Strategic Management Presentation Session 1


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Strategic Management Presentation Session 1

  1. 1. Strategic Management Session 1: Introducing the Concepts
  2. 2. Introducing the Concepts <ul><li>Why is Strategic Management Important? </li></ul><ul><li>What is Strategic Management? </li></ul>
  3. 3. Introducing the Concepts <ul><li>Why is Strategic Management Important? </li></ul><ul><li>- Individual: You will be evaluated and rewarded on doing your job well, which means understanding how and why strategic decisions are made. </li></ul><ul><li>- Organisation: It can make a difference to how well an organisation performs. It helps with coordinating various divisions, functions and general work activities. </li></ul>
  4. 4. Introducing the Concepts <ul><li>What is Strategic Management? </li></ul><ul><li>- Strategies: An organisation’s goal-directed decisions and actions in which its capabilities and resources are aligned with the opportunities and threats in its environment. </li></ul><ul><li>- Strategic Management: A process of analyzing the current situation, developing appropriate strategies, putting the strategies into action, and evaluating , modifying, or changing the strategies as needed. </li></ul>
  5. 5. Introducing the Concepts <ul><li>What is Strategic Management? </li></ul><ul><li>- Four Characteristics: Interdisciplinary, external focus, internal focus and orientated towards the future. </li></ul>
  6. 6. Introducing the Concepts <ul><li>Strategic Management Process </li></ul><ul><li>- Situation Analysis: scanning and evaluating the current organisational context and external and internal environments. </li></ul><ul><li>- Strategy Formulation: developing and then choosing appropriate strategies. </li></ul><ul><li>- Strategy Implementation: putting strategies into action </li></ul><ul><li>- Strategy Evaluation: evaluating the implementation and outcomes of strategies. </li></ul>
  7. 7. Introducing the Concepts <ul><li>Types of Organisational Strategies </li></ul><ul><li>- Functional or Operational: short-term, goal-directed decisions and actions of the functional areas. </li></ul><ul><li>- Competitive or Business: how the organisation is going to compete </li></ul><ul><li>- Corporate: broad and long-term choices of what businesses the organisation is in or wants to be in and what to do with those businesses. </li></ul>
  8. 8. Introducing the Concepts <ul><li>Background </li></ul><ul><li>- Military Strategies: exploiting the enemy’s weak spots and attacking them where they are most vulnerable! </li></ul><ul><li>- Academic Origins: Economics and Organisational Theory. </li></ul>
  9. 9. Introducing the Concepts <ul><li>Emergence of Strategic Planning and Strategic Management: </li></ul><ul><li>- 1960s: The birth of strategy as an academic field. Researchers began looking for explanations of organizational differences in performance and functioning. </li></ul><ul><li>- 1970s: Focus on process (how strategies were formed) and content (relationship between strategic choices and performance). </li></ul>