This document discusses the concepts of business policy and strategy. It defines business policy as the set of rules that guide an organization's decisions and actions. Strategy is defined as management's plan to achieve organizational goals consistent with its mission. The document traces the evolution of strategic management from its origins in military science. It describes strategic management as an integrated process that considers both external environmental factors and long-term competitiveness and sustainability.
CHARTER 1 EVOLUTION OF BUSINESS POLICY AND STRATEGY (1).pptxDanielDeGuzman23
This document discusses the evolution of business policy and strategy. It defines key concepts such as business policy, strategy, strategic management, and tactics. Business policy refers to the set of rules that guide an organization, while strategy is management's plan to achieve goals consistent with the organization's mission. Strategic management involves analyzing opportunities/threats, strengths/weaknesses, establishing goals/mission, formulating strategies, implementing strategies, and engaging in strategic control. Tactics are more operational compared to strategies and support achieving strategies. The document also discusses different strategic types, bases of policies and strategies, and approaches to identifying them.
Strategic management involves 3 levels of strategy:
1. Corporate level strategy determines the overall scope and direction of the organization.
2. Business level strategy identifies how each business unit will compete in its market.
3. Functional level strategy guides activities within specific operational areas like marketing and HR.
The strategic management process includes environmental scanning, strategy formulation, implementation, and evaluation. Setting a vision, mission, and objectives provides guidance for strategic planning.
The document discusses key concepts related to strategy and strategic management. It defines strategy as a plan or course of action related to pursuing organizational goals and objectives. Strategic management is described as a process directed by top management to determine long-term goals and ensure decisions align the organization with its environment. The strategic management process involves environmental scanning, strategy formulation, implementation, and evaluation.
This document is a course syllabus for an introduction to strategic management course. It outlines the course purpose, learning outcomes, teaching methodology, assessment, required texts, and topics to be covered. The course is designed to equip students with knowledge and skills in strategic management, including analyzing a company's strategy and environment, understanding sources of competitive advantage, and appreciating the strategic management process. It will be taught through lectures, discussions, assignments and case studies and assessed through tests, assignments, and an examination.
Strategic Mangement For Under Grad AnimatedUlhas Wadivkar
The document discusses strategic management, including definitions, levels of decisions, roles of strategists, and the strategic management process. It defines strategic management as determining goals and courses of action to achieve them. Strategic decisions are made at various levels from corporate to functional. Strategists include the board, CEO, managers, and consultants. The strategic management process involves defining vision and mission, analyzing the environment, setting objectives and strategies, implementing plans, and evaluating performance.
This document provides an overview of business policy and strategic management. It defines strategic management as analytical thinking and commitment of resources to action aimed at ensuring organizational objectives are achieved. The document outlines the strategic management process, including developing a corporate vision and mission, and operating strategies at different organizational levels. It also defines strategy as a long-range plan to achieve an organization's goals and position itself competitively. Finally, the document discusses how strategic management helps organizations adapt to changing business environments through strategic planning.
Strategic management involves three main processes: strategy formulation, strategy implementation, and strategy evaluation. Strategy formulation involves analyzing the internal and external environment to set objectives and develop a strategic plan. Strategy implementation allocates resources and establishes responsibility to achieve objectives. Strategy evaluation measures effectiveness by analyzing strengths, weaknesses, opportunities, and threats to determine if the strategy needs to be maintained or changed.
CHARTER 1 EVOLUTION OF BUSINESS POLICY AND STRATEGY (1).pptxDanielDeGuzman23
This document discusses the evolution of business policy and strategy. It defines key concepts such as business policy, strategy, strategic management, and tactics. Business policy refers to the set of rules that guide an organization, while strategy is management's plan to achieve goals consistent with the organization's mission. Strategic management involves analyzing opportunities/threats, strengths/weaknesses, establishing goals/mission, formulating strategies, implementing strategies, and engaging in strategic control. Tactics are more operational compared to strategies and support achieving strategies. The document also discusses different strategic types, bases of policies and strategies, and approaches to identifying them.
Strategic management involves 3 levels of strategy:
1. Corporate level strategy determines the overall scope and direction of the organization.
2. Business level strategy identifies how each business unit will compete in its market.
3. Functional level strategy guides activities within specific operational areas like marketing and HR.
The strategic management process includes environmental scanning, strategy formulation, implementation, and evaluation. Setting a vision, mission, and objectives provides guidance for strategic planning.
The document discusses key concepts related to strategy and strategic management. It defines strategy as a plan or course of action related to pursuing organizational goals and objectives. Strategic management is described as a process directed by top management to determine long-term goals and ensure decisions align the organization with its environment. The strategic management process involves environmental scanning, strategy formulation, implementation, and evaluation.
This document is a course syllabus for an introduction to strategic management course. It outlines the course purpose, learning outcomes, teaching methodology, assessment, required texts, and topics to be covered. The course is designed to equip students with knowledge and skills in strategic management, including analyzing a company's strategy and environment, understanding sources of competitive advantage, and appreciating the strategic management process. It will be taught through lectures, discussions, assignments and case studies and assessed through tests, assignments, and an examination.
Strategic Mangement For Under Grad AnimatedUlhas Wadivkar
The document discusses strategic management, including definitions, levels of decisions, roles of strategists, and the strategic management process. It defines strategic management as determining goals and courses of action to achieve them. Strategic decisions are made at various levels from corporate to functional. Strategists include the board, CEO, managers, and consultants. The strategic management process involves defining vision and mission, analyzing the environment, setting objectives and strategies, implementing plans, and evaluating performance.
This document provides an overview of business policy and strategic management. It defines strategic management as analytical thinking and commitment of resources to action aimed at ensuring organizational objectives are achieved. The document outlines the strategic management process, including developing a corporate vision and mission, and operating strategies at different organizational levels. It also defines strategy as a long-range plan to achieve an organization's goals and position itself competitively. Finally, the document discusses how strategic management helps organizations adapt to changing business environments through strategic planning.
Strategic management involves three main processes: strategy formulation, strategy implementation, and strategy evaluation. Strategy formulation involves analyzing the internal and external environment to set objectives and develop a strategic plan. Strategy implementation allocates resources and establishes responsibility to achieve objectives. Strategy evaluation measures effectiveness by analyzing strengths, weaknesses, opportunities, and threats to determine if the strategy needs to be maintained or changed.
Strategic leadership involves three key elements: strategic thinking, acting, and influence. It is concerned with creating sustainable competitive advantage for an organization over the long term. Strategic leadership differs from general leadership in that it has a broad scope that impacts the entire organization, its impact is felt over long periods of time, and it often involves significant organizational change. Strategic leaders are primarily concerned with higher levels of the organization and ensuring its future competitiveness through developing and implementing effective strategies. Strategic decision making is an important part of strategic leadership, as strategic decisions are rare, consequential, and directive for the organization.
A key maxim in business is: never acquire a business you don’t understand how to run. Equally, it would be true to say: never adopt a strategy you don’t understand how to implement.
We cannot implement what we don’t know. "If a man takes no thought about what is distant, he will find sorrow near at hand. He who will not worry about what is far off will soon find something worse than worry."—Confucius. Jim Skinner, CEO of McDonald’s, says, “We do so well because our strategies have been so well planned out.” And let me say here that, just as a football team needs a good game plan to have a chance for success, a company must have a good strategic plan to compete successfully.
This document discusses the concept of strategic management. It defines strategy as a pattern of objectives, goals and policies to achieve those goals. Strategic management involves formulating, implementing and evaluating cross-functional decisions to achieve organizational objectives. It combines various functional areas to achieve goals. The strategic management process includes setting objectives, analyzing the environment, assessing organizational capabilities, identifying strategies, implementing strategies, and evaluating performance.
Key Terms
Chapter Outline:
2-1
The Strategic
Managment Process
2-2
Theories of Strategy
2-3
Strategy at the
Corporate Level
2-4
Strategy at the
Business Level
2-5
Strategy at the
Functional Level
Summary
Review Questions
Glossary
Endnotes
2Organizational Strategy
& Performance
business-level strategy
business unit
competitive advantage
contingency theory
core competencies
corporate profile
corporate restructuring
corporate-level strategy
differentiation strategy
distinctive competence
divestment
downsizing
external growth
first-mover advantages
focus
functional strategies
generic strategies
growth strategy
industrial organization (IO)
industry
intended strategy
internal growth
liquidation
low-cost strategy
low-cost–differentiation
realized strategy
related diversification
retrenchment strategy
stability strategy
strategic alliances
strategic group
strategic mgmt. process
strategy
synergy
turnaround
W
I
L
L
I
S
,
K
A
S
S
A
N
D
R
A
2
1
6
1
T
S
Organizational Theory 2-2
strategy
top management’s plans to
attain outcomes consistent
with the organization’s
mission and goals
strategic management
process
the continuous process
of determining the
mission and goals of an
organization within the
context of its external
environment and its
internal strengths and
weaknesses; formulating
and implementing
strategies; and exerting
strategic control to ensure
that the organization’s
strategies are successful in
attaining its goals
Organizations are most likely to succeed when their activities are integrated
toward a common purpose. But this does not occur automatically; it requires
substantial forethought and planning. In other words, it requires a strategy. This
chapter discusses the strategic planning process, as well as strategic alternatives
available for each organization. Although the concepts presented herein have been
developed with profit-seeking firms in mind, they can be equally applicable to
public and private not-for-profit organizations that must compete in some way with
other organizations or agencies.
The concept of an organizational strategy encapsulates the notion of planning for
success. Specifically, a strategy refers to top management’s plans to develop and
sustain competitive advantage so that the organization’s mission is fulfilled. A
strategy provides direction for the organization and can be identified by examining
a pattern of decisions made by an organization’s top managers. It is most likely to
be effective when it is compatible with the organization’s structure and culture,
concepts that will be developed later in the text. Although strategy is discussed
before structure and culture, all three dimensions are tightly intertwined.
A successful strategy is marked by four key distinctions. First, it does not simply
emerge, but rather is developed after top managers systematically evaluate both
the organization’s resources and external factors that can affect perfo ...
Ch2 Human Resource Policies and StrategiesKomal Sahi
Human resource strategies and policies play an important role in organizational success. An effective HR strategy has three key elements: strategic objectives, a plan of action to meet those objectives, and alignment between HR strategies and the overall business strategy. Developing strong HR policies provides guidelines for employee management and ensures consistency. Regular strategic planning allows an organization to assess its mission, vision, external environment, and goals to develop effective strategies and policies over the long term.
This document discusses the concept of strategic management. It begins by defining strategy and explaining its origins and importance for firms. It then discusses different views on defining strategy from various scholars. It also summarizes the key features of strategy. The document goes on to define strategic management and explain its purpose and benefits. It discusses different levels of strategy, including corporate, business and functional strategies. It outlines the strategic management process and concludes by discussing strategic management in a global business context.
Strategic management and strategic human resource management (SHRM) are discussed. Strategy is defined as a perspective, position, plan, and pattern that provides general guidance for actions to achieve organizational ends. SHRM involves integrating HR policies and practices to support business strategy and goals. Effective SHRM requires aligning HR with strategy, developing employees' skills and commitment, and ensuring HR strategies and policies work coherently together to fulfill organizational strategy. The document discusses various models and approaches to strategic management and SHRM.
Mba iii (business policy and strategic analysis)Ankit Rautela
The document discusses business policy and strategic management. It provides definitions of business policy as the study of functions and responsibilities of senior management related to organizational problems affecting enterprise success. Strategic management is defined as the dynamic process of formulating, implementing, evaluating, and controlling strategies to achieve strategic intent. The strategic management process involves environmental scanning, strategy formulation, implementation, and evaluation and control in an ongoing cycle.
The document discusses strategic management and provides definitions and concepts. It describes strategic management as including environmental scanning, strategy formulation, implementation, and evaluation. It outlines the four phases that organizations typically go through in developing strategic management: basic financial planning, forecast-based planning, externally oriented strategic planning, and strategic management. Key benefits of strategic management include improved vision, focus, and environmental understanding. Globalization, innovation, and sustainability are presented as important challenges for strategic management. Theories of organizational adaptation and creating learning organizations are also covered.
Strategic management involves establishing strategic intent, formulating strategies, implementing strategies, and evaluating strategies. It operates at the corporate, business unit, and functional levels. At the corporate level, strategy involves overall direction and resource allocation. Business unit strategy focuses on a single business. Functional strategy relates to a specific function. Strategists, such as managers and CEOs, are responsible for strategic decisions and providing organizational direction to achieve objectives. Their roles include setting objectives, formulating, implementing, and evaluating strategies.
Strategy involves setting a direction for an organization to achieve its goals. It bridges the gap between the present and desired future state. The strategic management process involves assessing the internal and external environment, formulating strategies, implementing strategies, and evaluating performance. Key aspects of the process include developing a vision, mission and objectives, analyzing strengths, weaknesses, opportunities and threats, selecting strategies, and monitoring strategies and taking corrective actions. The overall purpose is to align organizational activities and resources to gain a competitive advantage.
Mintzberg identifies 5 perspectives on strategy:
1. Strategy as plan - a consciously intended course of action.
2. Strategy as ploy - a specific scheme to outwit competitors.
3. Strategy as pattern - consistency in behavior whether intended or not.
4. Strategy as position - how an organization locates itself in its environment.
5. Strategy as perspective - a shared way of perceiving the world among organizational members.
Strategic management involves defining an organization's vision and mission, assessing external opportunities and threats, identifying strategic options, implementing strategies, and reviewing performance. The level of formality in strategic decisions depends on factors like organizational size, complexity, and
This document provides an overview of strategic management. It defines key terms like strategy, strategic management, objectives and policies. It discusses the three main processes of strategic management: formulation, implementation, and evaluation. It also outlines internal and external factors to consider in strategic analysis and identifies benefits of strategic management like prioritizing opportunities and effective resource allocation. Finally, it stresses the importance of business ethics in strategic decision making.
This document provides an overview of strategic marketing and strategic management. It discusses the nature and scope of strategy, the historical evolution of strategic management, and the principal areas of strategic decisions. It also examines the differences between strategic planning and marketing planning, elements that shape competitive strategies, and the phases of strategic marketing which include strategic analysis, formulating strategy, and implementation. Finally, it discusses external environment analysis and different forms of scanning the external environment.
The document provides an overview of corporate strategy and strategic management. It defines strategy as an action plan to achieve objectives. Strategic management involves analyzing the environment, choosing strategies, and implementing plans. There are three levels of strategy: corporate strategy deals with resource allocation among divisions, business strategy concerns competitive position, and operational strategy focuses on specific functions. While formal strategic planning systems provide structure, the environment's volatility and strategies from different levels require more flexible approaches. Strategic decisions consider long-term environmental factors, resource allocations, and implications across functions, while tactical decisions are shorter-term. The strategic management process involves analysis, choice of strategies, and implementation.
This document provides an overview of strategic management. It defines strategy as determining long-term goals and allocating resources to achieve objectives. The strategic management process has three phases: formulation, implementation, and evaluation. Strategy formulation involves determining vision, mission, analyzing SWOT, and choosing strategies. It is a long-term, integrated process for achieving organizational goals through efficient resource allocation.
This document provides a summary of the book "Essentials of Strategic Management" by David Hunger and Thomas Wheelen. It discusses key concepts in strategic management including environmental scanning, strategy formulation, implementation, and evaluation. Some of the main topics covered include Michael Porter's industry analysis framework, the importance of being a learning organization, and the roles and responsibilities of corporate boards in strategic decision making.
This document provides a summary of the book "Essentials of Strategic Management" by David Hunger and Thomas Wheelen. It discusses key concepts in strategic management including environmental scanning, strategy formulation, implementation, and evaluation. Some of the main topics covered include Michael Porter's industry analysis, strategic decision making processes, the roles of corporate governance and social responsibility, and methods for analyzing a company's external environment and internal strengths and weaknesses.
This document provides a summary of the book "The Essentials of Strategic Management" by David Hunger and Thomas Wheelen. It discusses key concepts in strategic management including environmental scanning, strategy formation, implementation, and evaluation. Some of the main topics covered include Michael Porter's industry analysis framework, strategic decision making models, the evolution of strategic management, and the importance of organizations becoming learning entities. The review provides an overview of the essential elements and processes in strategic management discussed in the source book.
chapter 3 NEW PRODUCT DEVELOPMENT logistics.pptxDanielDeGuzman23
Logic is the study of correct reasoning. It includes both formal and informal logic. Formal logic is the science of deductively valid inferences or logical truths. It studies how conclusions follow
rinciples of Microeconomics Course Description In this course, students will study the price system, market structures, and consumer theory. Topics covered include supply and demand, price controls, public policy, the theory of the firm, cost and revenue concepts, forms of competition, elasticity, and efficient resource allocation, among others.
Strategic leadership involves three key elements: strategic thinking, acting, and influence. It is concerned with creating sustainable competitive advantage for an organization over the long term. Strategic leadership differs from general leadership in that it has a broad scope that impacts the entire organization, its impact is felt over long periods of time, and it often involves significant organizational change. Strategic leaders are primarily concerned with higher levels of the organization and ensuring its future competitiveness through developing and implementing effective strategies. Strategic decision making is an important part of strategic leadership, as strategic decisions are rare, consequential, and directive for the organization.
A key maxim in business is: never acquire a business you don’t understand how to run. Equally, it would be true to say: never adopt a strategy you don’t understand how to implement.
We cannot implement what we don’t know. "If a man takes no thought about what is distant, he will find sorrow near at hand. He who will not worry about what is far off will soon find something worse than worry."—Confucius. Jim Skinner, CEO of McDonald’s, says, “We do so well because our strategies have been so well planned out.” And let me say here that, just as a football team needs a good game plan to have a chance for success, a company must have a good strategic plan to compete successfully.
This document discusses the concept of strategic management. It defines strategy as a pattern of objectives, goals and policies to achieve those goals. Strategic management involves formulating, implementing and evaluating cross-functional decisions to achieve organizational objectives. It combines various functional areas to achieve goals. The strategic management process includes setting objectives, analyzing the environment, assessing organizational capabilities, identifying strategies, implementing strategies, and evaluating performance.
Key Terms
Chapter Outline:
2-1
The Strategic
Managment Process
2-2
Theories of Strategy
2-3
Strategy at the
Corporate Level
2-4
Strategy at the
Business Level
2-5
Strategy at the
Functional Level
Summary
Review Questions
Glossary
Endnotes
2Organizational Strategy
& Performance
business-level strategy
business unit
competitive advantage
contingency theory
core competencies
corporate profile
corporate restructuring
corporate-level strategy
differentiation strategy
distinctive competence
divestment
downsizing
external growth
first-mover advantages
focus
functional strategies
generic strategies
growth strategy
industrial organization (IO)
industry
intended strategy
internal growth
liquidation
low-cost strategy
low-cost–differentiation
realized strategy
related diversification
retrenchment strategy
stability strategy
strategic alliances
strategic group
strategic mgmt. process
strategy
synergy
turnaround
W
I
L
L
I
S
,
K
A
S
S
A
N
D
R
A
2
1
6
1
T
S
Organizational Theory 2-2
strategy
top management’s plans to
attain outcomes consistent
with the organization’s
mission and goals
strategic management
process
the continuous process
of determining the
mission and goals of an
organization within the
context of its external
environment and its
internal strengths and
weaknesses; formulating
and implementing
strategies; and exerting
strategic control to ensure
that the organization’s
strategies are successful in
attaining its goals
Organizations are most likely to succeed when their activities are integrated
toward a common purpose. But this does not occur automatically; it requires
substantial forethought and planning. In other words, it requires a strategy. This
chapter discusses the strategic planning process, as well as strategic alternatives
available for each organization. Although the concepts presented herein have been
developed with profit-seeking firms in mind, they can be equally applicable to
public and private not-for-profit organizations that must compete in some way with
other organizations or agencies.
The concept of an organizational strategy encapsulates the notion of planning for
success. Specifically, a strategy refers to top management’s plans to develop and
sustain competitive advantage so that the organization’s mission is fulfilled. A
strategy provides direction for the organization and can be identified by examining
a pattern of decisions made by an organization’s top managers. It is most likely to
be effective when it is compatible with the organization’s structure and culture,
concepts that will be developed later in the text. Although strategy is discussed
before structure and culture, all three dimensions are tightly intertwined.
A successful strategy is marked by four key distinctions. First, it does not simply
emerge, but rather is developed after top managers systematically evaluate both
the organization’s resources and external factors that can affect perfo ...
Ch2 Human Resource Policies and StrategiesKomal Sahi
Human resource strategies and policies play an important role in organizational success. An effective HR strategy has three key elements: strategic objectives, a plan of action to meet those objectives, and alignment between HR strategies and the overall business strategy. Developing strong HR policies provides guidelines for employee management and ensures consistency. Regular strategic planning allows an organization to assess its mission, vision, external environment, and goals to develop effective strategies and policies over the long term.
This document discusses the concept of strategic management. It begins by defining strategy and explaining its origins and importance for firms. It then discusses different views on defining strategy from various scholars. It also summarizes the key features of strategy. The document goes on to define strategic management and explain its purpose and benefits. It discusses different levels of strategy, including corporate, business and functional strategies. It outlines the strategic management process and concludes by discussing strategic management in a global business context.
Strategic management and strategic human resource management (SHRM) are discussed. Strategy is defined as a perspective, position, plan, and pattern that provides general guidance for actions to achieve organizational ends. SHRM involves integrating HR policies and practices to support business strategy and goals. Effective SHRM requires aligning HR with strategy, developing employees' skills and commitment, and ensuring HR strategies and policies work coherently together to fulfill organizational strategy. The document discusses various models and approaches to strategic management and SHRM.
Mba iii (business policy and strategic analysis)Ankit Rautela
The document discusses business policy and strategic management. It provides definitions of business policy as the study of functions and responsibilities of senior management related to organizational problems affecting enterprise success. Strategic management is defined as the dynamic process of formulating, implementing, evaluating, and controlling strategies to achieve strategic intent. The strategic management process involves environmental scanning, strategy formulation, implementation, and evaluation and control in an ongoing cycle.
The document discusses strategic management and provides definitions and concepts. It describes strategic management as including environmental scanning, strategy formulation, implementation, and evaluation. It outlines the four phases that organizations typically go through in developing strategic management: basic financial planning, forecast-based planning, externally oriented strategic planning, and strategic management. Key benefits of strategic management include improved vision, focus, and environmental understanding. Globalization, innovation, and sustainability are presented as important challenges for strategic management. Theories of organizational adaptation and creating learning organizations are also covered.
Strategic management involves establishing strategic intent, formulating strategies, implementing strategies, and evaluating strategies. It operates at the corporate, business unit, and functional levels. At the corporate level, strategy involves overall direction and resource allocation. Business unit strategy focuses on a single business. Functional strategy relates to a specific function. Strategists, such as managers and CEOs, are responsible for strategic decisions and providing organizational direction to achieve objectives. Their roles include setting objectives, formulating, implementing, and evaluating strategies.
Strategy involves setting a direction for an organization to achieve its goals. It bridges the gap between the present and desired future state. The strategic management process involves assessing the internal and external environment, formulating strategies, implementing strategies, and evaluating performance. Key aspects of the process include developing a vision, mission and objectives, analyzing strengths, weaknesses, opportunities and threats, selecting strategies, and monitoring strategies and taking corrective actions. The overall purpose is to align organizational activities and resources to gain a competitive advantage.
Mintzberg identifies 5 perspectives on strategy:
1. Strategy as plan - a consciously intended course of action.
2. Strategy as ploy - a specific scheme to outwit competitors.
3. Strategy as pattern - consistency in behavior whether intended or not.
4. Strategy as position - how an organization locates itself in its environment.
5. Strategy as perspective - a shared way of perceiving the world among organizational members.
Strategic management involves defining an organization's vision and mission, assessing external opportunities and threats, identifying strategic options, implementing strategies, and reviewing performance. The level of formality in strategic decisions depends on factors like organizational size, complexity, and
This document provides an overview of strategic management. It defines key terms like strategy, strategic management, objectives and policies. It discusses the three main processes of strategic management: formulation, implementation, and evaluation. It also outlines internal and external factors to consider in strategic analysis and identifies benefits of strategic management like prioritizing opportunities and effective resource allocation. Finally, it stresses the importance of business ethics in strategic decision making.
This document provides an overview of strategic marketing and strategic management. It discusses the nature and scope of strategy, the historical evolution of strategic management, and the principal areas of strategic decisions. It also examines the differences between strategic planning and marketing planning, elements that shape competitive strategies, and the phases of strategic marketing which include strategic analysis, formulating strategy, and implementation. Finally, it discusses external environment analysis and different forms of scanning the external environment.
The document provides an overview of corporate strategy and strategic management. It defines strategy as an action plan to achieve objectives. Strategic management involves analyzing the environment, choosing strategies, and implementing plans. There are three levels of strategy: corporate strategy deals with resource allocation among divisions, business strategy concerns competitive position, and operational strategy focuses on specific functions. While formal strategic planning systems provide structure, the environment's volatility and strategies from different levels require more flexible approaches. Strategic decisions consider long-term environmental factors, resource allocations, and implications across functions, while tactical decisions are shorter-term. The strategic management process involves analysis, choice of strategies, and implementation.
This document provides an overview of strategic management. It defines strategy as determining long-term goals and allocating resources to achieve objectives. The strategic management process has three phases: formulation, implementation, and evaluation. Strategy formulation involves determining vision, mission, analyzing SWOT, and choosing strategies. It is a long-term, integrated process for achieving organizational goals through efficient resource allocation.
This document provides a summary of the book "Essentials of Strategic Management" by David Hunger and Thomas Wheelen. It discusses key concepts in strategic management including environmental scanning, strategy formulation, implementation, and evaluation. Some of the main topics covered include Michael Porter's industry analysis framework, the importance of being a learning organization, and the roles and responsibilities of corporate boards in strategic decision making.
This document provides a summary of the book "Essentials of Strategic Management" by David Hunger and Thomas Wheelen. It discusses key concepts in strategic management including environmental scanning, strategy formulation, implementation, and evaluation. Some of the main topics covered include Michael Porter's industry analysis, strategic decision making processes, the roles of corporate governance and social responsibility, and methods for analyzing a company's external environment and internal strengths and weaknesses.
This document provides a summary of the book "The Essentials of Strategic Management" by David Hunger and Thomas Wheelen. It discusses key concepts in strategic management including environmental scanning, strategy formation, implementation, and evaluation. Some of the main topics covered include Michael Porter's industry analysis framework, strategic decision making models, the evolution of strategic management, and the importance of organizations becoming learning entities. The review provides an overview of the essential elements and processes in strategic management discussed in the source book.
chapter 3 NEW PRODUCT DEVELOPMENT logistics.pptxDanielDeGuzman23
Logic is the study of correct reasoning. It includes both formal and informal logic. Formal logic is the science of deductively valid inferences or logical truths. It studies how conclusions follow
rinciples of Microeconomics Course Description In this course, students will study the price system, market structures, and consumer theory. Topics covered include supply and demand, price controls, public policy, the theory of the firm, cost and revenue concepts, forms of competition, elasticity, and efficient resource allocation, among others.
The strategic planning process requires considerable thought and planning on the part of a company’s upper-level management. Before settling on a plan of action and then determining how to strategically implement it, executives may consider many possible options.
the NSTP Act of 2001 aimed at enhancing civic consciousness and defense preparedness in the youth by the developing ethics of service and patriotism while undergoing training in any of its three (3) program components: (1.) The Reserved Officers Training Corps (ROTC), (2.) Literacy Training Service (LTS), and (3.)
This document provides an overview of ethics including key concepts and theories. It defines ethics as the rational reflection on moral values and principles that determine right and wrong human behavior. It discusses several ethical principles and the origins of ethics from ancient Greek philosophers to modern thinkers. It also outlines different types of ethics including meta-ethics, descriptive ethics, normative ethics, and applied ethics. Additionally, it covers the evolution of ethics and its relationship to science. The document clarifies differences between ethics and morals as well as descriptive and normative ethics. It also defines important ethical concepts like moral issues, decisions, judgments and dilemmas. Finally, it discusses potential sources of ethical authority including law, religion, culture, and principles/theories
Introduction of Organization and Management and the importance of each function of business. The four function of management are planning, organizing leading, controlling. There are lots of philosophers that gives definition to management and organization that can lead to knowledge and learning.
The document discusses Carlos 'Caloy' Loyzaga y Matute, a legendary Filipino basketball player and coach. Loyzaga was the most dominant basketball player of his era in the Philippines and is considered the greatest Filipino basketball player of all time. He represented the Philippines national basketball team at two Olympic Games in 1952 and 1956.
If you’re at all interested in digital
marketing and in making a name for
your brand online, then it is crucial that
you understand how to properly make
use of content marketing. Content
marketing is currently one of the
biggest trends in digital marketing as a
whole and is an area that many website owners and brands are investing in
heavily right now thanks to the impressive returns that they are seeing.
Explore Premium Graphic Design Templates for versatile use.
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Top 10 Digital Marketing Institute in lucknow.pptxzaireendigitech
Welcome to our ppt on the top 10 digital marketing institutes in Lucknow! If you're looking to enhance your skills in the dynamic field of digital marketing, Lucknow offers several excellent training options. Our curated list highlights the best digital marketing institutes in Lucknow, providing comprehensive courses that cover SEO, social media marketing, PPC, content marketing, and more. These institutes are renowned for their experienced faculty, practical training, and industry-relevant curriculum. Whether you're a beginner or a professional seeking to upgrade your skills, these institutes can help you achieve your career goals in digital marketing.
The Future of B2B Audience Targeting with LinkedInTajul Islam
Tired of pouring money into LinkedIn ads that don't convert?
A marketer’s guide to unlocking the full potential of LinkedIn’s extensive targeting resources and partner tools.
There's a better way. This guide unlocks the secrets to laser-targeting your ideal B2B audience on LinkedIn. Forget generic campaigns. We'll show you how to combine LinkedIn's advanced features with your existing customer data to reach high-value decision-makers directly. Imagine reaching the exact companies and people who can benefit most from your product or service.
Download our free eBook and discover a data-driven approach to LinkedIn marketing that delivers real results. Stop chasing the wrong audience – start targeting the right ones today
Why bridging the gap between PR and SEO is the only way forward for PR Profes...Isa Lavs
The lines between PR and SEO are blurring. SEOs are increasingly winning PR briefs by leveraging data and content to secure high-value placements. In this presentation, I explore the merging of PR and SEO, highlighting why SEO specialists are increasingly taking ‘PR’ business. I uncover the hidden SEO potential using PR tactics and discuss how to identify missed opportunities. I'll also offer insights into strategies for converting PR initiatives into successful link-building campaigns.
2024 Trend Updates: What Really Works In SEO & Content MarketingSearch Engine Journal
The future of SEO is trending toward a more human-first and user-centric approach, powered by AI intelligence and collaboration. Are you ready?
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2. Background
For any organization to operate and effectively focus its
efforts on certain tasks and avoid going astray or deviate
away from targets, a sense or direction needs to be set
and some sort of rules or guidelines have to established
and observed.
More often, these rules are guides are in the minds of
founders, leaders and managers though some are put in
writing.
The set of rules that guides the decisions and action of
the members of the organization is generally called
business policies. These policies may be informal or in
writing coming in the form of operational manual,
personnel handbook, and memoranda composed or issued
from time to time and as the need arises.
3. CONCEPT OF BUSINESS POLICY
The basic theory of the term management which
evolves around the idea of planning, organizing,
staffing, coordinating, controlling and evaluating
holds true.
Within the context of a plan or the process of
planning are a variety of plans taking the form of
budget, policy, strategy, rules, guides,
procedures, etc.
4. BUSINESS POLICY - Generally refers to set of rules the guides the
conduct of the business in pursuit of profit and other objectives of
the business organization.
These policies are developed in coherence with duties and
responsibility of various functional units. (e.g. human resource,
sale/marketing, production, and the like).
Business policy is also looked upon as general management
orientation traditionally viewed as largely inward – looking as well
as more biased with guiding how personnel in the organization would
act or what or follow for as long as one is a part or employee of the
organization.
5. CONCEPT OF STRATEGY
Wright, Kroll and Parnell (1996)
defined strategy as essentially
referring to top management’s
plan to attain the outcomes
consistent with the organization’s
mission and goals.
6. STRATEGY IN THREE VANTAGE POINTS
A. Strategy formulation or developing the
strategy.
B. Strategy implementation ( putting the
strategy into action)
C. Strategic control ( modifying either the
strategy or its implementation to ensure
that the desired outcomes are attained)
7. These same authors categorized strategy into
either intended or realized strategy. Intended
strategy refers to the original strategy that
management plans and intends to implement,
whereas realized strategy refers to the actual and
eventual strategy that management actually
implements. Realized strategy often differs from
the intended strategy because unforeseen
environmental or organizational events occur that
necessities modification in the intended strategy.
8. Thompson and Strickland (1999)
Characterized strategy at the
operational level referring to it as
a set of competitive moves and
business approaches that
management is employing to run
the company.
9. Strategy is management’s is “ game
Plan”
A.Attract and please the
customers
B.Stake out a market positions
C.Conduct operations
D.Compete seccessfully
10. CHARACTERISTICS OF STRATEGY
1. Strategy is traditionally meant to be a grand plan made
in the light of what it was believed an adversary might
or might not do.
2. Strategy derives its relevance given from the existence
completion in business.
3. It is done on the presumption of the existence of a
negative scenario.
4. It also connotes general program of action and
deployment of emphasis and resources attain
comprehensive objectives.
11. 5. A process of deciding on objectives of the organization, on
changes in these objectives, on the resources used to attain
these objectives use and disposition of these resources.
6. It involves of the basic long term goals and objectives of
an enterprise, and adoption of courses of action and
allocation of resources necessary to carry out those goals.
7. A decision about how to use available resources to secure
a major objective in the face of obstruction
8. Unlike policy, strategy implies actions and guides decision
– making, spelling out directions to be taken.
9. Strategy may, in some extreme or necessary cases, exits
without a policy.
12. STRATEGY vs. POLICY
In the course of running the business in a
real setting, business policies and
strategies often collide thereby inviting
dilemma and creating confusion. When
conflict exists between or amongst policies
and strategies, organizational problems or
dilemmas begin.
13. The following are situation where the strategy and policy
oftentimes come in collision course making it difficult to
operationalize a strategy within the bonds of standing policy.
Business policies exist amidst absence of business strategy
and strategies may exist without establishment business
policies.
Business policies are generally directional in nature and
strategy is more operational in context.
Business policies are often formal or written and strategies
may be informal and not necessarily written and often
confidential.
14. ORIGIN and NATURE OF STRATEGY
The historical development of the concept of
strategic management was elaborated by Jeffrey
Bracker of Georgia state University who cited the
term of strategy was mention in the Old
Testament and largely treated as semantic issue.
Bracker cited the numerous authors have focused
their attention o the concept of strategy but have
failed to comprehensively investigate the
historical evolution.
15. Bracker cited
Strategy originated from the Greek word
“stratego” referring to a “general” which in
turn traces its roots from the words “army”
and “lead”. As it is, the term strategy has its
roots and gained its popularity in the field of
military science. The word stratego means
“to plan the destruction of one’s enemies
through effective use of resources”.
16. EVOLUTION OF STRATEGIC MANAGEMENT
The concept of strategy as related to business become
greater after World War II, as business moved from
relatively stable environment into more rapidly changing
and competitive environment.
The changes in context of strategy was attributed to two
significant factors.
The mark acceleration of the rate of change within the
firms
The accelerated application of science and technology
to the process of management.
17. It was reported that the first modern writers to relate
the concept of strategy to the business were Von
Neuman and Morgenstern (1947) with their theory of
games.
By historical account of some authors in management
science. Strategic management is essentially
perceived as business policy going out of the shell
realizing that operationalization of business
organizational is not only a concern of how the
organizational should operate, and hence the need of
internal policies , but also how the business
organization itself should conduct its business in light
of prevailing external and environmental realities.
18. In recent years, and given the above
premise, business policy has
metamorphosed from being inward-looking
into outward – looking evolving into what is
now known as strategic management. As a
tool for managing the business
organizations, business policy has expanded
its role to include external factors as
influencing factors in developing business
policies eventually transforming into
strategic management.
19. THE NATURE OF STRATEGIC
MANAGEMENT
More importantly, integrating the concept of strategy
into the mainstream of the management system is
what matters most in terms of giving direction that
promises delivering profit expectations.
Much more than simply applying planning principles.
Strategic management takes into consideration
various external as well as competitiveness and
sustainability over the long term period in industry or
sector it belongs.
20. Nature of strategic management
Stahl and Grigsby (1992) defined strategic management as referring to
the entire process of strategic decision – making that relates to its
environment, guides internal activities, and determines the long-term
performance of the organization.
Wheelen and Hunger (2004) described the strategic management as a
set of managerial decisions and actions that determine the long-run
performance of a corporation. It includes environmental scanning (both
external and internal), strategy formulation ( strategic and long run
planning) strategy implementation , evaluation and control.
Williamson, Jenkins, et al. (2004) as a framework that evolves around
the idea of shaping and destiny of an organization.
21. It is about:
Putting an organization into a competitive
position.
Sustaining and improving that position by
developing an acquisition of appropriate
resources and by monitoring and responding to
environmental changes
Monitoring and responding to the demands of key
stakeholders.
22. Organizational strategies must be able
to answer the ff. questions
Where is the organization going?
What options are open to the
organization?
What is the best way forward for the
organization?
How can this be done?
23. Wright, Kroll and Parnell ( 1996) strategic
management in a broader term that
encompasses managing not only the stages
or vantage points they have identified but
also the earlier stages determining the
mission and goals of an organization within
the context of external and internal
environment.
24. Wright, Koll and Parnell emphasized the strategic
management is a continuous process. Indeed it is
considered a continuous and dynamic process in
the sense that being externally –oriented and
driven by macro and micro environmental
conditions, managers have to be always conscious
that business being an ongoing wealth creation
endeavor, appropriate efforts have to be made to
ensure profitable operations and survive in times
of trouble.
25. Strategic Management involves a series of steps
which top management should accomplish the
following task:
A. Analyze the opportunities and threats or constraints that exits in the
external environment.
B. Analyze the organization’s strengths and weaknesses in its internal
environment
C. Establish the organization’s mission and develop goals;
D. Formulate strategies(at the corporation level, business unit level, and
functional level) that will match the organization's strengths and
weaknesses with the environment’s opportunities and threats;
E. Implement the strategies
F. Engage in strategic control activities to ensure that the organization’s goals
are attained.
26. Wright, Kroll and Parnell emphasized that
strategic management is a continuous process.
Indeed it is considered a continuous and dynamic
process in the sense that being externally-
oriented and driven by macro and micro
environmental conditions, managers have to be
always conscious that business being an ongoing
wealth creation endeavor, appropriate efforts
have to be made to ensure profitable operations
and survive in times of trouble.
27. BENEFITS OF STRATEGIC MANAGEMENT
There no doubt that substantial benefits can be
expected from the practice of strategic
management. As it promises and articulates a
series of activities or tasks meant to ensure
achievement or desired outcomes both on the
producers and consumers’ side, embracing the
ideals of strategic management and doing it well
does not only stand to benefits business owners
but the industry and the society.
28. The three most highly rated benefits of
strategic management:
Clearer sense of strategic vision for the
firm
Shaper focus on what is strategically
important
Improved understanding of a rapidly
changing environment
29. STRATEGIC TYPES
Is the category of firms based on
common strategic orientation and
combination of structure, culture, and
process consistent with strategy.
31. DEFENDERS
This type includes companies with a
limited product line that focus on
improving the efficiency of their
existing operations. This cost
orientation makes them unlikely to
innovate in a new area.
32. PROSPECTORS
This type of companies includes firms
with fairly broad product lines that
focus on product innovation and
market opportunities. The sales
orientation makes them somewhat
inefficient. They tend to emphasize
creativity over efficiency.
33. ANALYZERS
This types includes business
organizations that operate in at least
two different product-market areas,
one stable and one variable. In the
stable areas, efficiency is emphasized.
In the variable areas innovation is
emphasized.
34. REACTORS
This type includes companies that lack
a consistent strategy-structure-culture
relationship. Their (often ineffective)
responses to environmental pressures
tend to be piecemeal strategic
changes.
35. STRATEGIC vs. TACTICS
STRATEGY – as common terminologies often
mentioned in the world of strategic management
TACTICS – its role in concretizing the intents and
purposes of business policy and strategic
management is equally important. Tactics are
more operational and done in context with or as
support activity or operation to achieve a
strategy.
36. Strategy and tactics are differentiated
in many ways as follows:
As to level of conduct, strategy is developed at the
highest levels of management whereas tactics are
employed at related to lower levels of management.
As to regularity, formulation of strategy is both continuous
and irregular whereas tactics are determined on a
periodic cycle with fixed time schedule( e.g. budget)
As to subjective values, strategic decision- making is more
heavily weighed with subjective values of managers than
is tactical decision-making
37. Strategic vs. tactics ( Cont’s)
As to range of alternative, the total possible range of
alternatives form which management must choose is far
greater in strategic than in tactical decision-making.
As to uncertainty, uncertainty is usually much greater in both
the formulation and implementation of strategy than in
deciding upon and knowing the results of tactical decisions.
In terms of nature of problems, strategic problems are
generally unstructured and tent to be one of a kind. Tactical
problems are more structured and often repetitive in nature.
38. Strategic vs. tactics ( Cont.'s )
As to information needs, formulating strategy requires large
amount of information. Tactical information needs a contrast
rely more heavily on internally generated data ( e.g. Accounting
system,)
In terms of horizon, strategies are intended to, and do last for
long periods of time whereas tactics cover a short duration and
are more uniform for all parts of operating program( e.g. annual
budget).
By reference is primal in the sense that it is the source of origin
for development of tactics. Tactics are formulated within and in
pursuit of strategies.
39. Strategic vs. tactics ( Cont.'s )
As to details, strategies are usually broad and may have
fewer details than tactics.
In terms of the type of personnel involved, strategies are
for the most part formulated by top management, and the
staff, fewer in he number as contrasted with the
formulation of the tactics where large number of
managers and employees usually participate in process.
As to ease of evaluation, it is usually considerably easier
to measure the effectiveness and efficiency of tactics
than strategies.
40. Strategic vs. tactics ( Cont.'s )
From the contest point of view, strategies are
formulated from corporate viewpoint, whereas
tactics are developed principally from a
functional point of view.
As to importance, strategies are of the highest
importance to an organization, while tactics are
considerably less significant.
41. Bases of Policies and Strategies
Having a business policy in place is not a
product simply copied from other business
organizations but a set of document that
needs to be developed in the a well planed
manner on the basis of certain
presumptions or sets of biases.
42. The following are the bases from which
policies and strategies are drawn upon:
a.Legal mandate
b.Vision and mission statement
c.Specific objectives
d.Programs and policies
43. Legal mandate
This refers to formulating policies on the
basis of the provisions of the charter or
legal basis for certain or existence of the
business organization including the
applicable provisions of laws and policies or
pronouncement of the government and its
statutory or regulation bodies.
44. Vision and Mission Statement
This refers to the leadership bias
as well as sense of direction and
mission for which the organization
was conceived or established.
45. Specific objectives
These are the corporate objectives
purposely developed for the
organization and for its members or
employees at large to pursue.
46. Programs and policies
These are specific programs and policies
set forth by the organization’s
policymakers( i.e. Board of directors and
Top management) in pursuit of short and
long term goals given certain considerations
at hand.
47. Approaches to identifying Policies and
Strategies
A. Policy/ Strategy Profile – This approach involves a
systematic examination of present company
policy/strategy – implicit and explicit.
B. Gap analysis – The stimulus is an examination of
whether an end that has been established is likely to
achieved.
C. Competitive strategy analysis – This involves a
thorough analysis of the competitive forces operating
in a firm’s environment and searching for an
alternative option.
48. Richard Whittington ( 2001)
theorized that strategy comes in
four generic approaches that differ
fundamentally along two
dimensions: the outcomes of the
strategy and the process by
which it is made.
50. Four approaches are briefly described as
follows:
A.Classical approach
B.Evolutionary
C.Processual
D.Systematic
51. Classical Approach
The oldest of the four approaches and still
the most influential, it relies on the
rational planning methods dominant in the
textbooks. As such, this approach follows a
pattern of analyzing, planning and
commanding or directing.
52. EVOLUTIONARY
It draws on the fatalistic metaphor of
biological evolution but substitutes the
discipline of the market for the law of
the jungle. This approach is conscious
on keeping cost or expenses low with
open options.
53. PROCESSUAL
It emphasizes the sticky imperfect nature of all
human life, pragmatically accommodating
strategy to the fallible processes of both
organizations and markets.
54. SYSTEMATIC
This approach is relativistic, regarding
the ends and means of strategy and
inescapably linked to the cultures and
powers of the local social system in
which it takes place.
55. STRATEGIC DECESION
The strategic management, it is not just simply making
decision but it is important to exercise strategic decision
or something like hard and unusual decision that need to
be done for certain strategic considerations.
Unlike the usual or many other decisions business
managers do on a daily or routine basis, strategic
decisions usually take into account a lot of external
factors and deal with the long-run future of the entire
organization.
56. What it takes for a decision to be considered
strategic is described by Wheelen and Hunger
A. Rare- Strategic decisions are unusual and
typically have no precedent to follow.
B. Consequential – strategic decisions should
commit substantial resources and demand a great
deal or commitment from people at all levels
C. Directive – strategic decisions set precedents for
lesser decisions and future actions throughout the
organization.
57. MODALITIES IN STRATEGIC DECISION
Decision-making function is a daily or
routine aspect of a managerial function.
Doing strategic decision, however is not a
simple and considered ordinary or routine
task compared to strategic decision.
58. Four most typical approaches or modes of
strategic decision-making and they are as
follow:
A. Entrepreneurial mode – In this mode, strategy is made by one
powerful individual and the focus is on opportunities; problems
are secondary.
B. Adaptive mode – sometimes referred to as “muddling trough”
this mode is characterize by relative search for new
opportunities.
C. Planning mode – This decision making mode involves the
systematic gathering of appropriate information for situations
analysis, the generation of feasible alternative strategies and
the rational selection of the most appropriate strategy.
D. Logical mode – It can be viewed as a synthesis of planning,
adaptive and to lesser extent, the entrepreneurial modes.