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Chap # 9 Strategic Planning.ppt
1.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-1
2.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-2 •Define strategic management and explain why it’s important •Explain what managers do during the six steps of the strategic management process •Describe the three types of corporate strategies •Describe competitive advantage and the competitive strategies organizations use to get it •Discuss current strategic management issues
3.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-3 What Is Strategic Management? • Strategic management - what managers do to develop the organization’s strategies. • Strategies - the plans for how the organization will do what it’s in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its goals. • Business model - how a company is going to make money.
4.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-4 Why Is Strategic Management Important? 1. It results in higher organizational performance. 2. It requires that managers examine and adapt to business environment changes. 3. It coordinates diverse organizational units, helping them focus on organizational goals.
5.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-5 What is the Strategic Management Process? • Strategic management process - a six-step process that encompasses strategic planning, implementation, and evaluation.
6.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-6 Exhibit 9-1: Strategic Management Process
7.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-7 Strategic Management Process • Step 1: Identifying the organization’s current mission, goals, and strategies – Mission: a statement of the purpose of an organization • The scope of its products and services – Goals: the foundation for further planning • Measurable performance targets • Step 2: Doing an external analysis – The environmental scanning of specific and general environments • Focuses on identifying opportunities and threats
8.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-8 Strategic Management Process • Step 3: Doing an internal analysis – Assessing organizational resources, capabilities, and activities: • Strengths create value for the customer and strengthen the competitive position of the firm. • Weaknesses can place the firm at a competitive disadvantage. – Analyzing financial and physical assets is fairly easy, but assessing intangible assets (employee skills, culture, corporate reputation, etc.) isn’t as simple. • Steps 2 and 3 combined are called a SWOT analysis. (Strengths, Weaknesses, Opportunities, and Threats)
9.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-9 SWOT Analysis • SWOT analysis - an analysis of the organization’s strengths, weaknesses, opportunities, and threats. • Resources - an organization’s assets that are used to develop, manufacture, and deliver a product to its customers. • Capabilities - an organization’s skills and abilities in doing the work activities needed in its business.
10.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-10 Strengths and Weaknesses • Strengths - any activities the organization does well or any unique resources that it has. • Weaknesses - activities the organization does not execute well or needed resources it does not possess. • Core competencies - the organization’s major value-creating capabilities that determine its competitive weapons.
11.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-11 Strategic Management Process • Step 4: Formulating strategies – Develop and evaluate strategic alternatives. – Select appropriate strategies for all levels in the organization that provide relative advantage over competitors. – Match organizational strengths to environmental opportunities. – Correct weaknesses and guard against threats.
12.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-12 Strategic Management Process • Step 5: Implementing strategies – Implementation - effectively fitting organizational structure and activities to the environment. – The environment dictates the chosen strategy; effective strategy implementation requires an organizational structure matched to its requirements. • Step 6: Evaluating results – How effective have strategies been? – What adjustments, if any, are necessary?
13.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-13 Corporate Strategies • Corporate strategy - an organizational strategy that determines what businesses a company is in or wants to be in, and what it wants to do with those businesses. • Types of Corporate Strategies • Growth: expansion into new products and markets. • Stability: maintenance of the status quo. • Renewal: examination of organizational weaknesses that are leading to performance declines.
14.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-14 Corporate Strategies (cont.) • Growth strategy - a corporate strategy that’s used when an organization wants to expand the number of markets served or products offered, through either its current business(es) or new business(es).
15.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-15 Corporate Strategies (cont.) • Stability strategy - a corporate strategy in which an organization continues to do what it is currently doing. • Renewal strategy - a corporate strategy designed to address declining performance.
16.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-16 Exhibit 9-3: Types of Organizational Strategies
17.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-17 How Are Corporate Strategies Managed? • Strategic Business Unit (SBU) - the single independent businesses of an organization that formulate their own competitive strategies. • BCG matrix - a strategy tool that guides resource allocation decisions on the basis of market share and growth rate of SBUs.
18.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-18 Exhibit 9-4: BCG Matrix
19.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-19 The Role of Competitive Advantage • Competitive strategy - an organizational strategy for how an organization will compete in its business(es). • Competitive advantage - what sets an organization apart; its distinctive edge.
20.
Copyright © 2012
Pearson Education, Inc. Publishing as Prentice Hall Management, Eleventh Edition by Stephen P. Robbins & Mary Coulter ©2012 Pearson Education, Inc. publishing as Prentice Hall 9-20 What is a Functional Strategy? • Functional strategy - the strategies used by an organization’s various functional departments to support the competitive strategy.
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