Pune University - Syllabus - 2008

30. Henry Mintzberg (pictured above,) Bruce Ahlstrand and Joseph Lampell, in their 2005 book “Strategy Bites Back”, present 5 "P's" as a way to define strategy. Each "P" shines a spotlight on what strategy is / means / encompasses from a different angle, to provide a comprehensive overview that is probably more useful than definitions that try to fit all into a couple of sentences.

31. Mintzberg’s 5Ps of strategy – The 5 "P's," adjusted where necessary to fit into the professional services / Industrial firms, are as follows: 1. Strategy is a PLAN To almost anyone you care to ask, strategy is a plan - some sort of consciously intended course of action , a guideline (or set of guidelines ) to deal with a situation. A kid has a "strategy" to get over a fence; a firm has one to dominate a market for a particular service or practice area. By this definition, strategies have two essential characteristics: they are developed consciously and purposefully .

35. What Is Strategy? - 1 What, then, is strategy? Is it a plan? Does it refer to how we will obtain the ends we seek? Is it a position taken? Just as military forces might take the high ground prior to engaging the enemy; might a business take the position of low-cost provider? Or does strategy refer to perspective, to the view one takes of matters, and to the purposes, directions, decisions and actions stemming from this view? Lastly, does strategy refer to a pattern in our decisions and actions? For example, does repeatedly copying a competitor’s new product offerings signal a "me too" strategy? Just what is strategy? Strategy is all these—it is perspective, position, plan, ploy and pattern. Strategy is the bridge between policy or high-order goals on the one hand and tactics or concrete actions on the other. Strategy and tactics together straddle the gap between ends and means.

43. Some Concluding Remarks - 3 7. Strategy is the joint province of those who govern and those who manage. Tactics belong to those who manage. Means or resources are jointly controlled. Those who govern and manage are jointly responsible for the deployment of resources. Those who manage are responsible for the employment of those resources—but always in the context of the ends sought and the strategy for their achievement. 8 Over the time, the employment of resources yields actual results and these, in light of intended results, shape the future deployment of resources. Thus it is that "realized" strategy emerges from the pattern of actions and decisions. And thus it is that strategy is an adaptive, evolving view of what is required to obtain the ends in view.

47. Identifying a Company’s Strategy – What to look For: The Pattern of Actions & Business Approaches that define a Company’s Strategy Actions to gain sales & Market share via lower prices, more performance features, more appealing design, better quality or customer service, wider production selection etc. Actions to respond changing market conditions and other external circumstances Actions to diversify the Company’s revenue & earnings by entering into new business Actions to enter new geographic or product markets or exit existing market Actions to strengthen competitive capabilities & correct competitive weaknesses Actions & approaches that define how the company manages, research & development, production, sales & marketing, finance & other key activities Efforts to pursue new market opportunities & defend against threats to the Company’s well-being Actions to form Strategic alliances & collaborative partnerships Actions to merge with or acquire rival companies .

61. Strategic Management Process - an Overview Definition of Strategic Management: Strategic management is defined as the dynamic process of formulation, implementation, evaluation and control of strategies to realise the Organisation’s Strategic intent. Strategic Management is a continual, evolving, iterative process. It is not rigid, stepwise activities arranged in a sequential order. It is repeated over time as situation demands. Establish Strategic Intent Formulation of Strategies Implementation of Strategies Strategic Evaluation Strategic Control

64. Syllabus 2. Strategic Intent & Strategy Formulation: Vision, mission and purpose – Business definition, objectives and goals – Stakeholders in business and their roles in strategic management – Corporate Social Responsibility, Ethical and Social considerations in Strategy (4) --------------------------------------------------------------

89. Some Business definitions : Modi Zerox : Focus as a service organisation rather than vendor of zerox machines. Customer focus : Office Communication with high priced and low priced equipments, marketing services of maintenance and per copy price. Customer Function: Availability of spares, Drums, Toner, good after sales service. Technology : Collaboration with “Rank Zerox” Helen Curtice : We are in beauty enriching business. We will pursue ideas that would generate products enhancing beauty and youthfulness of men and women. Intel : We are in the business of computing technology and to consistently develop the artifice/building blocks of computing technology for the entire computer industry of the world is our business.

104. Examples of a company stakeholders Jobs, Involvement, Environmental issues, Shares Local Community Credit score, New contracts, Liquidity Creditors Value, Quality, Customer Care, Ethical products Customers Working conditions, Minimum Wages , Legal requirements Trade Unions Rates of pay, Job Security Non-Managerial staff Performance, Targets , Growth Senior Management staff Taxation, VAT , Legislation , Low unemployment Government Profit , Performance, Direction Owners private/shareholders Examples of interests Stakeholder