Strategic management

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Chapter 1 The Nature of Strategic Management : 

Chapter 1 The Nature of Strategic Management

Slide 2: 

Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives. Strategic Management – Defined

Slide 3: 

Vision & Mission Strategy Formulation External Opportunities & Threats Internal Strengths & Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection

Slide 4: 

Strategy Implementation Annual Objectives Policies Employee Motivation Resource Allocation

Slide 5: 

Strategy Evaluation Internal Review External Review Performance Metrics Corrective Actions

Slide 6: 

1. Adapting to change in external trends, internal capabilities and resources Achieving Sustained Competitive Advantage 2. Effectively formulating, implementing & evaluating strategies

Slide 7: 

What kind of business should we become? Are we in the right fields Are there new competitors What strategies should we pursue? How are our customers changing? Adapting to Change – Key Strategic Management Questions

Slide 8: 

Vision Statement – What do we want to become? Mission Statement – What is our business? Key Terms

Slide 9: 

Opportunities & Threats (External) Key Terms Analysis of Trends: Economic Social Cultural Demographic/Environmental Political, Legal, Governmental Technological Competitors

Slide 10: 

Strengths & Weaknesses (Internal) Key Terms Typically located in functional areas of the firm Management Marketing Finance/Accounting Production/Operations Research & Development Computer Information Systems

Slide 11: 

Means by which long-term objectives are achieved Key Terms Strategies

Comprehensive strategic management model : 

External Audit Chapter 3 Internal Audit Chapter 4 Long-Term Objectives Chapter 5 Generate, Evaluate, Select Strategies Chapter 6 Implement Strategies: Mgmt Issues Chapter 7 Implement Strategies: Marketing, Fin/Acct, R&D, CIS Chapter 8 Measure & Evaluate Performance Chapter 9 Vision & Mission Chapter 2 Comprehensive strategic management model

Slide 13: 

Benefits of Strategic Management Financial Benefits Improvement in sales Improvement in profitability Productivity improvement

Slide 14: 

Benefits of Strategic Management Non-Financial Benefits Improved understanding of competitors strategies Enhanced awareness of threats Reduced resistance to change Enhanced problem-prevention capabilities

Slide 15: 

Provides basis on which policies can be devised to guide daily behavior and decisions in the workplace Business Ethics & Strategic Management Code of business ethics –

Slide 16: 

Advantages of International Operations Absorb excess capacity Reduce unit costs Spread risk over wider markets Low-cost production facilities

Slide 17: 

Disadvantages of International Operations Difficult communications Underestimate foreign competition Cultural barriers to effective management Complications arising from currency differences