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    David PPT Abbrev Ch01-1a

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    Salman Sead
    This document provides an overview of strategic management concepts. It defines strategic management as the art and science of formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. The key steps in strategic management are strategy formulation including developing a vision, identifying opportunities and threats, assessing strengths and weaknesses, and selecting strategies, as well as strategy implementation and evaluation. Achieving sustained competitive advantage requires adapting to external changes and effectively carrying out strategic management processes.

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    David PPT Abbrev Ch01-1a

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    Salman Sead
    19 views17 pages
    This document provides an overview of strategic management concepts. It defines strategic management as the art and science of formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. The key steps in strategic management are strategy formulation including developing a vision, identifying opportunities and threats, assessing strengths and weaknesses, and selecting strategies, as well as strategy implementation and evaluation. Achieving sustained competitive advantage requires adapting to external changes and effectively carrying out strategic management processes.

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    David_PPT_Abbrev_Ch01-1a

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    This document provides an overview of strategic management concepts. It defines strategic management as the art and science of formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. The key steps in strategic management are strategy formulation including developing a vision, identifying opportunities and threats, assessing strengths and weaknesses, and selecting strategies, as well as strategy implementation and evaluation. Achieving sustained competitive advantage requires adapting to external changes and effectively carrying out strategic management processes.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    19 views17 pages

    David PPT Abbrev Ch01-1a

    Uploaded by

    Salman Sead
    This document provides an overview of strategic management concepts. It defines strategic management as the art and science of formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. The key steps in strategic management are strategy formulation including developing a vision, identifying opportunities and threats, assessing strengths and weaknesses, and selecting strategies, as well as strategy implementation and evaluation. Achieving sustained competitive advantage requires adapting to external changes and effectively carrying out strategic management processes.

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    You are on page 1of 17

    Chapter 1

    The Nature of Strategic Management

    Strategic
    Management:
    Concepts & Cases
    11th Edition
    Fred David

    Copyright 2007 Prentice Hall Ch 1 - 1


    Strategic Management –
    Defined

    Art & science of formulating,


    implementing, and evaluating,
    cross-functional decisions that
    enable an organization to achieve
    its objectives

    Copyright 2007 Prentice Hall Ch 1 - 2


    Strategy Formulation

    Vision & Mission

    External Opportunities & Threats

    Internal Strengths & Weaknesses

    Long-Term Objectives

    Alternative Strategies

    Strategy Selection

    Copyright 2007 Prentice Hall Ch 1 - 3


    Strategy Implementation

    Annual Objectives

    Policies

    Employee Motivation

    Resource Allocation

    Copyright 2007 Prentice Hall Ch 1 - 4


    Strategy Evaluation

    Internal Review

    External Review

    Performance Metrics

    Corrective Actions

    Copyright 2007 Prentice Hall Ch 1 - 5


    Achieving Sustained
    Competitive Advantage

    1. Adapting to change in external trends,


    internal capabilities and resources

    2. Effectively formulating, implementing &


    evaluating strategies

    Copyright 2007 Prentice Hall Ch 1 - 6


    Adapting to Change – Key
    Strategic Management
    Questions
    • 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?

    Copyright 2007 Prentice Hall Ch 1 - 7


    Key Terms

    Vision Statement –
    What do we want to become?

    Mission Statement –
    What is our business?

    Copyright 2007 Prentice Hall Ch 1 - 8


    Key Terms

    Opportunities & Threats (External)


    Analysis of Trends:
    • Economic
    • Social
    • Cultural
    • Demographic/Environmental
    • Political, Legal, Governmental
    • Technological
    • Competitors

    Copyright 2007 Prentice Hall Ch 1 - 9


    Key Terms

    Strengths & Weaknesses (Internal)

    Typically located in functional areas of the firm


    • Management
    • Marketing
    • Finance/Accounting
    • Production/Operations
    • Research & Development
    • Computer Information Systems

    Copyright 2007 Prentice Hall Ch 1 - 10


    Key Terms

    Strategies

    Means by which long-term objectives are


    achieved

    Copyright 2007 Prentice Hall Ch 1 - 11


    Comprehensive Strategic Management Model
    External
    Audit

    Chapter 3

    Long-Term Generate, Implement Implement Measure &


    Vision
    Objectives Evaluate, Strategies: Strategies: Evaluate
    &
    Select Mgmt Issues Marketing, Performance
    Mission
    Strategies Fin/Acct,
    R&D, CIS
    Chapter 2 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9

    Internal
    Audit

    Chapter 4

    Copyright 2007 Prentice Hall Ch 1 - 12


    Benefits of Strategic
    Management

    Financial Benefits

    • Improvement in sales
    • Improvement in profitability
    • Productivity improvement

    Copyright 2007 Prentice Hall Ch 1 - 13


    Benefits of Strategic
    Management

    Non-Financial Benefits

    • Improved understanding of competitors strategies


    • Enhanced awareness of threats
    • Reduced resistance to change
    • Enhanced problem-prevention capabilities

    Copyright 2007 Prentice Hall Ch 1 - 14


    Business Ethics & Strategic
    Management

    Code of Business Ethics –

    Provides basis on which policies can be


    devised to guide daily behavior and
    decisions in the workplace

    Copyright 2007 Prentice Hall Ch 1 - 15


    Advantages of International
    Operations

    Absorb excess capacity


    Reduce unit costs
    Spread risk over wider markets
    Low-cost production facilities

    Copyright 2007 Prentice Hall Ch 1 - 16


    Disadvantages of International
    Operations

    Difficult communications
    Underestimate foreign competition
    Cultural barriers to effective management
    Complications arising from currency
    differences

    Copyright 2007 Prentice Hall Ch 1 - 17

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