Lesson 2 What is strategy
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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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Strategy: Core Concepts and Analytical Approaches
Arthur A. Thompson, The University of Alabama 7th Edition, 2022-2023
An e-book marketed by McGraw Hill Education
Chapter 1
What Is Strategy
and Why Is It Important?
Strategy means making clear-cut choices about how to compete.
—Jack Welch, former CEO, General Electric
Without a strategy the organization is like a ship without a rudder.
—Joel Ross and Michael Kami
If your firm’s strategy can be applied to any other firm, you don’t have a very good one.
—David J. Collis and Michael G. Rukstad
In business, strategy is king. Leadership and hard work are all very well and luck is mighty useful, but it
is strategy that makes or breaks a firm.
—The Economist, a leading publication on economics, business, and international affairs
Managers of all types of businesses face three central questions: What’s our company’s present situation?
What should the company’s future direction be and what performance targets should we set? What’s
our plan for running the company and producing good results? Arriving at a thoughtful and probing
answer to the question “What’s our company’s present situation?” prompts managers to evaluate industry
conditions and competitive pressures, the company’s current market standing, its competitive strengths
and weaknesses, and its future prospects in light of changes taking place in the business environment. The
question “What should the company’s future direction be and what performance targets should we set?”
pushes managers to consider what emerging buyer needs to try to satisfy, which growth opportunities to
pursue most vigorously, which existing markets to de-emphasize or even abandon, what strategic path to
follow, and what outcomes the company should strive to achieve with respect to both its financial performance
and its performance in the markets where it competes. The question “What’s our plan for running the company
and producing good results?” challenges managers to craft a series of competitive moves and business
approaches—what henceforth will be referred to as the company’s strategy—for heading the company in the
intended direction, staking out a market position, attracting customers, and achieving the targeted financial
and market performance.
The role of this chapter is to define the concept of strategy, identify the kinds of actions that determine what
a company’s strategy is, introduce you to the concept of competitive advantage, and explore the tight linkage
between a company’s strategy and its quest for competitive advantage. We will also explain why company
Copyright © 2022 by Arthur A. Thompson. All rights reserved.
Reproduction and distribution of the contents are expressly prohibited without the author’s written permission
1
Chapter 1 • What Is Strategy and Why Is It Important?
Copyright © 2022 by Arthur A. Thompson. All rights reserved.
Reproduction and distribution of the contents are expressly prohibited wit.
Rmb 301 strategic management 1
this is the notes of mba 3rd semester the compulsory subject strategic management the unified syllabus of aktu university
L6 m2 lo1_transcript
This document discusses strategic decision making in organizations. It defines strategic decisions as those that are long-term, require significant resources, and affect the organization's prosperity. Strategic decisions relate to an organization's future, scope of activities, competitive advantage, strategic fit, resources, stakeholders, and dealing with complexity and uncertainty. The document contrasts strategic decisions which are long-term and affect the whole organization, with tactical decisions which implement strategies, and operational decisions which are short-term and routine. It discusses analyzing an organization's environment, capabilities, stakeholder expectations, and culture to determine strategic positioning. Organizations must evaluate options and make strategic choices regarding products, markets, and growth strategies. Tools like SWOT analysis and Porter's Five Forces
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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 2 the strategy making hierarchy
In this lesson you learned that in diversified company’s, crafting a company’s fully-fledged strategy involves four distinct types of strategic actions and initiatives – i.e. Corporate Strategy, Business Strategy, Functional Unit Strategy and Operational Strategy.
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 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.
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 1 Elements and Vocabulary of Strategy
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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Lesson 2 What is strategy
- 1. Strategy and Strategic Management: An overview Global Business Consultants & Partners Training Courses Copyright 2020 Global Business Consultants
- 2. Chapter 1. Introduction to Strategic Management Lesson 2: What is Strategy
- 3. “A company’s strategy is its action plan for outperforming its competitors and achieving superior profitability.....a managerial commitment to an integrated array of considered choices about how to compete.” Thompson, Peteraf, Strickland, Gamble’s | Thompson et al. 2014 | definition
- 4. When a company considers its choices about how it should compete, it includes choices about: How to attract and please customers. How to compete against rivals. How to position itself in the marketplace. How best to respond to changing economic and market conditions. How to capitalize on attractive opportunities to grow the business. How to achieve the company’s performance targets. What is Strategy?
- 5. Another definition… “Strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations.” What is Strategy?
- 6. Essentially… Strategic management is about finding choices for products, services, markets - clarifying them and making decisions about them. It is much about strategic decision-making as it is management. Strategic Management .
- 7. Choices & Decisions If strategic management is about direction and scope, competitive moves and business approaches then this means that it is really about making choices and decisions. Effective decision-making becomes a critical element. . Making Choices & Decisions
- 8. What about Strategic decisions? Strategic Decisions are About… The long-term direction of the organisation. The scope of an organisation’s activities. Gaining advantage over competitors. Addressing changes in the business environment. Building on resources and competences (capability). Meeting values and expectations of stakeholders which affect operational decisions.
- 9. What about Strategic decisions? Strategic Decisions are Likely to… Be complex in nature. Be made in situations of uncertainty. Affect operational decisions. Require an integrated approach (both inside and outside an organisation). Involve considerable change.
- 10. Good Strategy + Good Strategy Execution = Business Survival & Growth Sam Lee Mohan | GBC