Strategic management involves evaluating and controlling a business and its industries, assessing competitors, and setting goals. It includes defining objectives, analyzing internal/external factors, formulating strategies, implementing plans, and evaluating progress through regular reassessment. Key aspects are environmental scanning using tools like SWOT, PESTLE analysis of political, economic, social, technological factors, matching strengths to opportunities while addressing weaknesses and threats, and choosing generic strategies to gain a competitive advantage. Implementation, evaluation, and control help monitor strategies and make adjustments.
GLOBAL CONFERENCE ON BUSINESS AND ECONOMICS, GLOBE 2018Dmytro Shestakov
Strategic Flexibility as a Key to Innovativeness: Theoretical Framework, Globe 2018, 120-131
Dmytro Shestakov
The article reveals the main strategic changes of the competitive environment, the necessity of flexibility in the new competitive conditions are determined. Flexibility in its various forms has
long played an important role in the organizational change and strategy literature. The theoretical approaches to the definition of the concept of "flexibility", "strategy", "strategic flexibility" are
revealed. Various kinds of flexibility of the company and levels of strategic flexibility are reviewed. With the changed dynamics in the new competitive landscape, firms face multiple discontinuities that often occur simultaneously and are not easily predicted. The article substantiates that managers and government policy makers are encountering major strategic discontinuities that are changing the nature of competition. Firms must be flexible to manage discontinuities and unpredictable change in their environments. Flexibility has been a characteristic of an organization that makes companies less vulnerable to unforeseen external changes or puts it in a better position to respond successfully to change. Strategic flexibility may increase innovation performance of a firm.
Advances In Global
Business And Economics
Proceedings of the GLOBE Conference
in Sarasota, USA, June 4-8, 2018
Editor
Dr. Cihan Cobanoglu
M3 Center
University of South Florida Sarasota-Manatee
USA
A summary lecture on Strategic Management. Given at Copenhagen Business School's MBA program spring 2010, while in the program.
The presentation gives an overview of the field of strategy. Extra attention is given to strategic innovation as a core discipline.
The presentation is rounded out by a Goldman Sachs strategy case.
Please contact Christian@engage-innovate.com for further information.
GLOBAL CONFERENCE ON BUSINESS AND ECONOMICS, GLOBE 2018Dmytro Shestakov
Strategic Flexibility as a Key to Innovativeness: Theoretical Framework, Globe 2018, 120-131
Dmytro Shestakov
The article reveals the main strategic changes of the competitive environment, the necessity of flexibility in the new competitive conditions are determined. Flexibility in its various forms has
long played an important role in the organizational change and strategy literature. The theoretical approaches to the definition of the concept of "flexibility", "strategy", "strategic flexibility" are
revealed. Various kinds of flexibility of the company and levels of strategic flexibility are reviewed. With the changed dynamics in the new competitive landscape, firms face multiple discontinuities that often occur simultaneously and are not easily predicted. The article substantiates that managers and government policy makers are encountering major strategic discontinuities that are changing the nature of competition. Firms must be flexible to manage discontinuities and unpredictable change in their environments. Flexibility has been a characteristic of an organization that makes companies less vulnerable to unforeseen external changes or puts it in a better position to respond successfully to change. Strategic flexibility may increase innovation performance of a firm.
Advances In Global
Business And Economics
Proceedings of the GLOBE Conference
in Sarasota, USA, June 4-8, 2018
Editor
Dr. Cihan Cobanoglu
M3 Center
University of South Florida Sarasota-Manatee
USA
A summary lecture on Strategic Management. Given at Copenhagen Business School's MBA program spring 2010, while in the program.
The presentation gives an overview of the field of strategy. Extra attention is given to strategic innovation as a core discipline.
The presentation is rounded out by a Goldman Sachs strategy case.
Please contact Christian@engage-innovate.com for further information.
This paper’s objective is to present the importance of the strategic planning in business management. Speaking of strategic planning is always speaking in general terms and how to fix paths of behavior will necessarily affect deeply and significantly in the future evolution of the company or organization that adopts it. Today we think of the organization as part of an environment and in terms of options or choices based on what you have, of its surroundings and the opportunities or pathways that can lead to achieving the objective, (Garrido, 2009). For this work the method used was a bibliographical review of relevant articles from a range of authors was conducted. The conclusions were that the be properly analyzed and adapted to the precise conditions and characteristics of the small business or, more generally, to any type of business for which the planning is intended. Strategic planning brings multiple benefits (which exceed its disadvantages) if applied in the right way, however, there are inherent risks, which can be overcome with proper monitoring and control.
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
We looked at the data. Here’s a breakdown of some key statistics about the nation’s incoming presidents’ addresses, how long they spoke, how well, and more.
This paper’s objective is to present the importance of the strategic planning in business management. Speaking of strategic planning is always speaking in general terms and how to fix paths of behavior will necessarily affect deeply and significantly in the future evolution of the company or organization that adopts it. Today we think of the organization as part of an environment and in terms of options or choices based on what you have, of its surroundings and the opportunities or pathways that can lead to achieving the objective, (Garrido, 2009). For this work the method used was a bibliographical review of relevant articles from a range of authors was conducted. The conclusions were that the be properly analyzed and adapted to the precise conditions and characteristics of the small business or, more generally, to any type of business for which the planning is intended. Strategic planning brings multiple benefits (which exceed its disadvantages) if applied in the right way, however, there are inherent risks, which can be overcome with proper monitoring and control.
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
We looked at the data. Here’s a breakdown of some key statistics about the nation’s incoming presidents’ addresses, how long they spoke, how well, and more.
My books- Hacking Digital Learning Strategies http://hackingdls.com & Learning to Go https://gum.co/learn2go
Resources at http://shellyterrell.com/emoji
Artificial intelligence (AI) is everywhere, promising self-driving cars, medical breakthroughs, and new ways of working. But how do you separate hype from reality? How can your company apply AI to solve real business problems?
Here’s what AI learnings your business should keep in mind for 2017.
Study: The Future of VR, AR and Self-Driving CarsLinkedIn
We asked LinkedIn members worldwide about their levels of interest in the latest wave of technology: whether they’re using wearables, and whether they intend to buy self-driving cars and VR headsets as they become available. We asked them too about their attitudes to technology and to the growing role of Artificial Intelligence (AI) in the devices that they use. The answers were fascinating – and in many cases, surprising.
This SlideShare explores the full results of this study, including detailed market-by-market breakdowns of intention levels for each technology – and how attitudes change with age, location and seniority level. If you’re marketing a tech brand – or planning to use VR and wearables to reach a professional audience – then these are insights you won’t want to miss.
The term strategy is derived from the Greek word “Strategos” means a plan or process or a set of decision rules or an arrangement to create a common thread.
It is the path or the way to achieve the goals of the organization or corporate.
It helps the manager proactively to direct or run the organization in a volatile environment.
It consists of WH questions.
Mintzberg has defined the strategy which consists of “5Ps” such as: plan, pattern, position, ploy and perspective.
A Plan “how to achieve the target”.
A Pattern “to take consistent actions over time”.
A Position “to be achieved by offering goods and services in particular market”.
A Ploy “how to beat the competitors by using tactics and tricks with proper allocation and utilization of resources”.
A Perspective “it is the vision of the organization what it want to be”.
Characteristics:
Strategy is concerned with to achieve the broad goals of the organization.
It establishes unique value proposition compared to its competitors.
It provides tailored value to its customers.
It clearly identifies and clarifies what not to do.
It empowers the organization to move towards its vision.
It creates environmental scanning to gain competitive advantage.
External environment is the environment outside of the organization which influences the business. It can broadly be categorised into two parts: Micro Environment & Macro Environment.
Micro Environment studies the small area of business or immediate periphery of the organization. It directly influence and regulate the business.
E.g.: customers, suppliers, creditors, vendors, competitors and local community.
Macro Environment: It studies overall business activity in a broad manner. It influences business on the basis of “PEST”: Political, Economic, Socio-cultural and Technology.
Political Factors consists of employment laws, tax policy, policies regarding trade & tariffs, environmental regulation and political stability.
Economic Factors consists of economic growth, interest rate, exchange rate and inflation rate.
Socio-Cultural Factors consists of health consciousness, population growth rate, age, career attitude, emphasis on safety etc.
Technological Factor consists of R & D activity, automation, technology incentives and change in technology.
Internal Environment is a component of the business environment, which is composed of various elements present inside the organization that can affect and be affected by the decision of the organization and its activities.
The internal environment of the organization consists of employees, management, owner, shareholders, investors and all other resources.
Factors influencing external environment are: value system, vision, structure, culture, human resource, physical resource, technical-know-how etc.
The internal environment environmental analysis generates long list of resources and capabilities which play vital role in strategy formulation.
It determines the strength and weakness of the organization.
. Introduction to Corporate Strategy(CS))debajanipalai
The term strategy is derived from the Greek word “Strategos” means a plan or process or a set of decision rules or an arrangement to create a common thread.
It is the path or the way to achieve the goals of the organization or corporate.
It helps the manager proactively to direct or run the organization in a volatile environment.
It consists of WH questions.
Mintzberg has defined the strategy which consists of “5Ps” such as: plan, pattern, position, ploy and perspective.
A Plan “how to achieve the target”.
A Pattern “to take consistent actions over time”.
A Position “to be achieved by offering goods and services in particular market”.
A Ploy “how to beat the competitors by using tactics and tricks with proper allocation and utilization of resources”.
A Perspective “it is the vision of the organization what it want to be”.
Strategy is concerned with to achieve the broad goals of the organization.
It establishes unique value proposition compared to its competitors.
It provides tailored value to its customers.
It clearly identifies and clarifies what not to do.
It empowers the organization to move towards its vision.
It creates environmental scanning to gain competitive advantage.
External environment is the environment outside of the organization which influences the business. It can broadly be categorised into two parts: Micro Environment & Macro Environment.
Micro Environment studies the small area of business or immediate periphery of the organization. It directly influence and regulate the business.
E.g.: customers, suppliers, creditors, vendors, competitors and local community.
Macro Environment: It studies overall business activity in a broad manner. It influences business on the basis of “PEST”: Political, Economic, Socio-cultural and Technology.
Internal Environment is a component of the business environment, which is composed of various elements present inside the organization that can affect and be affected by the decision of the organization and its activities.
The internal environment of the organization consists of employees, management, owner, shareholders, investors and all other resources.
Factors influencing external environment are: value system, vision, structure, culture, human resource, physical resource, technical-know-how etc.
Strategic Advantage Profile (SAP) is a summary statement which provides an overview of the advantages and disadvantages in key areas which affect future operations of the organization.
It is the systematic evaluation of strategic advantage which is significant for the business and its environment.
It involves analysis of internal strength and weakness along with opportunities and threats by focusing on complete study of functional areas like: marketing, production, finance, accounting, personnel, R&D.
Business Policy, Strategy, History of Strategy, Strategic Management, Strategic business unit, Strategic Intent, Vision, Mission, Goals, Objectives, Plans
Using established business models as investigative tools and linking them together to enhance their analytical value is proposed in this paper as a method of progressing from strategic situation analysis to competitive advantage. Moreover, internal analyses that result in the identification of distinctive competencies and external investigations that uncover industry key success factors give strategists the means to develop strategies that may achieve competitive advantage.
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In healthcare today, challenges surface almost daily in terms of finance, reform, government mandates and policy, technology, and customer satisfaction. It is crucial that healthcare leaders step back and continually assess the organization’s strategic plan. In fact, strategic thinking, assessing and modeling are becoming requirements for an organization to survive the turbulent healthcare climate.
Strategic planning provides a roadmap to where the company is going, and directions on how to get there. It is used to guide all decisions, including those regarding capital, technology, staff and other resources.
Stakeholders, investors, product portfolio, customers, resources, processes and employees are fundamental elements of any organization. The ‘mission’ of an organization is helpful in deciding how these elements are used to reach its ‘objective’. Strategy is an integral part of any organization that decides the best means to utilize them to reach a common objective which is otherwise known as the ‘strategic goal’.
STRATEGIC PLAN PART II - ENVIRONMENTAL ANALYSIS AND1STRATEGIC P.docxdessiechisomjj4
STRATEGIC PLAN PART II - ENVIRONMENTAL ANALYSIS AND 1
STRATEGIC PLAN PART II - ENVIRONMENTAL ANALYSIS AND 2
Environmental Analysis and Setting Strategic Goals
A business environmental analysis is a process that looks at the external factors that can impact on the business. Such factors can be revealed through conducting Porter`s Five Forces analysis that looks at the microenvironment and PESTEL, which looks at the macro environment (Yurkel, 2012). Porter five forces analyzes competition level in an industry and looks at business strategy development (Porter, 2008). Such factors include the competition in the same industry, he suitable customers, channels, suppliers to the enterprise, politics, the economy, technical issues, political matters, environmental issues, technological issues, or legal issues, among others. All these factors are examined independently to see how each would affect the strategic plan of the business.
Implications of the Environmental Analysis on the Strategic Plan
A strategic plan has to be created to guide actions of a business. Once you create the business plan, it gives you a concrete steps that one should take in order to make a business successful. Before you develop a strategic plan, it is necessary that one study the environmental factors that will affect the organization. When one fails to respond to the conditions in the business environment, it can doom the firm to failure. For example, when the economy is weak the business may have to check on pricing and do more sales, or venturing into a business requires one check the political environment and the chances the company will peacefully exist and earn you profits.
A proper environmental analysis will analyze all the major forces that could affect the business, and tries to forecast how the future events can alter the company. The nature of business determines what the environmental analysis should focus. For instance, a corporation that depends on foreign suppliers has to look into currency exchange rates, changes in shipping costs and import tariffs. One can forecast the short-term or long-term effects of the environmental factors on the business that having a basic idea of events in the world will enable you form a meaningful strategic plan.
Hillside Healthcare`s environmental analysis will include a check on Porter`s five forces and the PESTEL. Porter`s five forces looks at the competition. Hillside Healthcare does not face a significant threat from new entrants as the Healthcare business requires a considerable amount of capital and has many legal requirements to be adhered to. There is a threat from substitute products or services emanating from the fact that currently there are alternatives such as the fee-for-service payment models or the medical plans such as Medicare and other medical insurance plans.
Hillside Healthcare has to come up with strategies that make it look more attractive than these other services or incorporate such services int.
In this lesson you learned about the focus areas of determining a company’s strategic position and thereafter communicating its purpose to stakeholders. You learned that a company’s strategic position can be determined using tools such as PESTEL and SWOT analysis.
1. the conduct of drafting, implementing and evaluating
cross-functional decisions that will enable an
organization to achieve its long-term objectives.
It is the process of specifying the organization's
mission, vision and objectives, developing policies and
plans, often in terms of projects and programs, which
are designed to achieve these objectives, and then
allocating resources to implement the policies and
plans, projects and programs.
Dr. Harish Purohit
1
2. “Strategic management is an ongoing process that
evaluates and controls the business and the
industries in which the company is involved;
assesses its competitors and sets goals and
strategies to meet all existing and potential
competitors; and then reassesses each strategy
annually or quarterly [i.e. regularly] to determine
how it has been implemented and whether it has
succeeded or needs replacement by a new strategy
to meet changed circumstances, new technology,
new competitors, a new economic environment., or
a new social, financial, or political environment.”
Dr. Harish Purohit
2
3. In today's highly competitive business environment,
budget-oriented planning or forecast-based planning
methods are insufficient for a large corporation to
survive and prosper.
The firm must engage in strategic planning that clearly
defines objectives and assesses both the internal and
external situation to formulate strategy, implement the
strategy, evaluate the progress, and make adjustments
as necessary to stay on track.
Dr. Harish Purohit
3
5. Mission and Objectives
The mission statement describes the company's
business vision, including the unchanging values and
purpose of the firm and forward-looking visionary
goals that guide the pursuit of future opportunities.
Guided by the business vision, the firm's leaders can
define measurable financial and strategic objectives.
Financial objectives involve measures such as sales targets
and earnings growth.
Strategic objectives are related to the firm's business position,
and may include measures such as market share and
reputation.
Dr. Harish Purohit
5
6. Environmental Scan
The environmental scan includes the following components:
- Internal analysis of the firm
- Analysis of the firm's industry (task environment)
- External macro-environment (PEST analysis).
The internal analysis can identify the firm's strengths and
weaknesses and the external analysis reveals opportunities and
threats. A profile of the strengths, weaknesses, opportunities, and
threats is generated by means of a SWOT analysis.
An industry analysis can be performed using a framework
developed by Michael Porter known as Porter's five forces. This
framework evaluates entry barriers, suppliers, customers, substitute
products, and industry rivalry.
Dr. Harish Purohit
6
7. PEST analysis:
“Political, Economic, Social, and Technological analysis"
describes a framework of macro-environmental factors
used in the environmental scanning component of
strategic management.
The model has recently been further extended to
STEEPLE and STEEPLED, adding education and
demographics factors.
It is a part of the external analysis when conducting a
strategic analysis or doing market research and gives a
certain overview of the different macro-environmental
factors that the company has to take into consideration.
Dr. Harish Purohit
7
8. PEST analysis: The Model's Factors
1. Political factors:
How and to what degree a government intervenes in
the economy.
- tax policy,
- labour law,
- environmental law,
- trade restrictions,
- tariffs, and political stability.
Political factors may also include goods and services
which the government wants to provide or be provided
(merit goods) and those that the government does not
want to be provided.
Furthermore, governments have great influence on the
health, education, and infrastructure of a nation.
Dr. Harish Purohit
8
9. PEST analysis: The Model's Factors
2. Economic factors include:
economic growth, interest rates, exchange
rates and the inflation rate.
These factors have major impacts on how
businesses operate and make decisions.
For example, interest rates affect a firm's cost of
capital and therefore to what extent a business
grows and expands. Exchange rates affect the
costs of exporting goods and the supply and
price of imported goods in an economy
Dr. Harish Purohit
9
10. PEST analysis: The Model's Factors
3. Social factors
- the cultural aspects and include health consciousness,
population growth rate, age distribution, career
attitudes and emphasis on safety.
Trends in social factors affect the demand for a
company's products and how that company operates.
For example, an ageing population may imply a
smaller and less-willing workforce (thus increasing the
cost of labor). Furthermore, companies may change
various management strategies to adapt to these social
trends (such as recruiting older workers).
Dr. Harish Purohit
10
11. PEST analysis: The Model's Factors
4. Technological factors
ecological and environmental aspects, such as
R&D activity, automation, technology
incentives and the rate of technological change.
They can determine barriers to entry,
minimum efficient production level and
influence outsourcing decisions.
Furthermore, technological shifts can affect
costs, quality, and lead to innovation.
Dr. Harish Purohit
11
12. PEST analysis:
It is a useful strategic tool for understanding market
growth or decline, business position, potential and
direction for operations.
The growing importance of environmental or ecological
factors in the first decade of the 21st century have given
rise to green business and encouraged widespread use
of an updated version of the PEST framework.
STEER analysis systematically considers Socio-cultural,
Technological, Economic, Ecological, and Regulatory
factors.
Dr. Harish Purohit
12
13. 5. Legal factors
- discrimination law,
- consumer law,
- antitrust law,
- employment law, and
- health and safety law.
These factors can affect how a company operates, its
costs, and the demand for its products.
Dr. Harish Purohit
13
14. 6. Environmental factors
- weather, climate, and climate change
- which may especially affect industries such as
tourism, farming, and insurance.
Furthermore, growing awareness to climate change is
affecting how companies operate and the products
they offer--it is both creating new markets and
diminishing or destroying existing ones.
Dr. Harish Purohit
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15. Strategy Formulation
Given the information from the environmental scan, the
firm should match its strengths to the opportunities that
it has identified, while addressing its weaknesses and
external threats.
To attain superior profitability, the firm seeks to develop
a competitive advantage over its rivals.
A competitive advantage can be based on cost or differentiation.
Michael Porter identified three industry-independent generic
strategies (Cost leadership, differentiation, focus) from which the
firm can choose.
Strategy can be formulated on 3 levels:
- corporate level - business unit level - functional / dept’al level
Dr. Harish Purohit
15
16. Strategy Implementation
The selected strategy is implemented by means of
programs, budgets, and procedures. Implementation
involves organization of the firm's resources and
motivation of the staff to achieve objectives.
The way in which the strategy is implemented can have
a significant impact on whether it will be successful. In a
large company, those who implement the strategy likely
will be different people from those who formulated it.
For this reason, care must be taken to communicate the
strategy and the reasoning behind it. Otherwise, the
implementation might not succeed if the strategy is
misunderstood or if lower level managers resist its
implementation because they do not understand why
the particular strategy was selected.
Dr. Harish Purohit
16
17. Evaluation & Control
The implementation of the strategy must be monitored
and adjustments made as needed.
Evaluation and control consists of the following steps:
1. Define parameters to be measured
2. Define target values for those parameters
3. Perform measurements
4. Compare measured results to the pre-defined standard
5. Make necessary changes
Dr. Harish Purohit
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