Strategic Management Overview

Strategic Management Overview

Business Skills - Strategic Planning (This picture: Trinity College, Cambridge) Contact Email Design Copyright 1994-2013 © OxfordCambridge.Org

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Strategic Management Overview
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Aim of publication
To give the reader a blueprint an opportunity to
gain knowledge of the strategic planning process
fundamentals.


Strategic Management – Summary
☺ A strategy is the pattern of approaches and
actions that managers take to achieve specific
organizational goals.
☺ Core functions of management are to craft,
implement, and execute strategy.
☺ Industry and competitive analysis is the
assessment of all strategically important
aspects of a company's macro-environment -
the broader economic, technological, social, and
political environment that exists outside an
industry.
☺ Strategic options that can help in overcoming
these challenges include developing unique
product features, improving technology,
developing strategic alliances, adopting new
technology quickly, ensuring early industry
participation, pursuing new consumer groups,
and preparing for the entry of new
competitors.

Business Skills - Strategic Planning (This picture: Harcourt Hill, West Oxford) Contact Email Design Copyright 1994-2013 © OxfordCambridge.Org

Strategic Management – Summary
☺ Strategy development is a market-driven
exercise, while strategy implementation is an
operations-driven exercise.
☺ The same as chief strategy implementers,
senior managers are responsible for
communicating changes in strategy to
employees, building a consensus for how to
proceed, allocating resources, and establishing
performance measurements and rewards.


Learning Objectives
After developing the KeyPoints outlined in this publication, you should
mainly be able to:
☺ Understand the strategic planning process fundamentals.
☺ Identify the core functions of management.
☺ Depict the tasks of strategic management.
☺ Define industry and competitive analysis.
☺ Describe the factors used to profile an industry's dominant
characteristics.
☺ Explain the five-forces model of competition.
☺ Expound what makes an industry "attractive" or "unattractive".
☺ Specify the most common potential driving forces.


Learning Objectives
☺ Define high-velocity markets and discuss their impact on strategy
making.
☺ Differentiate between strategy development and strategy
implementation.
☺ Outline the problems that may arise during the implementation of a
new strategy.
☺ Illustrate the link between effective organizational design and profit
increases.
☺ Explicate the key determinants of leadership style.
☺ Explain the roles of senior and middle managers in strategy
implementation.


Strategic Management Overview- Sections list
☺ (Section 1): Strategic Management - Planning.
☺ (Section 2): Strategic Management - Analysis and Choice.
☺ (Section 3): Strategic Management - Corporate Implementation.


(Section 1) Strategic Management Planning – Summary.
☺ Strategic management is defined as the set of
decisions and actions that result in the
formulation and implementation of plans
designed to achieve a company's objectives.
☺ Strategic management is future oriented and
long-term focused.
☺ The planning phase of strategic management
includes defining company mission, performing
internal analysis, and evaluating the external
environment.


(Section 1) Strategic Management Planning – HighPoints.
☺ Strategic Management Overview.
☺ Defining a Company Mission.
☺ Internal Analysis.
☺ External Environment.


(Section 1) HighPoints: Strategic Management Overview.
☺ recognize the behavioral benefits of the
strategic management in achieving the goals of
an organization.
☺ identify the dimensions of strategic
management activities.
☺ match the levels of strategic management with
their characteristics.
☺ match the components of the strategic
management planning with their descriptions.
☺ identify the implications of viewing strategic
management as a process.


(Section 1) HighPoints: Defining a Company Mission.
☺ recognize the significance of a well-defined
company mission.
☺ select the components of a company mission.
☺ identify the steps strategic makers take to
achieve company responsibility for
stakeholders.


(Section 1) HighPoints: Internal Analysis.
☺ identify the importance of conducting internal
analysis.
☺ identify the activities associated with
functional approach in SWOT analysis.
☺ sequence the steps in conducting value chain
analysis.
☺ select the comparison standard to use when
examining internal strengths and weaknesses.


(Section 1) HighPoints: External Environment.
☺ identify the importance of a firm's concern
about the external environment in strategy
formulation.
☺ match the remote environment factors.
☺ select the forces in the industry environment
that shape strategy.
☺ establish the issues to be considered in
industry analysis and competitive analysis.
☺ identify the factors in the operating
environment.
☺ sequence the steps in conducting environmental
forecasting.


(Section 2) Strategic ManagementAnalysis and Choice – Summary.
☺ The implementation phase of strategic
management consists of two parts: analysis and
choice, which are vital links in the process.
☺ When conducting analysis and making choices,
one sets long-term objectives and selects
generic and grand strategies that best fit the
company’s mission and changing circumstances.
☺ One must grasp the basic ideas of long-term
objectives, generic strategies and grand
strategies.
☺ And learn how to analyze and choose strategies
by using various techniques.
☺ By choosing the right strategy, an organization
ought to be more effective at building
sustainable competitive advantages as well as
maximizing shareholder value.


(Section 2) Strategic Management Analysis and Choice – HighPoints.
☺ Long-term Objectives and Strategies.
☺ Strategic Analysis and Choice.
☺ Strategic Choice in Different Types of
Businesses.


(Section 2) HighPoints: Long-term Objectives and Strategies.
☺ recognize the importance of long-term
objectives and grand strategies in the strategic
management process.
☺ identify the qualities of good long-term
objectives.
☺ fit three generic strategies with their
features.
☺ check business activities with the
corresponding traditional grand strategies.
☺ match business organizations with the
corresponding new grand strategies.


(Section 2) HighPoints: Strategic Analysis and Choice.
☺ recognize the importance of choosing proper
business strategies.
☺ identify the factors that give an organization a
distinct competitive advantage.
☺ be able to match industry environments with
the corresponding business strategy choices.
☺ select the behavioral factors that affect
strategic choices.


(Section 2) HighPoints: Strategic Choice in Different Types of
Businesses.
☺ learn the benefits of selecting appropriate
strategic choices in different kinds of
companies.
☺ select the grand strategies for companies in
defined situations or conditions.
☺ identify the key points used to justify
diversification and integration.


(Section 3) Strategic Management - Corporate Implementation –
Summary.
☺ One ought to focus here on the corporate
implementation phase of strategic management.
☺ There are three steps involved in corporate
implementation.
☺ The first step is to develop action plans and
functional tactics.
☺ Action plans guide strategic implementation by
specifying an organization's given tasks for a
particular period, while functional tactics are
short-term activities that a firm undertakes to
implement its strategies.
☺ The second step of corporate implementation is
to integrate the strategies into the
organization.
☺ The third and last step is made up of strategic
control and continuous improvement.


Summary continues.
☺ Continuous improvement allows companies to
respond to a rapidly changing business climate
in time, and strategic control helps to: -track
how strategies are implemented, -detect
potential problems or changes, -make the
necessary adjustments.
☺ Managers at all levels need to keep daily
decisions and actions consistent with the long-
term strategic process.


HighPoints
☺ Implementing Strategies Through Business
Functions.
☺ Integrating Strategies into the Organization.
☺ Strategic Control and Continuous Improvement.


(Section 3) HighPoints: Implementing Strategies Through Business
Functions.
☺ recognize the significance of implementing
strategies through business functions.
☺ enumerate the benefits of action plans and
short-term objectives.
☺ select the tactics that can be used in different
functional areas.
☺ identify the purposes of policies empowering
operational personnel.


(Section 3) HighPoints: Integrating Strategies into the Organization.
☺ recognize the benefits of institutionalizing
strategy through reengineering company
structure, leadership, culture and reward
systems.
☺ be able to identify the types of primary
organization structures based on their
strategy-related pros and cons.
☺ identify the activities used to match the
suitable structure to the strategy of a given
company.
☺ distinguish which kind of leadership is required
for different situations.
☺ select the techniques used to build an
organizational culture and link it to the
strategy in a given company.
☺ match guidelines for establishing reward
systems with implementation examples.


(Section 3) HighPoints: Strategic Control and Continuous Improvement.
☺ learn the importance of establishing strategic
control and evaluating strategic implementation.
☺ identify the functions of four types of
strategic control.
☺ decide which types of operational control
systems should be chosen in a defined situation.
☺ select the actions which fulfill the quality
imperative.


Strategic Management – Conclusion.
☺ At this point you should be able to be familiar
with the following:
• have a bird’s view regarding knowledge of
the strategic planning process
fundamentals.
• distinguish the dimensions of strategic
management activities.
• select the components of a company
mission.
• identify the importance of conducting
internal analysis.
• discuss the steps in conducting
environmental forecasting.
• describe the qualities of good long-term
objectives.
• be able to select the behavioral factors
that affect strategic choices.


Strategic Management – Conclusion.
• understand the key points used to justify
diversification and integration.
• tell about the significance of implementing
strategies through business functions.
• identify which kind of leadership is
required for different situations.
• talk about the techniques used to build an
organizational culture.
• recognize the functions of four types of
strategic control.


Information
Gathering
Links


Strategic Management Overview

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