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CHAPTER 6 Formulating Long-Term Objectives and Grand Strategies
Chapter Topics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Types of Long-Term Objectives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Qualities of Long-Term Objectives Criteria used in preparing objectives Acceptable Flexible Measurable Motivating Suitable Understandable Achievable
What is the Balanced Scorecard? The Balanced Scorecard is a set of measures that are directly linked to the company’s strategy.  It directs a company to link its own long-term strategy with tangible goals and actions.
The Four Perspectives in a Balanced Scorecard ,[object Object],[object Object],[object Object],[object Object]
Exhibit 6-2: The Balanced Scorecard Vision and Strategy Financial ‘ To succeed financially, how should we appear to our shareholders?” Customer “ To achieve our vision, how should we appear to our customers?” Internal Business Process “ To satisfy our shareholders and customers, what business processes must we excel at?” Learning and Growth ‘ To achieve our vision, how will we sustain our ability to change and improve?”
The Value Disciplines ,[object Object],[object Object],[object Object],[object Object],[object Object]
Generic Strategies Low-cost Leadership Differentiation Focus
Ex. 6-3: Requirements for Generic Competitive Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Overall Cost Leadership Common Organizational Requirements Commonly Required Skills and Resources  Generic Strategy
Ex. 6-3  (contd.) Combination of above policies directed at the particular strategic target Combination of above policies directed at the particular strategic target Focus ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Differentiation Common Organizational Requirements Commonly Required Skills and resources Generic Strategy
Ex. 6-4: Risks of the Generic Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Risks of Focus Risks of Differentiation Risks of Cost Leadership
Types of Grand Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Characteristics of a Concentrated Growth Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Conditions Favoring a Concentrated Growth Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Strategies of Market and Product Development ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Exhibit 6-4: Specific Options for Selected Grand Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Ex. 6-4  (contd.) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Ex. 6-4  (contd.) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Innovation Strategy Involves creating a new product life cycle, thereby making similar existing products obsolete
Horizontal and Vertical Integration Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Ex. 6-7: Vertical and Horizontal Integrations Textile producer Textile producer Shirt manufacturer Shirt manufacturer Clothing store Clothing store Acquisitions or mergers of suppliers or customer businesses are  vertical integration Acquisitions or mergers of competing businesses are  horizontal integrations
Motivations for Diversification ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Diversification Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Turnaround Strategy Involves a concerted effort over a period of time to fortify a firm’s distinctive competencies, returning it to profitability
Turnaround Strategy  A turnaround strategy is done through Cost reduction Asset reduction
Terms Used in Turnaround Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object]
Divestiture and Liquidation Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The Strategy of Bankruptcy ,[object Object],[object Object],[object Object],[object Object],[object Object]
Corporate Combination Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Corporate Combination Strategies (contd.) ,[object Object],[object Object],[object Object]
Ex. 6-13: The Top Five Strategic Reasons for Outsourcing ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Chap006

  • 1. CHAPTER 6 Formulating Long-Term Objectives and Grand Strategies
  • 2.
  • 3.
  • 4. Qualities of Long-Term Objectives Criteria used in preparing objectives Acceptable Flexible Measurable Motivating Suitable Understandable Achievable
  • 5. What is the Balanced Scorecard? The Balanced Scorecard is a set of measures that are directly linked to the company’s strategy. It directs a company to link its own long-term strategy with tangible goals and actions.
  • 6.
  • 7. Exhibit 6-2: The Balanced Scorecard Vision and Strategy Financial ‘ To succeed financially, how should we appear to our shareholders?” Customer “ To achieve our vision, how should we appear to our customers?” Internal Business Process “ To satisfy our shareholders and customers, what business processes must we excel at?” Learning and Growth ‘ To achieve our vision, how will we sustain our ability to change and improve?”
  • 8.
  • 9. Generic Strategies Low-cost Leadership Differentiation Focus
  • 10.
  • 11.
  • 12.
  • 13.
  • 14.
  • 15.
  • 16.
  • 17.
  • 18.
  • 19.
  • 20. Innovation Strategy Involves creating a new product life cycle, thereby making similar existing products obsolete
  • 21.
  • 22. Ex. 6-7: Vertical and Horizontal Integrations Textile producer Textile producer Shirt manufacturer Shirt manufacturer Clothing store Clothing store Acquisitions or mergers of suppliers or customer businesses are vertical integration Acquisitions or mergers of competing businesses are horizontal integrations
  • 23.
  • 24.
  • 25. Turnaround Strategy Involves a concerted effort over a period of time to fortify a firm’s distinctive competencies, returning it to profitability
  • 26. Turnaround Strategy A turnaround strategy is done through Cost reduction Asset reduction
  • 27.
  • 28.
  • 29.
  • 30.
  • 31.
  • 32.