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Topic 1 strategic management



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  • 2. LEARNING OBJECTIVES: 1. To discuss strategic management 2. To discuss role of corporate management 3. To evaluate the students’ knowledge of the subject. OUTLINE: 1. Strategic Management 2. Key Attributes of Strategic Management 3. Strategic Management process 4. Role of Corporate Governance & Stakeholder Management
  • 3. Definitions:  It can be defined as the art and science of formulating, implementing, and evaluating cross- functional decisions that enable an organization to achieve its objectives.  It is a set of managerial decisions and actions that determines the long-run performance of a corporation.
  • 5. Key Terms: 1. Competitive advantage  “anything that a firm does especially well compared to rival firms.” 2. Strategists  individuals who are most responsible for the success or failure of an organization. 3. Vision and mission statements  Vision- “What do we want to become?”  Mission - “What is our business?” 4. External opportunities and threats  refer to economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends and events that could significantly benefit or harm an organization in the future.
  • 6. 5. Internal strengths and weaknesses  They arise in the management, marketing, finance/accounting, production/operations, research and development, and management information systems activities of a business. 6. Long-term objectives  Objectives can be defined as specific results that an organization seeks to achieve in pursuing its basic mission. Long-term means more than one year. 7. Strategies  Strategies are the means by which long-term objectives will be achieved. 8. Annual objectives  Annual objectives are short-term milestones that organizations must achieve to reach long-term objectives. 9. Policies  Policies are the means by which annual objectives will be achieved.
  • 7. The strategic-management process consists of three stages: 1. Strategy Formulation -Includes developing a vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long- term objectives, generating alternative strategies, and choosing particular strategies to pursue.
  • 8. The strategic-management process consists of three stages: 2. Strategy Implementation -includes developing a strategy-supportive culture, creating an effective organizational structure, redirecting marketing efforts, preparing budgets, developing and utilizing information systems, and linking employee compensation to organizational performance.
  • 9. The strategic-management process consists of three stages: 3. Strategy Evaluation -The final stage in strategic management. -All strategies are subject to future modification because external and internal factors are constantly changing.
  • 10. Strategy formulation, implementation, and evaluation activities occur at three hierarchical levels in a large organization: 1. Corporate 2. Divisional or strategic business unit, and 3. Functional By fostering communication and interaction among managers and employees across hierarchical levels, strategic management helps a firm function as a competitive team.
  • 11. A. BOARD OF DIRECTORS 1. Who is on the board? Are they internal (employees) or external members? 2. Do they own significant shares of stock? B. TOP MANAGEMENT 1. What person or group constitutes top management? 2. What are top management’s chief characteristics in terms of knowledge, skills, background, and style? If the corporation has international operations, does top management have international experience? Are executives from acquired companies considered part of the top management team?