Académique Documents
Professionnel Documents
Culture Documents
FD
Ch 1 -1
Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives
FD
Includes:
Internal and external environment scanning Strategy formulation
Strategy implementation
Evaluation and control
WH
1-3
FD
Strategic Management
FD
TS
performance Achieves a match between the organizations environment and its strategy, structure and processes Important in unstable environments
TS
TS
1-8
piece of the business (R&D, production, marketing, HR, finance, and so on)
How to respond to changing market conditions How to achieve targeted levels of performance
FD
10
to
Attract customers and Produce a competitive edge
blanketing metropolitan areas, then adding stores on the citys perimeter Make Starbucks a global brand by opening stores in an increasing number of foreign locations View each store as a billboard for the company and as a contributor to building the companys brand and image Broaden in-store products to include coffee-flavored ice cream, teas, fresh pastries, music CDs, and coffee accessories Fully exploit the growing power of the Starbucks name and brand image with out-of-store sales Display corporate responsibility and environmental sustainability Control costs of opening new stores Promote customer-friendly service and enhance store ambience by making Starbucks a great place to work
FD
13
Strategy Formulation
Vision & Mission External Opportunities & Threats Internal Strengths & Weaknesses Long-Term Objectives Alternative Strategies
Strategy Selection
FD
15
FD
16
Strategy Implementation
FD
17
performance
FD
18
FD
19
Strategy Evaluation
FD
20
Peter Drucker: Think through the overall mission of a business. Ask the key question: What is our Business?
FD
21
The strategic management process attempts to organize quantitative and qualitative information under conditions of uncertainty
FD
22
FD
24
Adapting to Change
Organizations should continually monitor internal and external events and trends so that timely changes can be made as needed
FD
25
FD
27
FD
28
Strategists
FD
29
FD
1-30
Demographic/Environmental
Political, Legal, Governmental Technological Competitors
FD
1-31
FD
1-32
FD
1-33
FD
Performance Measures
Internal Factors
Industry Averages
Survey Data
FD
1-35
Long-Term Objectives
Specific results that an organization
FD
1-36
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,
FD
1-37
Strategies
FD
1-38
Strategies
Examples
Geographic expansion Diversification Acquisition Product development
Market penetration
Retrenchment Divestiture Liquidation Joint venture
FD
1-39
Sample Strategies
Table 1-1
Best Buy Levi Strauss
FD
1-40
Annual Objectives
FD
1-41
Policies
HD
1-42
company makes to
Improve its financial performance,
apart from rivals and yields a competitive advantage is a companys most reliable ticket to above average profitability
Operating with a competitive advantage is more profitable
advantage when
An attractive number of buyers prefer its
products/services over those of rivals and The basis for this preference is durable
better job than rivals of serving the needs and preferences of buyers in the niche
(cont)
entertainment
Dell Computer Build-to-order manufacturing capabilities
TS
47
TS
48
TS
49
to issues of
Does not entail actions and behaviors that cross the line from should do to should not do (because such actions are unsavory, shady, unconscionable, injurious to others, or harmful to the environment) Allows management to fulfill its ethical duties to all stakeholders
TS
50
Employees Rightfully expect to be treated with dignity and respect for devoting their energies to the enterprise
Customers Rightfully expect a seller to provide them with a reliable, safe product or service Suppliers Rightfully expect to have an equitable relationship with firms they supply and be treated fairly Community Rightfully expect businesses to be good citizens in their community
TS
51
opportunities Insist all aspects of company strategy reflect high ethical standards Make it clear that all employees are expected to act with integrity Install organizational checks and balances to
Monitor behavior
activities ethically
TS
52
Business Model . . .
Concerns whether revenues and costs flowing from the strategy demonstrate a business can be profitable and viable
53
1-53
FD
54
organizations
FD
1-55
Strategic Management
Communication is a key to
FD
56
FD
Ch 1 -57
FD
58
FD
59
FD
60
FD
61
FD
62
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
FD
63
FD
64
Difference
Business strategy assumes competition Military strategy assumes conflict
FD
65