Lesson 1 Elements and Vocabulary of Strategy
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The document discusses the three foundational elements of strategic management: 1. The strategic position of a company within its industry, whether it is a low-cost provider or differentiator. 2. The strategic choices a company makes in deploying its finite resources, such as products/services, markets, and distribution channels. 3. Putting the strategy into action by structuring the organization, allocating resources, and managing change based on strategic position and choices.
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1. What is Strategy?
What image your mind perceive when you first heard the word “Strategy”?
Most of us associated it with the planning or mind activity.
First Let us replace this perception without giving any definition or labelling to Strategy. – With definition we will impose self-limitation for its understanding.
Skill 1: Strategy = Planning + Execution + Alignment
You will be surprised that Planning is only 33 % part of the whole. 66 % is related with the action.
This will enhance your ability to perceive strategy as a = Planning + Execution + Alignment
2. Who is playing a strategist Role?
Your answer CEO, COO or Top Management?
Now in the emerging Big Data technology and digital economy where organizations are using the social technologies to collaborate and communicate.
Each person in the organization can contribute as a strategist. Not only as a member of execution and alignment team. There inputs can influence the Strategy
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This also give birth to new concept of Organization Strategic Space - More you are connected more your Organization Strategic Space is.
Skill 2: Strategist Role = Collective Role (Driving + Participants)
3. How Strategies are born in the Real World
In a real world strategies are always realized as a part of emerging strategies inputs. It is never a onetime affair that we will formulate and
Then use it as a map. More than 75 % of insights will come while you are executing the strategy. It needs lot of refinement as you proceed further.
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Most of us have a tendency to perceive strategy with respect to our competitor.
Mckinsey 7 s Model is a great model that adds vital perspective for the Strategy Ecosystem.
Skill 4: Strategy ecosystem = Mckinsey 7 S Model = (3 Soft – 4 Hard)
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Most of us unable to differentiate thinking patterns and tools required for different phases of strategy
Just to organize our thoughts and action What if – If we divide whole strategy into the 9 Blocks.
Remember Strategy has three phases = Formulation + Execution + Alignment
And three levels = Corporate +Business Unit + Functional
Skill 5: Always remember Strategy is having three levels and three phases. S= Total 9 Blocks
While playing a strategist role. It is great advantage if you can determine in which block and phase you are.
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Most of us have a very limited view about these elements.
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The document discusses the concept of strategy, its origins and evolution. It provides definitions of strategy from various sources and outlines some key points:
- Strategy originates from the Greek word "Strategia" meaning generalship and refers to leading an army. The earliest known work on strategy is Sun Tzu's The Art of War from 500 BC.
- Strategy involves determining long-term goals and objectives, and developing courses of action to achieve these goals. It provides coherence and direction to organizational actions.
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10 skills to sharpen strategy formulation capability
1. What is Strategy?
What image your mind perceive when you first heard the word “Strategy”?
Most of us associated it with the planning or mind activity.
First Let us replace this perception without giving any definition or labelling to Strategy. – With definition we will impose self-limitation for its understanding.
Skill 1: Strategy = Planning + Execution + Alignment
You will be surprised that Planning is only 33 % part of the whole. 66 % is related with the action.
This will enhance your ability to perceive strategy as a = Planning + Execution + Alignment
2. Who is playing a strategist Role?
Your answer CEO, COO or Top Management?
Now in the emerging Big Data technology and digital economy where organizations are using the social technologies to collaborate and communicate.
Each person in the organization can contribute as a strategist. Not only as a member of execution and alignment team. There inputs can influence the Strategy
Formulation also. Strategist role from a CXO’s moving towards “Minds of Many”. However it is still drive by the top management of the organization.
This also give birth to new concept of Organization Strategic Space - More you are connected more your Organization Strategic Space is.
Skill 2: Strategist Role = Collective Role (Driving + Participants)
3. How Strategies are born in the Real World
In a real world strategies are always realized as a part of emerging strategies inputs. It is never a onetime affair that we will formulate and
Then use it as a map. More than 75 % of insights will come while you are executing the strategy. It needs lot of refinement as you proceed further.
Skill 3: Strategy = It is not a onetime affair – More than 2/3 will emerge while execution.
4. What is the Eco System of the Strategy?
Most of us have a tendency to perceive strategy with respect to our competitor.
Mckinsey 7 s Model is a great model that adds vital perspective for the Strategy Ecosystem.
Skill 4: Strategy ecosystem = Mckinsey 7 S Model = (3 Soft – 4 Hard)
5. What are the 9 Blocks of strategy?
Most of us unable to differentiate thinking patterns and tools required for different phases of strategy
Just to organize our thoughts and action What if – If we divide whole strategy into the 9 Blocks.
Remember Strategy has three phases = Formulation + Execution + Alignment
And three levels = Corporate +Business Unit + Functional
Skill 5: Always remember Strategy is having three levels and three phases. S= Total 9 Blocks
While playing a strategist role. It is great advantage if you can determine in which block and phase you are.
6. What are the Key elements for strategy Formulation?
Most of us have a very limited view about these elements.
Skill 6: Strategy Formulation Key Elements = Customer + Environment + Competitor + Pattern (CECP)
For Strategy Formulation there are 4 Key elements you are required to master them in order to craft
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How is strategic planning carried out at different levels of the organization?
Strategic planning is carried out at different levels of an organization. At the corporate level, headquarters define the mission, establish business units, assign resources, and assess growth opportunities. Each business unit then develops its own strategic plan through defining its mission, analyzing strengths/weaknesses/opportunities/threats (SWOT), setting goals and objectives, developing strategies, and implementing programs with feedback and control. The strategic planning process aims to align business units with the overall corporate mission while allowing for independent growth strategies.
How is strategic planning carried out at different levels of the organisation
Strategic planning involves defining a company's mission, establishing strategic business units (SBUs), and assessing growth opportunities. A company's mission focuses on a limited number of long-term goals, major policies, competitive spheres, and is short and meaningful. SBUs are single or related businesses that can be planned separately, have their own competitors and manager responsible for profits. Strategic planning determines a company's customers, needs, technology, and involves analyzing strengths, weaknesses, opportunities, and threats. Companies form strategic alliances for products, promotions, logistics, and pricing to improve strategic management.
Winning markets through market oriented strategic planning
Strategic planning consists of 3 key actions: 1) Managing a company's portfolio of businesses, 2) Assessing each business' strengths in the market, and 3) Formulating plans for each business to achieve long-term objectives. It involves analyzing markets, designing strategies, and implementing marketing efforts to communicate value to customers. Competitive strategies depend on whether a company is the market leader or a challenger, and may include defending market share through innovation or expanding into new areas for the leader, and flank or encirclement attacks for the challenger.
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This document discusses controlling marketing efforts and selecting global target markets.
It first covers controlling marketing efforts, including setting standards, measuring deviations, and taking corrective action. It also discusses managing the marketing mix, analyzing the company's situation, operating controls, strategic controls, and analyzing the marketing environment.
The document then discusses factors to consider when selecting global target markets, such as political/legal factors, economic factors, social/cultural factors, and technological factors. It emphasizes collecting market information and considering aspects like GDP, income, culture, communications, and technology availability when evaluating potential markets.
6 Objectives
Business objectives are goals that determine a business's success and are set by stakeholders. They can include long-term objectives like profit maximization, growth through market domination or diversification, and survival during difficult business periods. Additional objectives involve maintaining a good reputation through social responsibility, sales revenue growth, and providing services in sectors like public and voluntary organizations. Objectives are determined by factors such as business size, age, sector, and internal or external pressures.
Corporate Strategic Planning
Strategic planning involves 8 elements:
1) Establishing the organization's values, vision and mission
2) Analyzing the organization's current position
3) Considering the organization's potential for growth and opportunities
4) Identifying constraints, threats and limits
5) Setting short, medium and long-term objectives
6) Determining the means to achieve objectives through resources
7) Managing human resources to encourage collaboration and involvement
8) Measuring performance over time through timelines, criteria and tools
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1. STRATEGIC MANAGEMNT.pptx
This document discusses strategic management concepts including defining strategic management, levels of strategy, characteristics of strategic decisions, stages of strategic management, key terms, benefits of strategic management, importance of vision and mission statements, and self-examination questions. Strategic management involves formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. It focuses on integrating various business functions to achieve success. Strategies exist at the corporate, business unit, and operational levels. Strategic management allows organizations to be proactive, use a systematic approach, and gain benefits like improved performance and employee commitment. Vision and mission statements provide purpose, direction, and meaning for employees.
strategyformulation-150108045551-conversion-gate01.pdf
Strategic management involves formulation and implementation of major goals and initiatives by top management based on assessments of internal and external environments. [DOCUMENT] outlines the six key steps to effective strategic formulation: 1) define the organization, 2) define the strategic mission, 3) define strategic objectives, 4) define the competitive strategy considering industry, competition, and strengths/weaknesses, 5) implement strategies through tactical actions, and 6) regularly evaluate progress against the strategic plan and make adjustments based on changes in the business environment. Strategic formulation provides a framework for actions to achieve anticipated results but requires flexibility to adapt the strategic plan to changing market conditions.
strategy 6 step manipal jaipur
Strategic management involves formulation and implementation of major goals and initiatives by top management based on assessments of internal and external environments. [DOCUMENT] outlines the six key steps to effective strategic formulation: 1) define the organization, 2) define the strategic mission, 3) define strategic objectives, 4) define the competitive strategy considering industry, competition, and strengths/weaknesses, 5) implement strategies through tactical actions, and 6) regularly evaluate progress against the strategic plan and make adjustments based on changes in the business environment. Strategic formulation provides a framework for actions to achieve anticipated results but requires flexibility to adapt the strategic plan to changing market conditions.
Strategy formulation
Strategic management involves formulation and implementation of major goals and initiatives by top management based on assessments of internal and external environments. [DOCUMENT] outlines the six key steps to effective strategic formulation: 1) define the organization, 2) define the strategic mission, 3) define strategic objectives, 4) define the competitive strategy considering industry, competition, and strengths/weaknesses, 5) implement strategies through tactical actions, and 6) regularly evaluate progress against the strategic plan and make adjustments based on changes in the business environment. Strategic formulation provides a framework for actions to achieve anticipated results but requires flexibility to adapt the strategic plan to changing market conditions.
Lecture 4b
The document discusses the six steps of strategy formulation: 1) define the organization, 2) define the strategic mission, 3) define strategic objectives, 4) define the competitive strategy considering industry, competition, and internal strengths/weaknesses, 5) implement strategies using tactical actions, and 6) evaluate progress by assessing market conditions, competition, and strategy implementation. Regular evaluation allows organizations to adapt strategies as needed to achieve goals in a changing business environment.
Strategic management an approach and dissertation
Cmprehence model frameworks and issue analyses of contemporary strategy execution playbooks that Multinationals use as best practises
Lesson 3 strategy into action
In this lesson you learned about the three fundamental areas of executing strategy. You learned that reviewing Value chain activities, Marshalling resources and Managing change are the main components to effectively put Strategy Into Action.
Stretigic Management
The document provides an overview of strategic management concepts including:
1. Definitions of strategic management, mission, objectives, goals, and levels of strategy including corporate, business unit, and functional strategies.
2. Frameworks for analyzing the external and internal environment like PEST, Porter's 5 Forces, SWOT, and TOWS.
3. Tools for strategic analysis and choice like the BCG matrix, product life cycle, benchmarking, and gap analysis.
4. The rational process of strategic management including analysis, formulation, implementation, and review.
5. Case studies and examples are provided to illustrate strategic management techniques.
Unit - 3.pptx
This document provides information on various strategic formulation concepts. It defines business level strategy as moves and actions taken to offer value to customers and develop a competitive advantage using core competencies in individual markets. It also discusses dynamics of business level strategy, corporate level strategy, types of corporate level strategies including expansion, stability and retrenchment, and strategic tools like diversification, SWOT analysis, portfolio analysis, and the balanced scorecard.
Scott droney - strategic planning and strategic management
Scott Droney is provide financial services spectrum as well as data processing and managing segments. Since most of its financial services were retail focused, the need to build scale and skill in the transaction processing domain became imperative.
Material 1 - Blog - Learn, do and growth
This document provides an outline for a strategic marketing plan, describing the key sections it should contain. It begins by outlining 10 sections that every strategic marketing plan should include:
1. Management Summary
2. Economic Projections
3. The Market - Qualitative
4. The Market - Quantitative
5. Trend Analysis
6. Competition
7. Threats and Opportunities
8. Objectives and Goals
9. Action Programs
10. Conclusion
It then discusses guides for developing the strategic marketing plan, including defining the business mission, analyzing competitors, performing a situational assessment using SWOT and PESTEL, specifying a market position, and focusing on
Strategic mgt mod 03.pptx
The document discusses various strategic management concepts including:
- A strategic vision describes an organization's achievable future state over 3-10 years, while the mission defines its unique purpose and operations. Goals are specific financial and non-financial objectives over 3-5 years.
- Short-term objectives commonly focus on production metrics like monthly output, while long-term objectives address competitive positioning and returns. Balanced scorecards track strategy execution through financial and non-financial measures.
- Strategic capabilities and competencies provide competitive advantages if they are rare, valuable, and difficult to imitate. A resource-based view also examines how internal resources configure to outperform rivals.
Strategic planning process
This document outlines the strategic planning process for an organization. It discusses that strategic planning involves defining a strategy and allocating resources to pursue the strategy. The strategic planning process consists of three main steps - strategy formulation, strategy implementation, and strategy evaluation. Strategy formulation involves assessing the internal and external environment through a SWOT analysis. Strategy implementation is putting the plan into action by setting short-term goals. Strategy evaluation reviews performance and makes adjustments. Key aspects of the process include defining vision, mission, goals, and department objectives to align the organization.
Similar to Lesson 1 Elements and Vocabulary of Strategy (20)
Project management strategic one STML - Learning Outcome 1
Project management strategic one STML - Learning Outcome 1
strategyformulation-150108045551-conversion-gate01.pdf
strategyformulation-150108045551-conversion-gate01.pdf
Scott droney - strategic planning and strategic management
Scott droney - strategic planning and strategic management
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Lesson 1 monitoring new external developments, evaluating progress and making...
In this lesson you learned that monitoring and tracking performance is the fifth element in the strategy management process. You also learned that effective strategy passes the three tests of Good fit, competitive advantage and strong performance.
Lesson 1 managing the implementation
In this lesson you learned that the most demanding and time consuming part of the strategy management process is managing the execution of the strategy. You also learned about the ten key principle aspects required to effectively execute strategy.
Lesson 3 strategic vision plus objectives plus strategy equals strategic plan
In this lesson you learned that a company’s strategic vision and mission, company objectives and crafting a strategy are basic direction-setting tasks. You also learned that in most small businesses, strategic plans reside in owners’ thinking and directives given to company staff.
Lesson 1 strategy making involves business owners and managers at all levels
In this lesson you learned that a company’s first line management team have lead strategy-making roles and responsibilities and that in small businesses, the business owner is accountable for the results of the chosen strategy. You also learned that the strategy-making and implementation process is a collaborative team effort.
Lesson 2 a balanced approach to setting objectives
In this lesson you learned that a balanced approach to setting objectives involves Financial and Strategic objectives. You also learned that financial objectives are lag indicators while strategic objectives are lead objectives.
Lesson 1 the kinds of objectives to set
In this lesson you learned that the purpose of setting objectives are to convert a company’s vision and mission into specific performance targets. You also learned the importance of a balanced approach to setting objectives which include Financial and Strategic objectives.
Lesson 3 linking the vision and mission with company values
In this lesson you learned that a company’s values are the beliefs, traits and behavioural norms that guide a company's pursuit of its vision and mission. You also learned that values can be connected to a company’s vision, mission, and strategy in one of two ways, i.e. values drive vision and mission or values are determined based on a company’s selected vision and mission.
Lesson 2 developing a mission statement
In this lesson you learned that a company’s Mission statement is distinctly different from its Vision and that it describes “who we are, what we do, and why we here”. You also learned that uninformative mission statements are unclear and persons unfamiliar with the company’s cannot gather “who you are, what you do, and why you are here”.
Lesson 1 developing and communicating a strategic vision
In this lesson you learned that a vivid description of a business owners’ or management’s aspirations for the future and delineates the company’s strategic course and long term direction. You also learned that a company’s Vision is unless unless it is effectively communicated to lower levels of management and staff, company-wide.
Lesson 4 the ethics test
In this lesson you learned that Ethics concerns standards of right and wrong. You learned that Business ethics concerns the application of ethical principles to the actions and decisions of companies and the conduct of personnel. You also learned that Corporate Social Responsibility and the Triple Bottom Line performance measures are good ethical frameworks.
Lesson 3 challenges of strategic management
This document discusses the challenges of strategic management. It notes that strategies must prevent drift over time and address contemporary issues like internationalization, e-commerce, and knowledge management. Specifically, it outlines how to prevent strategic drift by encouraging diverse perspectives, championing innovation, promoting an external focus, and monitoring performance. It also explains how understanding cultural nuances, efficiency concerns, and other issues are important for internationalization strategies. Finally, it emphasizes that successful strategies require both design and implementation through building capabilities, culture, resource allocation, and motivating employees.
Lesson 2 different contexts for strategy
In this lesson you learned about the the different contexts for strategy across the four types of businesses. You learned that a small business can be constrained by limited funds and strategic capabilities and they generally service niches markets with limited product/service ranges.
Lesson 1 processes of strategy development
This document discusses strategy development processes. It explains that intended strategies are deliberate plans created by management, while emergent strategies develop in response to new environmental factors. Intended strategies are detailed in strategic plans or business plans. However, most companies adapt their strategies over time in response to changes. Emergent strategies can result from unexpected opportunities or challenges and sometimes lead companies in new directions. While emergent strategies sometimes fail, they can also result in tremendous success if companies respond appropriately to new situations. Ultimately, both intended and emergent strategies contribute to a company's realized strategy over time.
Lesson 2 strategic choices
In this lesson you learned about the three generic strategies that every business employs. You learned that a low-cost strategy competes on price whilst a differentiation strategy competes on uniqueness and focus strategy aims at servicing a market niche.
Lesson 1 strategic position
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.
Lesson 2 strategic management and operational management
In this lesson you learned that Operational Management exist within a company’s overall strategy. You also learned that Strategic Management is concerned with the long-term planning in a company and operational management is concerned with day-to-day tasks and activities.
Lesson 1 the 4 levels of strategy
In this lesson you learned that there are four levels of strategy-making which includes Corporate Level, Business Unit Level, Functional Unit Level and Operational Level. You also learned that developing strategy is a collaborative team effort in which every manager has a role for the area he or she is responsible for.
Lesson 2 What is strategy
Strategy involves an organization's action plan for outperforming competitors through integrated choices about how to compete. These choices include how to attract and please customers, compete against rivals, position in the marketplace, and respond to changing conditions to capitalize on opportunities and achieve performance targets. Strategy determines an organization's direction, scope, and competitive moves over the long term to achieve advantage through its resources and fulfill stakeholder expectations. Strategic management involves strategic decision making about products, services, markets, and choices to determine organizational direction and competitive approaches. Effective strategic decisions concern an organization's long-term direction, scope of activities, gaining advantage over competitors, and addressing changes in the business environment.
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Lesson 1 monitoring new external developments, evaluating progress and making...
Lesson 1 monitoring new external developments, evaluating progress and making...
Lesson 3 strategic vision plus objectives plus strategy equals strategic plan
Lesson 3 strategic vision plus objectives plus strategy equals strategic plan
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Lesson 2 a balanced approach to setting objectives
Lesson 2 a balanced approach to setting objectives
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Lesson 1 developing and communicating a strategic vision
Lesson 1 developing and communicating a strategic vision
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Lesson 1 Elements and Vocabulary of Strategy
- 1. Strategy and Strategic Management: An overview Global Business Consultants & Partners Training Courses Copyright 2020 Global Business Consultants
- 2. Nice to meet you. Sam Lee Mohan Founder and Team Member, Global Business Consultants
- 3. Chapter 1. Introduction to Strategic Management Lesson 1: Elements and Vocabulary of Strategy
- 4. ContentsA model of the elements of strategic management
- 5. There are three foundation elements of Strategic Management. These are: Element 1: The Strategic Position of a Company. The strategic position of a company is its relative position within its industry. The strategic position of the company reflects the choices it will make about the kind of value it will create and how that value is created differently than rivals. For example: A company could be a low cost provider which sells goods or services at a low cost with inferior quality or the company could sell a higher quality goods or services at a higher price, which is referred to as Differentiation. Elements of strategic management
- 6. There are three foundation elements of Strategic Management. These are: Element 2: The Strategic Choices that a company makes. Every company regardless of type and size have a finite amount of resources available to it. Resources could include financial, human, productive capacity and distribution channels. The strategic choices of a company are the specific steps a company intends to take to deploy its resources. For example: A company’s strategic choices would include determining what products and services to sell, where to sell them, how to sell them and what targets markets to sell to. Elements of strategic management
- 7. There are three foundation elements of Strategic Management. These are: Element 3: Strategy Into Action. Only when a company understands it relative Strategic Position and its Strategic Choices, it can put strategy into action. Putting strategy into action entails structuring the company, marshalling its resources and effectively managing change. For example: A company may choose to outsource its distribution channel, deploy its human resources to administration and determine changes in light of new of actual information. Elements of strategic management
- 9. Congratulations! You’ve completed lesson 1. Recap: In this lesson you learned that there three foundation levels for Strategic Management. Every business has a strategic position which determines its strategic choices, and only then can a company can put its strategy into action. Awesome work!
- 10. “A winning strategy must fit the enterprise’s external and internal situation, build sustainable competitive advantage, and improve company performance and be based on awareness of the lens through which it is perceived.” Global Business Consultants “A Successful Strategy Copyright 2020 Global Business Consultants