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Strategic Challenge
To survive
To grow
To die
Internal Competencies
1950s
1960s
1990s
2000s
What
is
Strategic Management?
Early Definition
Determination of basic long-term goals and
objectives
Adoption of courses of action
Allocation of resources necessary for carrying out
these goals
Objectives
Decisions
Actions
Evaluation
Intuition (art)
past experiences, judgment, feelings
particularly useful for making decisions in
situations of great uncertainty or little precedent.
Analysis (science)
logical, systematic approach
organization of quantitative information/data to
be used for decision making.
Emphasis of Strategic
Management
VALUE CREATION
What is Value?
CONFIGURATION
Multimarket scope
COORDINATION
Management of activities and businesses within
company
Strategic Management
is a Process
Inter-relatedness
A change in one part affects several others
Strategic Management
involves long-term, future-oriented,
complex decision making
requires considerable resources
participation at all levels of an organization
Specifics
I. Strategy Formulation
Micro Environment
Industry
Competitive trends & events
Devise policies
Guidelines, rules, procedures
Structure alignment
Mobilizing all functions to put formulated strategies into
action.
Who uses
Strategic Management
Profit
Big Corporations
Medium Size Corporations
Small Businesses
Government
Nonprofit
Individual Career Management
Levels of FORMALITY will vary
When
is
Corporate Strategy Practiced?
Real Time
Always
Where
in Larger Organizations is
Strategic Management Practiced?
Corporate Level
Board of Directors; CEO; Administrative Officers
Determine mission; set objectives and strategies
Business Level
How Firm will compete in selected
product/market arenas
Functional Level
Execute the plans