategic Management
Process

Exhibit 1.3 The Strategic


Management Process

Strategy Analysis
1-9

Starting point in the strategic


management process
Precedes effective formulation and
implementation of strategies
Involves careful analysis of the
overarching goals of the organization
Requires a thorough analysis of the
organizations external and internal
environment

Strategy Formulation
1-10

Based on strategy analysis


Developed at several levels
Involves decisions that can create and
sustain competitive advantage

Investment decisions
Commitment of resources
Operational synergies
Recognizing viable opportunities

Strategy Implementation
1-11

Implements the formulated strategy

Ensures proper strategic control systems


Establishes an appropriate organizational design coordinates & integrates activities within the firm
Coordinates activities with suppliers, customers,
alliance partners
Leadership ensures organizational commitment to
excellence & ethical behavior
Promotes learning & continuous improvement
Acts entrepreneurially in creating new
opportunities

Corporate Governance &


Stakeholder Management
1-12

Corporate Governance: the


relationship among various participants
in determining the direction and
performance of corporations.
Primary participants:

The shareholders
The management (led by the Chief
Executive Officer)
The Board of Directors (BOD)

Stakeholder Management
1-13

Exhibit 1.5 An Organizations Key Stakeholders & the Nature of


Their Claims

Social Responsibility
1-14

Social responsibility: the expectation that


businesses or individuals will strive to
improve the overall welfare of society.

Firms have multiple stakeholders and must go


beyond a focus solely on financial results
Firms must create shared value identify &
expand connections between societal & economic
progress
Firms can measure a triple bottom line
Assessing financial, social, AND environmental
performance
Embracing environmental sustainability.

Coherence in Strategic
Direction

1-15

Organizations express priorities best


through stated goals & objectives that
form a hierarchy of goals

Vision evokes powerful & compelling


mental images of a shared future
Mission encompasses the organizations
current purpose, basis of competition, &
competitive advantage
Strategic objectives operationalize the
mission statement with specific yardsticks

1-16

Coherence in Strategic
Direction

Exhibit 1.6 A Hierarchy of Goals