Programme: Bachelor of Business Administration (HONS.

)
Semester: V
Course Code: 203000502
Course Title: Strategic Management (STM)

Course Group: Core Compulsory

Unit-1 Introduction to Strategic Management & Strategic Planning Process

• Concept
• Nature & Scope
• Stakeholders in Business
• Vision, Mission and Purpose
• Concept of Strategic Planning
• Need & Importance

• Strategic Planning Process

Introduction

The concept of strategy is undoubtedly the most significant concept in business policy and
strategic management. The concept of strategy is derived from military principles. In military
context, the strategy is a plan of action to win a war. Here military identify the quality and
quantity of resources to be mobilized and used at the most appropriate time in suitable and
convenient manner to win a war.
―Strategy is the determination of the basic long term goals and objectives of an enterprise and
the adoption of the course of action and the allocation of resources necessary for carrying out
these goals.‖

Meaning and definition of Strategic management

Strategic management is the concept of identification, implementation, and management of the
strategies that managers carry out to achieve the goals and objectives of their organization. It
can also be defined as a bundle of decisions that a manager has to undertake which directly
contributes to the firm’s performance. The manager responsible for Strategic
management must have a thorough knowledge of the internal and external organizational
environment to make the right decisions.

Strategic Management can be defined as ―the art and science of formulating, implementing
and evaluating cross-functional decisions that enable an organization to achieve its
objective.‖

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―The on-going process of formulating, implementing and controlling broad plans guide the
organizational in achieving the strategic goods given its internal and external environment‖.

Nature and scope of Strategic Management

The Nature of Strategic Management are as follows:
1. Top management involvement: Strategic management relates to several areas of a firm’s
operations. So, it requires top management’s involvement. Generally, only the top management
has the perspective needed to understand the broad implications of its decisions and the power to
authorise the necessary resource allocations.
2. Requirement of large amounts of resources: Strategic requires the commitment of the firm to
actions over an extended period of time. So, they require substantial resources, such as physical
assets, 20 manpower etc. Example: Decisions to expand geographically would have significant
financial implications in terms of the need to build and support a new customer base.
3. Affect the firms long-term prosperity: Once a firm has committed itself to a particular strategy, its
image and competitive advantage are tied to that strategy; its prosperity is dependent upon such a
strategy for a long time.
4. Future-oriented: Strategic management encompasses forecasts, what is anticipated by the
managers. In such decisions, the emphasis is on the development of projections that will enable
the firm to select the most promising strategic options. In the turbulent environment, a firm will
succeed only if it takes a proactive stance towards change.
5. Multi-functional or multi-business consequences: Strategic management has complex
implications for most areas of the firm. They impact various strategic business units especially in
areas relating to customer-mix, competitive focus, organisational structure etc. All these areas will
be affected by allocations or reallocations of responsibilities and resources that result from these
decisions.
6. Non-self-generative decisions-business consequences: While strategic management may involve
making decisions relatively infrequently, the organisation must have the preparedness to make
strategic decisions at any point of time. That is why Ansoff calls them ―non-self-generative
decisions.
7. Objective Oriented: The : Strategic management is objectives oriented and are directed towards
organizational goal. To formulate strategies the business should know the objectives that are to
be pursued. For example if any business want to achieve growth then it has to set following
objectives. a) To increase market share. b) To increase customers satisfaction c) To enhance the
goodwill of the firm. 2 Future Oriented:: Strategic management is future oriented plan
and formulated to attain future position of the organization. Therefore strategy enables
management to study the present position of organization and decides to attain the future
position of the organization. This is possible because strategy answer question relating to
the following aspects.a) Prosperity of the business in future. b) The profitability of the
business in future. c) The scope to develop and grow in future in different business.
8. Influence of Environment: The environmental factors affect the formulation and
implementation of strategy. The business unit by analyzing internal and external
environment can find out its strength and weaknesses as well as opportunities and threats
and can formulate its strategy properly.

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9. Universally Applicable: Strategies are universally applicable and accepted irrespective of
business nature and size. Every business unit designs strategy for its survival and
growth. The presence of strategy keeps business moving in right direction.
10. Levels of strategy: There are companies that are working in different business lines with
regards to products /services, markets or technologies and are managed by same top
management. In this case such companies need to frame different strategies. The
strategies are executed at three different levels such as – a) Corporate level b) Business
level c) Functional/operational level
11. Revision of strategy: Strategies are to be reviewed periodically as in the process of its
implementation certain changes are going to take place. For example while
implementing growth strategy there could be shortage of resources because of
limited sources or recession during the period so retrenchment strategy should be
considered.

Scope of Strategic management

Strategic management is a continuous process that evaluates and controls the business and the
industries in which an organization is involved, evaluates its competitors and sets goals and
strategies to meet all existing and potential competitors and then re-evaluates strategies on a
regular basis to determine how they are implemented and whether it was successful or does it
needs replacement. J. Constable has defined the area addressed by strategic management as
―the management processes and decisions which determine the long-term structure and
activities of the organisation.‖

This definition incorporates five key themes:

1. Management process: Management processes relate to how strategies are created
and changed.
2. Management decisions:The decisions must relate clearly to a solution of perceived
problems (how to avoid a threat, how to capitalize on an opportunity.
3. Time scales:The strategic time horizon is long. However, for a company in real
trouble, it can be very short.
4. Structure of the organization:An organization is managed by people within a
structure. The decisions resulting from the way that managers work together within
the structure can result in strategic change.
5. Activities of the organization:This is a potentially limitless area of study and we
normally shall center upon all activities which affect the organization.
These all five themes are fundamental to the study of the strategic management field.
Another
Scope of Strategic management is also related with Levels of Strategy

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The desired outcome is the creation of a hierarchy of objectives spanning the organisation
from top to bottom and their formation of a corresponding hierarchy of strategies to achieve
the objectives at each level in the organisation. There are three levels of strategies, Corporate
Strategy, Business Strategy and Functional Strategy.
It is worth stressing that strategy exists at different level in the organisation. Once managers
have determined "what is our business, what will it be and what should it be?", then they
have a basis for setting challenging and achievable performance objectives for formulating
strategies to achieve them.
1. Corporate Strategy -Corporate strategies guide an organisation to become what it wants
o be in order to maximize the performance levels. Corporate level strategies or corporate
strategies are plans of top level management developed for supervising the overall
functioning of the enterprise and achieving the expected level of performance. These
strategies outline the organisational activities and objectives in various areas of an
organisation like product line, divisions, technologies, consumers and their needs etc.\\
For example :The efforts of Nokia to launch its own operating system failed, in the year
2011. Microsoft and Nokia formed an alliance in which Nokia agreed to produce
smartphones with the Windows operating system. With this alliance, Microsoft was able
to access the market of one of the largest cell phone manufacturer. Nokia was able to
retain its market share with the help of this merger.
2. Business Strategy -Business level strategies are also called as Business Strategies or
Strategic Business Unit, Level Strategy. A Strategic Business Unit (SBU) is based on the
idea of recognizing the separate market segments catered by the company. Business
strategies are formulated differently for each segment due to the differences in their
environment conditions. The business level strategies are formulated to satisfy the need of
the customers of different segments and also to provide value to them. Hence, fulfillment
the demands of customers belonging to different segments help the organisation in
increasing and sustaining is competitive advantage.

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 For example :Domino's Pizza owes its success to Turnaround strategy that had positive
effect due to the organisation wide efforts of achieving a simple and clear goal that was
"have a clear win against competitor in a taste test".
3. Functional Strategy -Functional level of an organisation provides input to a higher level
strategies such as business level and corporate level strategies and convert them into the
action plans for various department. These plans are needed to be carried out for the
strategy to be successful. Higher level strategies depend on the functional level for
information regarding resources and capabilities on the basis of which strategies at
business and corporate level are formulated. Functional level denotes the operating
division level and apartment in an organisation such as marketing, finance, human
resources, information system, manufacturing and research and development etc.various
strategic decisions at functional level are associated with business practices and value
chain. The functional level strategies are focused on expanding and synchronizing the
resources for implementing the business level strategies in an efficient manner.
For example :Marketing strategy can be broken into various functional level strategies
such as pricing strategies, promotion strategies, distribution strategies, sales strategies etc.
Stakeholder in Business
A stakeholder is a party that has an interest in a company and can either affect or be affected
by the business. The primary stakeholders in a typical corporation are its investors,
employees, customers, and suppliers.However, with the increasing attention on corporate
social responsibility, the concept has been extended to include communities, governments,
and trade associations.

Each of the types of stakeholders in a business are categorized in 3 ways:

1. Internal or external
2. Primary or secondary
3. Direct or indirect
 Internal stakeholders are, as the name suggests, stakeholders that exist inside a
business. These are stakeholders who are directly affected by a project, such as
employees.

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  External stakeholders are those who have an interest in the success of a business but
do not have a direct affiliation with the projects at an organization. A supplier is an
example of an external stakeholder.
 Primary stakeholders (also known as key stakeholders) have the highest level of
interest in the outcome of a project because they are directly affected by the outcome.
They actively contribute to a project. These types of stakeholders include customers
and team leaders.
 Secondary stakeholders also help to complete projects, but on a lower, general level.
These types of stakeholders help with administrative processes, financial, and legal
matters.
 Direct stakeholders are involved with the day-to-day activities with a project.
Employees can be considered direct stakeholders as their daily tasks revolve around
projects at a business.
 Indirect stakeholders pay attention to the finished project outcome rather than the
process of completing it. Indirect stakeholders concern themselves with things like
pricing, packaging, and availability. Customers are a type of indirect stakeholder.

The 10 different types of stakeholders:

1. Suppliers: Suppliers are people or businesses who sell goods to your business and rely on
you for revenue from the sale of those goods.
In addition to looking out for their own revenue-generation, suppliers are also often
concerned with safety, since their products can directly impact your business’ operations.
2. Owners: Owner stakeholders are the owners of an organization. They supply capital or
equity to the business and have a say in how everything runs. There can be multiple owners at
a business, and each owner would have equity in the business.
3. Investors:Investors can include owners but they can also be outside vendors who typically
have a right to accurate and timely information such as regular financial statements. Investors
may also have the right to approve or reject major decisions like mergers and acquisitions.
An investor does more than just bring you funding to pursue projects that help your business
grow. They also can:
Contribute ideas and give you advice
Bring connections

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Motivate you
Help promote and improve your business image
Is an investor…
4. Creditors: Creditors lend money to businesses, and they couls also have a secured interest
in the company’s worth. Creditors get paid back from the sale of products or services at your
business. In the event of a business shutdown, creditors get paid before stockholders.
Creditors can include banks, suppliers, and bondholders.
5. Communities: The community in which a business functions can be considered as another
set of stakeholders. Good businesses are considered an asset to any community.
Communities are major stakeholders in businesses because each party (your business and the
community) are mutually beneficial in different ways than, say, a supplier and your business.
Communities are impacted by things like
Job creation
Safety
Economic development
Health (from environmental development)
6. Trade unions: A trade union (also called labor union) is an organization of workers in a
particular industry that exists to secure good improvements in pay, benefits, safe working
conditions, or social and political status through collective bargaining.
Every business generally has a relationship with a trade union to keep the interests of other
stakeholders, like employees, in mind. Trade unions may be informed and consulted about
things like worker safety.
7. Employees: Employees have a direct stake in the company. They interact directly with
customers, earn money to support themselves, and give support to the business operations as
well. Employees can carry out managerial, supervisory or other functions. They typically
expect benefits like incentives, career growth and job satisfaction.
8. Government agencies
Government agencies can also be thought of as a major stakeholder in a business. They
collect taxes from the company, its employees, and from other spending the company does.
9. Customers: Customers are the people who buy business products. Customers expect to buy
the best quality from that business but at a fair price.
A business doesn’t exist without customers. Customers get products from businesses, and
because of that, they are interested in how a business performs. In turn, businesses need to
make conscious efforts to relate to customers and meet their needs.
Customers expect the business to provide efficient and high-quality products and services. In
general, meeting the customers’ needs is an extremely important area of concern for ensuring
the success of any business.
Customers are directly impacted by the product quality a business gives.
10. Media: Every business needs media publication relationships to spread the word about
their brand. Businesses often need to interact with press to make an important announcement
or advertise their product.

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Mission, Vision and Purpose,

Good business leaders create a vision, articulate the vision, passionately own the vision, and
relentlessly drive it to completion. —Jack Welch, former CEO of General Electric
Clearly defining your Purpose, Vision, Mission, Values, and Measures will help your team understand
what you’re trying to achieve. Aside from motivation, this will enable them to make decisions
independently, rather than referring to the chain of command. It will also help your organization track
whether or not it’s achieving its goals.

We have the vision, which is the what.

We have the mission, which is the how.
We have the purpose, which is the why.

Purpose, Mission, and Vision Statements explain why a company exists, how it plans to
achieve its goals, and what the business will ultimately achieve.

Purpose

A Purpose Statement is an explanation of the company’s motivations and reasons for being,
and why it works the way it does.

THE PURPOSE STATEMENT GUIDES YOU. Your Purpose Statement

articulates WHY you do what you do, WHY your organization exists, and WHY you serve a
higher purpose. For example, Southwest Airline’s Purpose Statement is “We connect
People to what’s important in their lives through friendly, reliable, and low-cost air travel”.

A purpose statement explains your organization’s reason for existence. It explains why your
organization began, and why it’s on that journey. It explains what injustice in the world it is
seeking to right or what opportunity it is seeking to leverage. A purpose statement can be
answered with that sort of founding story, but often it’s a declarative statement that offers the
same explanation of values and how the organization’s existence is upholding those values.

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So now we can take all three together. And look at it from the outside in, because these three
elements nest inside each other. We started with this idea of vision, which is what the world
will look like when you achieve the mission, which is how you’re going to put into action
your purpose, which is your reason for existence.

Mission

So if the vision statement answers what the world is going to look like in the future, your
mission on the other hand answers the question ―how?‖ as in ―how are we going to make that
vision a reality?‖ How are we going to behave?‖ How are we going to win? How do we
define the objectives to measure whether we’re making progress?

THE MISSION STATEMENT FOCUSES YOU. Your Mission Statement

articulates HOW you fulfill your purpose and vision. It is designed to eliminate distractions,
and to unlock the strategy that will deliver the best results. For example, Southwest
Airline’s Mission Statement is “Dedication to the highest quality of customer service
delivered with a sense of warmth, friendliness, individual pride, and Company Spirit”

Mission statements can be where you talk about how lives are changed. And mission
statements can be where you talk about how objectives are won. Mission statements can even
include the products or service that you sell. In fact, a lot of great mission statements put a
specific number of lives changed via products or services offered. The point is that mission
sets inside vision and describes the plan of action.

Vision

Your vision is what the world’s going look like when you’ve achieved your mission. But
there’s still an unanswered question. With vision and mission we have the ―what?‖ and the
―how?‖ respectively. But we still need to answer the ―why?‖ That’s where purpose comes
in.A Mission Statement is a definition of the company’s business, who it serves, what it does,
its objectives, and its approach to reaching those objectives. A Vision Statement is a
description of the desired future state of the company. An effective vision inspires the team,
showing them how success will look and feel.

THE VISION STATEMENT INSPIRES YOU. Your Vision Statement

articulates WHAT you aspire to be and WHAT are the results and goals you want to reach in
the future. For example, Southwest Airline’s Vision Statement is “To become the World’s
Most Loved, Most Efficient, and Most Profitable Airline”.

A vision statement is a statement of what the future looks like if the organization is
successful. It’s a statement of where you as a company are headed. A vision statement
describes what the world will look like if you achieve the mission that serves your purpose
(more on those in a little bit).

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And the thing about vision statements is that they are by nature aspirational. They are meant
to inspire by painting a picture of a future worth working towards. All leadership involves
change to some extent and your vision statement is a picture of what the world looks like
when you have finished that change.

Concept of Strategic Planning

Strategic planning means planning for strategies and implementing them to achieve
organisational goals. It starts by asking oneself simple questions likeWhat are we doing?
Should we continue to do it or change our product line or the way of working? What is the
impact of social, political, technological and other environmental factors on our operations?
Are we prepared to accept these changes etc.?
Strategic planning helps in knowing what we are and where we want to go so that
environmental threats and opportunities can be exploited, given the strengths and
weaknesses of the organisation. Strategic planning is ―a thorough self-examination regarding
the goals and means of their accomplishment so that the enterprise is given both direction and
cohesion.‖
It is ―a process through which managers formulate and implement strategies geared to
optimising strategic goal achievement, given available environmental and internal
conditions.‖ Strategic planning is formalisation of planning where plans are made for long

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periods of time for effective and efficient attainment of organisational goals. Strategic
planning is based on extensive environmental scanning. It is a projection into environmental
threats and opportunities and an effort to match them with organisation’s strengths and
weaknesses.
Planning is something we do in advance of taking action; that is, it is anticipatory decision
making. It is a process of deciding what to do and how to do it before action is required.
Strategic planning can be defined as a managerial process of developing and maintaining a
viable fit between organization’s objectives, skills and resources and its changing
environment.
The company’s strategic plan is the starting point for planning. It serves as a guide to the
development of sound sub-plans to accomplish the organizational objectives. The aim of
strategic planning is to help a company select and organize its businesses in a way that would
keep the company healthy in spite of unexpected changes in the environment. It purports to
shape or reshape the company’s businesses and products so that they yield target profits and
growth.
Strategic Planning – Definition
Strategic planning is the process of determining a company’s long-term goals and then
identifying the best approach for achieving those goals. Strategic planning is an
organization’s process of defining its strategy or direction and making decisions on allocating
its resources to pursue this strategy, including its capital and people.
Strategic planning is a process to determine or re-assess the vision, mission and goals of an
organization and then map out objective (measurable) ways to accomplish the identified
goals.
Strategic planning is systematic, formally documented process for deciding what are the
handfuls of key decisions that an organisation, viewed as a corporate whole must get right in
order to thrive over the next few years.
Strategic planning is a continuous and systematic process where people make decisions about
intended future outcomes, how outcomes are to be accomplished, and how success is
measured and evaluated.
Strategic Planning – Features
The following are the salient features of strategic planning:
1. Process of Questioning: It answers questions like where we are and where we want to go,
what we are and what we should be.
2. Time Horizon: It aims at long-term planning, keeping in view the present and future
environmental opportunities. It helps organisations analyse their strengths and weaknesses
and adapt to the environment. Managers should be farsighted to make strategic planning
meaningful.
3. Pervasive Process: It is done for all organisations, at all levels; nevertheless, it involves top
executives more than middle or lower-level managers since top executives envision the future
better than others.
4. Focus of Attention: It focuses organisation’s strengths and resources on important and
high-priority activities rather than routine and day-to-day activities. It reallocates resources
from non-priority to priority sectors.

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5. Continuous Process: Strategic planning is a continuous process that enables organisations
to adapt to the ever-changing, dynamic environment.
6. Co-Ordination: It coordinates organisations internal environment with the external
environment, financial resources with non- financial resources and short-term plans with
longterm plans.
Strategic Planning – Need and Importance
Strategic planning offers the following benefits:
1. Financial Benefits: Firms that make strategic plans have better sales, lower costs, higher
EPS (earnings per share) and higher profits. Firms have financial benefits if they make
strategic plans.
2. Guide to Organisational Activities: Strategic planning guides members towards
organisational goals. It unifies organisational activities and efforts towards the long-terms
goals. It guides members to become what they want to become and do what they want to do.
3. Competitive Advantage: In the world of globalisation, firms which have competitive
advantage (capacity to deal with competitive forces) capture the market and excel in financial
performance. This is possible if they foresee the future; future can be predicted through
strategic planning. It enables managers to anticipate problems before they arise and solve
them before they become worse.
4. Minimises Risk: Strategic planning provides information to assess risk and frame strategies
to minimise risk and invest in safe business opportunities. Chances of making mistakes and
choosing wrong objectives and strategies, thus, get reduced.
5. Beneficial for Companies with Long Gestation Gap: The time gap between investment
decisions and income generation from those investments is called gestation period. During
this period, changes in technological or political forces can disrupt implementation of
decisions and plans may, therefore, fail. Strategic planning discounts future and enables
managers to face threats and opportunities.
6. Promotes Motivation and Innovation: Strategic planning involves managers at top levels.
They are not only committed to objectives and strategies but also think of new ideas for
implementation of strategies. This promotes motivation and innovation.
7. Optimum Utilisation of Resources: Strategic planning makes best use of resources to
achieve maximum output. General Robert E. Wood remarks, ―Business is like war in one
respect. If its grand strategy is correct, any number of tactical errors can be made and yet the
enterprise proves successful.‖ Effective allocation of resources, scientific thinking, effective
organisation structure, co-ordination and integration of functional activities and effective
system of control, all contribute to successful strategic planning.

Strategic Planning Process

Adoption of any strategy comprise of several steps. There has to be proper analysis of the
company situation and status of market in its category, after that the strategy is formulated.
Further the implementation of formulated strategy is done. Implementation is followed by the
evaluation process. Some of these processes may go side by side, and these different stages
may overlap with others. All the stages are controlled by the company’s higher management
and they try to make proper coordination between all the employees and executives. The
synergy is very much important for the success of any organizational process. Commitment
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in the executives inspires fellow employee to act according to the vision of the
company. Vision and mission of the company also play important role in the strategy
adoption process. All the steps in the strategic planning process are given below. These steps
are basic design of framework of implementing the strategic thinking approach.
1. Mission & Objectives
The mission of a company is the business vision that tells the goals that firm wants to achieve
in given point of time. It also includes the major purpose of the firm’s business like
only profitability or also considering the corporate social responsibility issues. The objectives
of a company can be derived from the organization’s visionary targets and the financial &
strategic goals. The financial goals could be like achieving a sales target or growth rate.\
2. Environmental Scanning
The strategic planning needs to consider the risks, alternatives and opportunities involved in
the company’s business operations. For this purpose the managers should do environmental
scanning, both internal and external. It can be done by the SWOT analysis, PEST analysis,
and analyzing the Porter’s five forces of analyzing rivalry. SWOT (Strength, Weakness,
Opportunities, Threats) analysis will help in estimating the company’s capability and
simultaneously the competitor’s efficiency. The strengths of the company tell about
its business competencies and the expertise that is present in the firm. The weakness gives
information on the areas where the firm is lacking in the performance. Threats are analyzed
from the competitors and other sources. Opportunities analysis will provide the economic
developments and technological improvements that may affect the company business and
where the managers can take advantage in making the profit.The analysis of external business
environment could be done using Porter’s five force analysis method:

1. Supplier Power: Type of products and capability of manufacturing and supplying. The
level of integration with companies and the threat of forward integration. It will analyze
the influence that a supplier can put on the company.
2. Buyer Power: The estimation of the demand and the customers influence on the
company’s product line. Also it tells about the bargaining power of the buyers and the
profitability from the potential customers.
3. Threats of New Entrants: Threats from new entrants to be analyzed so that the strategic
planning can be done accordingly. These new entrants may influence the company’s
established strategies in time to time. So this factor should be taken into consideration.
4. Threat of Substitutes: The product line of the company that gives profit in the
business can be threatened by some substitute products. So, during strategic planning
process, it is needed to have a backup plan in these types of situations.
5. Degree of Rivalry: This analysis is very important in deciding the type of strategy that is
to be adopted for the business. The rivalry influences the organizations approach
and strategic thinking should consider these and accordingly should be aggressive or mild
in nature.

PEST analysis gives the external scan of the industry at macroscopic level. Political
condition should be analyzed before making any plan for the longer term. These conditions
influence very much the company’s operations in terms of profitability. These issues should

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be properly discussed and accordingly amendments should be made in the
strategies. Economic condition analysis gives the direction for the strategic goals. It provides
the alternatives that company may choose to integrate the plans with its mission. Social
condition analysis is required for the appropriate estimation of the risks involved related to
social conditions like labor laws etc. The social scanning will help in assessing the
opportunities that may arise from there. Technological scanning gives a way for the
improvement in the business performance and gives more through backup for the strategic
planning

3. Strategy Formulation: The environmental scanning gives the alternatives and risks to the
company management. These should be assessed properly by top level management and
feasibility study of the alternative are required before taking any firm decision on the
strategies. The analysis done by managers provides the more filtered list of goals and the way
to reach there. Also the list of risks involved is also formulated. This gives the final strategies
that is to be implemented

4. Strategy Implementation: The implementation of strategies formulated is not a very

instantaneous phenomenon. This should be done in proper framework like firstly making the
stakeholder understand the need of its implementation and later making and participative
team to look after this. This should be done in way opening spiral like starting from small
section to the whole company.

5. Evaluation & Control:This is last but very important phase of the strategic planning
process. After the implementation of strategies, it should be ensured that the adopted strategy
is being functioning as per plan are some section of company is facing problems. Any
rectification should be done immediately and employees should be encouraged for the proper
functioning of these strategies.

*******

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