Agwu, M. E., & Onwuegbuzie, H. (2017). Strategic Importance of Functional Level Strategies as Effective Tools for the Achievement of Organizational Goals. Archives of Business Research, 5(12), 338-348. Available at: http://scholarpublishing.org/index.php/ABR/article/view/4012/2412
This document provides an overview of strategic management concepts including:
- Defining strategic management as focused on developing competitive advantage through formulation, implementation, and evaluation of strategies.
- Outlining the strategic management process of analyzing the internal/external environment, formulating strategy, implementing strategy, and evaluating performance.
- Explaining the importance of strategic management in providing direction, coordination, and focus to achieve organizational goals.
This document provides an overview of strategic management concepts including strategy, vision, mission, objectives, goals, the strategic management process, corporate planning, and strategic business units. Some key points:
1. Strategy involves consciously choosing a company's direction and responding proactively to changes. A vision describes what a company aspires to become, while a mission explains what it is and why it exists.
2. Objectives are long-term goals that support the mission, while goals are more specific and short-term. The strategic management process consists of environmental scanning, strategy formulation, implementation, and evaluation.
3. Corporate planning is a comprehensive process undertaken by top management to guide the company towards its objectives. Strateg
This document provides an overview of strategic management and strategy. It discusses key concepts including:
- Strategy involves achieving competitive advantage by meeting customer needs better than rivals.
- Strategic management consists of strategy analysis, formulation, and implementation. These elements are interdependent.
- Strategy analysis evaluates the external environment and internal capabilities to determine how well positioned an organization is.
- Strategy formulation takes place at the business and corporate levels based on strategic analysis and creative insights.
- Strategy implementation requires effective communication and a flexible organizational culture.
- Corporate, business, and functional strategies operate at different levels within an organization.
Strategic management involves analyzing an organization's current situation, developing appropriate strategies, and implementing those strategies while evaluating performance. It provides a systematic process for coordinating activities, focusing employees, and adapting to uncertainties. Strategic management is important for organizational success and requires involvement from the board of directors, top management, and all employees to effectively analyze, plan, implement, and evaluate the organization's strategies.
This document provides an outline for a course on strategic management. It defines key terms used in strategic management like strategists, mission statements, external opportunities/threats, internal strengths/weaknesses, objectives, strategies, and policies. It describes the stages of the strategic management process as strategy formulation, implementation, and evaluation. Environmental scanning is discussed as the process of gathering external information on opportunities and threats. The internal and external environments are also defined.
Ch4 Internal Assessment: Strategic ManagementTriune Global
Focus is on identifying & evaluating a firm's strength & weaknesses in the functional areas of business, including management, marketing, finance, production, and management information systems.
This document provides an outline for a strategic management assignment on strategic decision making for a company called DL Limited.
1. It includes an introduction to strategic management and why it is important.
2. It performs an audit of DL Limited including a PESTLE analysis, SWOT analysis, and discusses Porter's 5 forces model and strategic positioning.
3. It reviews the literature on strategic decisions and discusses different schools of strategic thought.
4. It will critically analyze different frameworks for strategic decision making and provide recommendations to help DL Limited achieve its goals and objectives.
Strategy formulation and implementation in zimbabwe food manufacturing industryEmmanuel Katsvamutima
This document provides a synopsis of a PhD thesis submitted by Emmanuel Katsvamutima to Christ University, Bangalore, India in February 2014. The thesis examines strategy formulation and implementation in the Zimbabwe food manufacturing sector between 2006-2013. It begins with an introduction and outlines the need for the study. It then reviews relevant literature on strategic management concepts. The literature review covers several studies related to strategy formulation, implementation, competitive advantage, and the relationship between strategy and performance. The synopsis concludes by presenting the objectives, hypotheses, research design, data collection tools, and analysis plan for Katsvamutima's thesis.
This document provides an overview of strategic management concepts including:
- Defining strategic management as focused on developing competitive advantage through formulation, implementation, and evaluation of strategies.
- Outlining the strategic management process of analyzing the internal/external environment, formulating strategy, implementing strategy, and evaluating performance.
- Explaining the importance of strategic management in providing direction, coordination, and focus to achieve organizational goals.
This document provides an overview of strategic management concepts including strategy, vision, mission, objectives, goals, the strategic management process, corporate planning, and strategic business units. Some key points:
1. Strategy involves consciously choosing a company's direction and responding proactively to changes. A vision describes what a company aspires to become, while a mission explains what it is and why it exists.
2. Objectives are long-term goals that support the mission, while goals are more specific and short-term. The strategic management process consists of environmental scanning, strategy formulation, implementation, and evaluation.
3. Corporate planning is a comprehensive process undertaken by top management to guide the company towards its objectives. Strateg
This document provides an overview of strategic management and strategy. It discusses key concepts including:
- Strategy involves achieving competitive advantage by meeting customer needs better than rivals.
- Strategic management consists of strategy analysis, formulation, and implementation. These elements are interdependent.
- Strategy analysis evaluates the external environment and internal capabilities to determine how well positioned an organization is.
- Strategy formulation takes place at the business and corporate levels based on strategic analysis and creative insights.
- Strategy implementation requires effective communication and a flexible organizational culture.
- Corporate, business, and functional strategies operate at different levels within an organization.
Strategic management involves analyzing an organization's current situation, developing appropriate strategies, and implementing those strategies while evaluating performance. It provides a systematic process for coordinating activities, focusing employees, and adapting to uncertainties. Strategic management is important for organizational success and requires involvement from the board of directors, top management, and all employees to effectively analyze, plan, implement, and evaluate the organization's strategies.
This document provides an outline for a course on strategic management. It defines key terms used in strategic management like strategists, mission statements, external opportunities/threats, internal strengths/weaknesses, objectives, strategies, and policies. It describes the stages of the strategic management process as strategy formulation, implementation, and evaluation. Environmental scanning is discussed as the process of gathering external information on opportunities and threats. The internal and external environments are also defined.
Ch4 Internal Assessment: Strategic ManagementTriune Global
Focus is on identifying & evaluating a firm's strength & weaknesses in the functional areas of business, including management, marketing, finance, production, and management information systems.
This document provides an outline for a strategic management assignment on strategic decision making for a company called DL Limited.
1. It includes an introduction to strategic management and why it is important.
2. It performs an audit of DL Limited including a PESTLE analysis, SWOT analysis, and discusses Porter's 5 forces model and strategic positioning.
3. It reviews the literature on strategic decisions and discusses different schools of strategic thought.
4. It will critically analyze different frameworks for strategic decision making and provide recommendations to help DL Limited achieve its goals and objectives.
Strategy formulation and implementation in zimbabwe food manufacturing industryEmmanuel Katsvamutima
This document provides a synopsis of a PhD thesis submitted by Emmanuel Katsvamutima to Christ University, Bangalore, India in February 2014. The thesis examines strategy formulation and implementation in the Zimbabwe food manufacturing sector between 2006-2013. It begins with an introduction and outlines the need for the study. It then reviews relevant literature on strategic management concepts. The literature review covers several studies related to strategy formulation, implementation, competitive advantage, and the relationship between strategy and performance. The synopsis concludes by presenting the objectives, hypotheses, research design, data collection tools, and analysis plan for Katsvamutima's thesis.
This document provides an overview of strategic management. It begins by defining strategic management as the set of managerial decisions that determine an organization's long-term performance. It then describes the sequential phases of strategic planning as basic financial planning, forecast-based planning, externally-oriented planning (strategic planning), and strategic management. Finally, it lists some benefits of strategic management as providing a clearer strategic vision, sharper focus, and improved understanding of a rapidly changing environment.
This document discusses various business strategy concepts including situational analysis (SWOT), mission/objectives, alternative strategies, and the impact of the internet. It provides details on SWOT analysis including its structure and uses. TOWS matrix is introduced as a variant that emphasizes external factors. Types of business strategies and the impact/benefits of internet on business are also summarized. Both positive and negative impacts of internet on business are outlined such as new competitors, security issues, and lost productivity.
10 skills to sharpen strategy formulation capabilityNavdeep Agarwal
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
This document provides an overview of corporate strategy and strategic management. It defines corporate strategy as determining the overall purpose and scope of an organization, including the business it is in. Strategic management focuses on identifying competitive advantages. The document outlines different levels of strategy, from corporate level to operational. It also discusses key concepts in strategic management like strategic analysis, development, implementation, and evaluation.
The strategic management process(an overview)jawalala
The document outlines the five tasks of strategic management: 1) developing a strategic vision and mission, 2) setting objectives, 3) crafting a strategy, 4) implementing and executing the strategy, and 5) evaluating performance and making corrections. It provides details on each task, including developing a vision for the future direction of the company, setting financial and strategic objectives, determining how to achieve objectives through strategic choices around business focus, competitive advantage, and responding to the market, and evaluating performance to improve strategy. Crafting strategy is presented as both a planned process and a reactive one that adapts to changing conditions.
This document outlines a strategic management model that includes determining a company's mission, developing a company profile, assessing the external environment, conducting strategic analysis and choice, implementing strategies, and controlling and evaluating performance. It discusses setting long-term objectives, grand strategies, and functional strategies aligned with the mission. The model emphasizes matching internal capabilities to external opportunities through analysis and strategic decisions at multiple levels of the organization.
Strategic management involves three main stages: strategy formulation, strategy implementation, and strategy evaluation. In strategy formulation, companies determine their vision, mission, external opportunities and threats, internal strengths and weaknesses, long-term objectives, and alternative strategies. In strategy implementation, companies develop annual objectives, policies, and allocate resources to achieve the strategic plan. In strategy evaluation, companies conduct internal and external reviews to measure performance and make corrective actions. Effective strategic management provides benefits such as enhanced awareness of threats and improved understanding of competitors' strategies.
A complete Lecture on Strategic Management [At MBA Level], including the various option of strategies including the latest option of application of Maqasid Al-Shariah in Strategic Management.
Strategy refers to a long-term plan to help an organization deal with its competitive environment and defeat competitors. Strategies are designed to improve an organization's relationship with its external environment and set the overall direction. Strategy provides a framework for other operational plans at the corporate, business, and functional levels. It involves determining the organization's mission, identifying objectives, analyzing the environment and organization, developing alternative strategies, evaluating alternatives, choosing the best strategy, implementing it, and following up.
business policy and strategic management notesSid Kash
This document provides course materials for a strategic management course, including:
- An overview of the 5 units which cover topics like competitive advantage, various strategies, strategy implementation, and other strategic issues.
- Descriptions of the authors and reviewers of the materials.
- A table of contents outlining the topics covered in each unit, such as the strategic management process, Porter's five forces model, diversification strategies, and techniques for strategic evaluation.
- References and resources used to develop the course content.
Chapter #1 - The Strategy-Making Process - Multiple Choice QuestionsTariq Al-Basha
This document contains a chapter on essentials of strategic management with multiple choice questions. It covers key concepts like competitive advantage, mission, corporate and business level strategies, and strategic decision making involving managers at all levels. Different views of strategy are discussed, including the design view of deliberate positioning through rational analysis and the experience lens that strategies develop through shared organizational assumptions and culture.
The document outlines the steps in strategic planning for multinational corporations (MNCs), including environmental scanning, internal resource analysis, goal formulation, and implementation. It describes how MNCs implement strategic plans by choosing overseas site locations, coordinating production and financing internationally. The chapter also reviews strategies for emerging markets and international new ventures.
The document outlines key topics from Chapter 4 of a strategic management textbook, including:
- The internal audit process examines functional business areas to understand strengths and weaknesses
- Culture and strategy must be integrated, as culture can inhibit strategic changes if not aligned
- Resource-based view suggests competitive advantage comes from valuable internal resources rather than external factors
- Financial ratios and other metrics are used to evaluate performance across marketing, production, R&D, and other functions
MGT 660 Strategic Management New
Just Click on Below Link To Download This Course:
https://www.coursetutor.us/product/mgt-660-strategic-management-new/
MGT 660 Strategic Management New
MGT 660 Full Course Discussions
MGT 660 Topic 1 DQ 1
Discuss how doing case analysis will help you develop skills needed to prepare recommendations for consideration in a Strategic Plan. What is a business model and how can it disrupt a company, industry and or both? Provide at least two examples.
MGT 660 Topic 1 DQ 2
The document provides an overview of an advanced strategic management course. The objectives are to understand strategic concepts and apply them to analyze enterprise performance, generate and evaluate strategic options, and implement strategies. The course also aims to integrate previous learning and develop general management skills. It then discusses the concept of strategy, defining it as determining long-term goals and adopting actions and allocating resources to achieve those goals. Different levels of strategy are described, from functional to business to corporate. Successful strategies are said to have effective implementation, understanding of the environment, objective resource appraisal, long-term objectives, and agreement. The document frames strategy as a quest for profit and discusses maximizing shareholder value over profit alone.
This document introduces a book about a new process for business strategy formulation. It describes how the author developed this process over many years after observing strategic failures at IBM and other companies. The process is presented as a systematic way to formulate strategies based on facts, structure, and customer values rather than past successes, complaints, or reactions. Motorola used this process and found it helped focus investments on opportunities most likely to succeed.
Role of strategic management in marketing,Chandra Pandey
Strategic management plays an important role in marketing, finance, HR, and competitiveness. HR systems should align with business strategy in a one-way fit, but also contribute to strategy formulation in a two-way fit. SHRM is involved in every step of strategy, from formulation to implementation to evaluation. Strategic financial management helps attract resources, maximize shareholder wealth, and take decisions to ensure future growth. It involves continuous search and selection of investment opportunities, determining optimal funding mixes, financial controls, and analyzing results to guide future goals. Strategic management in marketing concerns facing long-term competition, building corporate image, and forming marketing strategies.
This document provides an overview of strategic management. It defines strategic management as the process of formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. The strategic management process involves three main stages: strategy formulation, strategy implementation, and strategy evaluation. It also discusses key concepts in strategic management like vision and mission statements, external opportunities/threats, internal strengths/weaknesses, objectives, strategies, policies, and competitive advantage. The document outlines benefits of strategic management such as improved financial performance, identification of opportunities, and effective allocation of resources.
This document provides an overview of strategic management concepts. It defines strategic management as involving formulation, implementation, and evaluation of cross-functional decisions to achieve organizational objectives. The strategic management process consists of three main stages: strategy formulation, strategy implementation, and strategy evaluation. Strategy formulation includes developing a vision, identifying external opportunities/threats and internal strengths/weaknesses, and choosing strategies. Strategy implementation requires establishing objectives, policies, and allocating resources. Strategy evaluation assesses strategy effectiveness and drives corrective actions. The document also outlines various business strategies like market penetration, product development, diversification, and defensive strategies.
The document discusses corporate turnaround strategies from both a theoretical and practical perspective. It begins by defining corporate turnaround and outlining various academic models of turnaround stages. It then examines the case of Crown Cork and Seal's turnaround in 1957. The case is analyzed through the five stages of decline/crisis, triggers for change, recovery strategy formulation, retrenchment/stabilization, and return to growth. The document concludes by summarizing key implications for managers implementing turnaround strategies, such as the need for top management change, operational restructuring, and financial restructuring.
This document discusses key concepts in IT strategy. It defines strategy as determining goals and how to achieve them, while planning is about the specific steps, or "how." Tactics are short-term actions that support strategic goals. An example is given of a company switching from glass to plastic eyeglasses. Strategic analysis involves tools like PEST and SWOT to understand strengths and the external environment. Strategic choice is selecting options, and implementation is translating strategy into action. Types of strategies discussed include corporate, business unit, operational, and marketing strategies.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601
This document provides an overview of strategic management. It begins by defining strategic management as the set of managerial decisions that determine an organization's long-term performance. It then describes the sequential phases of strategic planning as basic financial planning, forecast-based planning, externally-oriented planning (strategic planning), and strategic management. Finally, it lists some benefits of strategic management as providing a clearer strategic vision, sharper focus, and improved understanding of a rapidly changing environment.
This document discusses various business strategy concepts including situational analysis (SWOT), mission/objectives, alternative strategies, and the impact of the internet. It provides details on SWOT analysis including its structure and uses. TOWS matrix is introduced as a variant that emphasizes external factors. Types of business strategies and the impact/benefits of internet on business are also summarized. Both positive and negative impacts of internet on business are outlined such as new competitors, security issues, and lost productivity.
10 skills to sharpen strategy formulation capabilityNavdeep Agarwal
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
This document provides an overview of corporate strategy and strategic management. It defines corporate strategy as determining the overall purpose and scope of an organization, including the business it is in. Strategic management focuses on identifying competitive advantages. The document outlines different levels of strategy, from corporate level to operational. It also discusses key concepts in strategic management like strategic analysis, development, implementation, and evaluation.
The strategic management process(an overview)jawalala
The document outlines the five tasks of strategic management: 1) developing a strategic vision and mission, 2) setting objectives, 3) crafting a strategy, 4) implementing and executing the strategy, and 5) evaluating performance and making corrections. It provides details on each task, including developing a vision for the future direction of the company, setting financial and strategic objectives, determining how to achieve objectives through strategic choices around business focus, competitive advantage, and responding to the market, and evaluating performance to improve strategy. Crafting strategy is presented as both a planned process and a reactive one that adapts to changing conditions.
This document outlines a strategic management model that includes determining a company's mission, developing a company profile, assessing the external environment, conducting strategic analysis and choice, implementing strategies, and controlling and evaluating performance. It discusses setting long-term objectives, grand strategies, and functional strategies aligned with the mission. The model emphasizes matching internal capabilities to external opportunities through analysis and strategic decisions at multiple levels of the organization.
Strategic management involves three main stages: strategy formulation, strategy implementation, and strategy evaluation. In strategy formulation, companies determine their vision, mission, external opportunities and threats, internal strengths and weaknesses, long-term objectives, and alternative strategies. In strategy implementation, companies develop annual objectives, policies, and allocate resources to achieve the strategic plan. In strategy evaluation, companies conduct internal and external reviews to measure performance and make corrective actions. Effective strategic management provides benefits such as enhanced awareness of threats and improved understanding of competitors' strategies.
A complete Lecture on Strategic Management [At MBA Level], including the various option of strategies including the latest option of application of Maqasid Al-Shariah in Strategic Management.
Strategy refers to a long-term plan to help an organization deal with its competitive environment and defeat competitors. Strategies are designed to improve an organization's relationship with its external environment and set the overall direction. Strategy provides a framework for other operational plans at the corporate, business, and functional levels. It involves determining the organization's mission, identifying objectives, analyzing the environment and organization, developing alternative strategies, evaluating alternatives, choosing the best strategy, implementing it, and following up.
business policy and strategic management notesSid Kash
This document provides course materials for a strategic management course, including:
- An overview of the 5 units which cover topics like competitive advantage, various strategies, strategy implementation, and other strategic issues.
- Descriptions of the authors and reviewers of the materials.
- A table of contents outlining the topics covered in each unit, such as the strategic management process, Porter's five forces model, diversification strategies, and techniques for strategic evaluation.
- References and resources used to develop the course content.
Chapter #1 - The Strategy-Making Process - Multiple Choice QuestionsTariq Al-Basha
This document contains a chapter on essentials of strategic management with multiple choice questions. It covers key concepts like competitive advantage, mission, corporate and business level strategies, and strategic decision making involving managers at all levels. Different views of strategy are discussed, including the design view of deliberate positioning through rational analysis and the experience lens that strategies develop through shared organizational assumptions and culture.
The document outlines the steps in strategic planning for multinational corporations (MNCs), including environmental scanning, internal resource analysis, goal formulation, and implementation. It describes how MNCs implement strategic plans by choosing overseas site locations, coordinating production and financing internationally. The chapter also reviews strategies for emerging markets and international new ventures.
The document outlines key topics from Chapter 4 of a strategic management textbook, including:
- The internal audit process examines functional business areas to understand strengths and weaknesses
- Culture and strategy must be integrated, as culture can inhibit strategic changes if not aligned
- Resource-based view suggests competitive advantage comes from valuable internal resources rather than external factors
- Financial ratios and other metrics are used to evaluate performance across marketing, production, R&D, and other functions
MGT 660 Strategic Management New
Just Click on Below Link To Download This Course:
https://www.coursetutor.us/product/mgt-660-strategic-management-new/
MGT 660 Strategic Management New
MGT 660 Full Course Discussions
MGT 660 Topic 1 DQ 1
Discuss how doing case analysis will help you develop skills needed to prepare recommendations for consideration in a Strategic Plan. What is a business model and how can it disrupt a company, industry and or both? Provide at least two examples.
MGT 660 Topic 1 DQ 2
The document provides an overview of an advanced strategic management course. The objectives are to understand strategic concepts and apply them to analyze enterprise performance, generate and evaluate strategic options, and implement strategies. The course also aims to integrate previous learning and develop general management skills. It then discusses the concept of strategy, defining it as determining long-term goals and adopting actions and allocating resources to achieve those goals. Different levels of strategy are described, from functional to business to corporate. Successful strategies are said to have effective implementation, understanding of the environment, objective resource appraisal, long-term objectives, and agreement. The document frames strategy as a quest for profit and discusses maximizing shareholder value over profit alone.
This document introduces a book about a new process for business strategy formulation. It describes how the author developed this process over many years after observing strategic failures at IBM and other companies. The process is presented as a systematic way to formulate strategies based on facts, structure, and customer values rather than past successes, complaints, or reactions. Motorola used this process and found it helped focus investments on opportunities most likely to succeed.
Role of strategic management in marketing,Chandra Pandey
Strategic management plays an important role in marketing, finance, HR, and competitiveness. HR systems should align with business strategy in a one-way fit, but also contribute to strategy formulation in a two-way fit. SHRM is involved in every step of strategy, from formulation to implementation to evaluation. Strategic financial management helps attract resources, maximize shareholder wealth, and take decisions to ensure future growth. It involves continuous search and selection of investment opportunities, determining optimal funding mixes, financial controls, and analyzing results to guide future goals. Strategic management in marketing concerns facing long-term competition, building corporate image, and forming marketing strategies.
This document provides an overview of strategic management. It defines strategic management as the process of formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. The strategic management process involves three main stages: strategy formulation, strategy implementation, and strategy evaluation. It also discusses key concepts in strategic management like vision and mission statements, external opportunities/threats, internal strengths/weaknesses, objectives, strategies, policies, and competitive advantage. The document outlines benefits of strategic management such as improved financial performance, identification of opportunities, and effective allocation of resources.
This document provides an overview of strategic management concepts. It defines strategic management as involving formulation, implementation, and evaluation of cross-functional decisions to achieve organizational objectives. The strategic management process consists of three main stages: strategy formulation, strategy implementation, and strategy evaluation. Strategy formulation includes developing a vision, identifying external opportunities/threats and internal strengths/weaknesses, and choosing strategies. Strategy implementation requires establishing objectives, policies, and allocating resources. Strategy evaluation assesses strategy effectiveness and drives corrective actions. The document also outlines various business strategies like market penetration, product development, diversification, and defensive strategies.
The document discusses corporate turnaround strategies from both a theoretical and practical perspective. It begins by defining corporate turnaround and outlining various academic models of turnaround stages. It then examines the case of Crown Cork and Seal's turnaround in 1957. The case is analyzed through the five stages of decline/crisis, triggers for change, recovery strategy formulation, retrenchment/stabilization, and return to growth. The document concludes by summarizing key implications for managers implementing turnaround strategies, such as the need for top management change, operational restructuring, and financial restructuring.
This document discusses key concepts in IT strategy. It defines strategy as determining goals and how to achieve them, while planning is about the specific steps, or "how." Tactics are short-term actions that support strategic goals. An example is given of a company switching from glass to plastic eyeglasses. Strategic analysis involves tools like PEST and SWOT to understand strengths and the external environment. Strategic choice is selecting options, and implementation is translating strategy into action. Types of strategies discussed include corporate, business unit, operational, and marketing strategies.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601
A Comparative Analysis Of Strategies And Business Models Of Dell Inc. And Hew...Yasmine Anino
Dell and HP are compared in the document. Both companies specialize in IT and Dell is the market leader while HP is the market challenger. The strategies and business models of Dell and HP are analyzed. While their strategies are similar, any small mistake by Dell could allow HP to become the new market leader. The document provides background on both companies and compares their strategies and business models.
This document summarizes key concepts in strategic management including:
1) Strategic management involves formulating and implementing strategies to achieve organizational goals and gain a competitive advantage.
2) Grand strategies include growth, stability, and retrenchment while global strategies include globalization, multinational, and transnational approaches.
3) Strategy formulation occurs at the corporate, business unit, and functional levels and involves analyzing strengths, weaknesses, opportunities, and threats.
4) Implementing strategies requires changes to organizational structure, leadership, culture, and information systems.
The document discusses strategic management concepts including definitions of strategy, strategic management, and the strategic planning process. It provides multiple definitions of strategic management from various sources that collectively define it as the continuous process of strategic analysis, formulation, implementation and monitoring used by organizations to achieve and maintain a competitive advantage. The document also discusses strategic integration strategies like horizontal and vertical integration, their purposes, types, advantages and disadvantages.
The document provides information on strategy, strategic management, and the strategic management process. It discusses:
1) What strategy and strategic management are, including definitions and key features. Strategy is a long-term plan to achieve objectives, while strategic management is the process of planning, implementing, and evaluating strategies.
2) The three levels of strategy - corporate, business, and functional. Corporate strategy focuses on the overall direction of the organization. Business strategy focuses on specific product markets. Functional strategy involves strategic approaches within individual business functions.
3) The strategic management process, which involves environmental scanning, strategy formulation, implementation, and evaluation to achieve organizational goals.
4) The importance and need for strategic management,
The document provides an overview of strategic management. It defines strategic management and discusses its importance, advantages, and disadvantages. It also outlines the strategic management process, which includes determining strategic position, choosing a strategy, and implementing the strategy. Additionally, it covers various strategy types at the corporate, business, functional, and operational levels. The document discusses concepts like competitive advantage, the McKinsey 7S framework, portfolio strategy, and strategic choice. It also examines tools for strategic analysis like PESTEL analysis, SWOT analysis, value chain analysis, and environmental scanning techniques.
Brief of the dimensionality of business strategy among the manufacturing orga...Alexander Decker
This document summarizes a research study that examined the dimensionality of business strategy among manufacturing organizations in Malaysia. The study involved a survey of 113 manufacturing firms. Exploratory and confirmatory factor analyses showed that the integrated business strategy scale consisted of four valid subscales: proactive strategy, breadth strategy, quality-based strategy, and reactive strategy. The four-factor model was supported. The results provide evidence that the integrated business strategy scale is a reliable and valid instrument that can be used to measure business strategies of manufacturing organizations in Malaysia.
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Strategic importance of functional level strategies as effective tools for the achievement of organizational goal
1. Archives of Business Research – Vol.5, No.12
Publication Date: Dec. 25, 2017
DOI: 10.14738/abr.512.4012.
Agwu, M. E., & Onwuegbuzie, H. (2017). Strategic Importance of Functional Level Strategies as Effective Tools for the
Achievement of Organizational Goals. Archives of Business Research, 5(12), 338-348.
Strategic Importance of Functional Level Strategies as Effective
Tools for the Achievement of Organizational Goals
M. E. Agwu - PhD
Associate Professor of Strategic Management
Faculty of Strategy and Entrepreneurship, Lagos Business School,
Pan-Atlantic University, Km 22, Lekki-Epe Expressway, Ajah, Lagos, Nigeria
Henrietta Onwuegbuzie - PhD
Senior Lecturer in Entrepreneurship
Faculty of Strategy and Entrepreneurship, Lagos Business School,
Pan-Atlantic University, Km 22, Lekki-Epe Expressway, Ajah, Lagos, Nigeria
ABSTRACT
Present business environment is characterized by high levels of competition,
dynamism and technological sophistication. This is especially challenging to
organizational managers since they have to design and implement strategies that can
achieve and sustain competitive advantages. Consequently, the topic functional level
strategy plays a pivotal role as organizations aim at gaining industry leadership. This
study set out to investigate functional level strategy as a tool for achieving
organizational goals. Gaining insight from existing literature and theoretical models
four hypothesis were developed and investigated through the survey of the strategic
business units of selected financial organizations. Copies of well-structured
questionnaire were administered. Findings revealed that there is a relationship
between marketing strategy and customer satisfactions, the price of a product and
consumer purchasing such product. It also indicated that effective productivity
facilitation of the firm resources help expand the firm. The authors recommends that in
order to be more competitive, organizational managers must be strategically aware of
how effective control of the various functional departments in the organization help
organization to be aware of customer needs and offer unique products and services
that satisfy such needs.
Keywords: Firm Competitive Strategy, Product Features, Customer’s Needs, Product Quality,
Organization Behavior.
INTRODUCTION
In a highly competitive business environment and unattainable economic situation managers
are increasingly seeking for strategies, approaches to accomplish, improve and sustain
organizational performance and competitive advantage. Strategy and its formulation play a
vital part in the firm’s management process. The strategy gives the direction that a business
has in mind and which way they want to achieve their goals. Earlier research demonstrated
that firms that set out a clear strategy for example: a quality differentiation or a cost leadership
strategy will outperform those firm that engage a mixed strategy (Beckman & Rosenfield
2008). Amongst the many strategies implemented in firms, competitive strategy has been
proven as an essential tool globally for any business to remain in the competitive market
environment and become stronger (Schroeder, Goldstein, & Rungtusanatham 2011). Barnes
(2008) postulate that competitive strategies implies the analysis of the market and its
environment, customer purchase behavior, competitive activities, needs and competencies of
market intermediaries. Competitive strategy is about being unique. It means consciously
choosing to carry out activities differently or to perform different activities than competitors to
survey a unique mix of value (David, 2003). Therefore to possess the edge over rivals firm
3. Agwu, M. E., & Onwuegbuzie, H. (2017). Strategic Importance of Functional Level Strategies as Effective Tools for the Achievement of
Organizational Goals. Archives of Business Research, 5(12), 338-348.
URL: http://dx.doi.org/10.14738/abr.512.4012. 340
organization’s portfolio of markets, and dealing with the portfolio to attain the company’s
overall goals, (Miller, 1998). A marketing strategy, according to Hunger & Wheelen, (1998),
may also be described a long-term plan to achieve the organization’s objectives which are as
follows:
• By specifying what kind of resources should be allocated to marketing department.
• By specifying how these resources ought to be used to take advantage of opportunities
which are expected to arise in the future.
Production strategy
The production department is very important because it’s through the department; the
product (either tangible or intangible) is created, provided to satisfy the customer for profit.
The supervision and operations of the functional area of management depend heavily on the
type of product the organization deals in. Hunger (2000) defines production strategy as a
reliable pattern of making decisions in the operations function linked to the organization’s
business strategy. Collis & Montgomery (2005) define production strategy as a device for
effective use of operations assets as a competitive tool for achieving of organization’s business
and corporate goals. The definition distinctively recognizes two unique properties of
production strategy content; decisions that determine the capabilities of the production
system, and the existence of specific production objectives.
Human Resource Strategy
The human resource department as a functional area deals with the coordination of the
employees- who are seen as very vital resources for effective accomplishment of organizational
goals, (David, 2003). The job of the manager in this field includes motivating, leading, welfare
services, training, recruiting and selection. The organisation is more likely to be successful. The
main responsibilities of the human resources function Working conditions Training,
development and promotion Includes the legal rights and responsibilities of employer and
employees. Human resource is responsible for recruiting new employees and ensuring that
each vacancy is filled by the best person for the job, (Grewal, 1997). This is important because
the recruitment process is expensive and time-consuming. Hiring the wrong person can be
costly and cause problems both for the individual and the firm. The human resources of a
business are its employees. Wise organisations look after their staff on the basis that if they are
well trained and committed to the aims of the business, (Boyer & McDermott, 1999).
Financial Strategy
Finance has to do with monetary terms. The finance department manages the organization’s
spending and recording receipts and obtaining financial information from different units in the
organization. A lot of entrepreneurs consider this unit or department to be the most vital
function in the business. Finance staff account for all the money earned and spent so that the
higher level managers would always know exactly how much profit or loss is made by each
part of the business and how much money is currently held by the business. This enables
decisions to be made fast and accurately, based on factual information.
Theoretical underpinnings
Strategy as a plan; is a consciously intended course of action, a guideline (or set of guidelines)
to deal with a situation. A kid has a "strategy" to get over a fence; a corporation has one to
capture a market. By this definition, strategies have two essential characteristics:
• They are developed consciously and purposefully (Mintzberg, 2004).
• Strategic plans are the essence of strategy, according to the classic view of strategy.
5. Agwu, M. E., & Onwuegbuzie, H. (2017). Strategic Importance of Functional Level Strategies as Effective Tools for the Achievement of
Organizational Goals. Archives of Business Research, 5(12), 338-348.
URL: http://dx.doi.org/10.14738/abr.512.4012. 342
Strategy as position
Position is another way to define strategy- that is how you decide to position yourself in the
market place. In this way, strategy helps you explore the fit between your organization and
your environment, and it helps you develop a sustainable competitive advantage. When you
think about strategy position it helps to understand your organization’s “bigger picture” in
relation to external factors (Bartol, Martin, Tein, & Matthews, 1998). To do this, use PEST
analysis to analyze your environment-these tools will show where you have a strong position,
and where you might have issues. As with “strategy as a pattern” core competence analysis,
USP analysis, and VRIO analysis can help you craft a successful competitive position. You can
also use SWOT analysis to identify what you do well, and to uncover opportunities, (Barnes
2008).
Strategy as a perspective
The choice an organization makes about its strategy rely heavily on its culture-just as patterns
of behavior can emerge as strategy, patterns of thinking will shape an organizations perceptive,
and the things that it is able to do well. To get an insight into your organizations perspective
use cultural analytical tools such as the cultural web, Deal and Kennedy’s cultural model and
the congruence model.
Complexity theory and corporate strategy
Corporate strategy focuses on the central strategic choices that are faced by multi business
firms with regard to creating competitive advantage and enhancing corporate performance.
Multi-business firms are typically structured using multi-business-unit organization
(sometimes termed M-form) in which the firm is divided into business-units that are focused
on particular product-market segments and yet also have some degree of interconnection with
one another (e.g. shared human resource function, bundled products, or collaborative R&D
projects), and are led by a corporate office (Grewal, 1997). The central strategic choices that
form the substance of corporate strategy are typically considered to be 1) Motivation and
control of the firm’s BUs, 2) Collaborations across BUs, and 3) Firm scope, (Boyer &
McDermott, 1999).
METHODOLOGY
The study is concerned with finding out functional level strategy as a tool for achieving
organizational goals; it is for this cause that the quantitative technique was adopted for this
study.
Population and Sampling size determination
The research population is estimated number of employees in two selected financial
institutions in Lagos State of Nigeria. Considering the size of the population, this study employs
the yards formulae to select the appropriate sample size.
Reliability of research instrument
Reliability is the extent to which empirical measures that represents a theoretical concept are
accurate and stable when used for study of the concept in several studies (Churchill, 2002).
There are three major ways to assess reliability: test-retest, equivalent form the internal
constituency, for the purpose of the study, internal consistency was used to test the reliability
as it required only one administration of the measuring instruments and it’s reputed to be the
most efficient, particularly in field studies. Internal consistency implies a high degree of
generalization across the items within the measurement. In this context, the reliability
statistics of Conbach’s Alpha stands at 0.702 and number of items is 20.
7. Agwu, M. E., & Onwuegbuzie, H. (2017). Strategic Importance of Functional Level Strategies as Effective Tools for the Achievement of
Organizational Goals. Archives of Business Research, 5(12), 338-348.
URL: http://dx.doi.org/10.14738/abr.512.4012. 344
Computation of the Statistics
Profitability
Financial
Strategy
Profitability Pearson
Correlation
1 .113
Sig. (2-tailed) .282
N 93 93
Financial
Strategy
Pearson
Correlation
.113 1
Sig. (2-tailed) .282
N 93 115
**. Correlation is significant at the 0.05 level (2-tailed).
Interpretation
Thus obtained from the table (r = .113, P ˂ 0.001, n = 93). The Pearson correlation of r = .113
therefore implies 22.6000% shared variance between financial strategy and expansion of the
firm. Therefore, we can conclude that financial strategy is 22.6000% of the variablity of
expansion of the firm. Having found out that there is a significant relationship between the
financial strategy and expansion of the firm, we therefore reject the null hypothesis and accept
the alternative hypothesis. We can say that there is a significant relationship between financial
strategy and expansion of the firm. This therefore implies that the financial strategy would
stimulate expansion of the firm.
Testing of Hypothesis 3
• Ho: There is no link between human resource and good corporate citizen.
• H1: There is a link relationship between human resource and good corporate citizen.
Computation of the statistics
Mode
l R R Square
Adjusted
R Square
Std. Error
of the
Estimate
1 .406(a) .165 .142 .62758
a Predictors: (Constant), Employees motivation increases their inputs into the firm,
Employment of Stakeholders improves the image of the firm, Staff training helps the firm to
serve the community better
ANOVA (b)
Mode
l
Sum of
Squares Df
Mean
Square F Sig.
1 Regression 8.630 3 2.877 7.304 .000(a)
Residual 43.718 111 .394
Total 52.348 114
• Predictors: (Constant), Employees motivation increases their inputs into the firm,
Employment of Stakeholders improves the image of the firm, Staff training helps the
firm to serve the community better
• Dependent Variable: Good neighbor policy of the firm help employees to exist
harmoniously with the society
9. Agwu, M. E., & Onwuegbuzie, H. (2017). Strategic Importance of Functional Level Strategies as Effective Tools for the Achievement of
Organizational Goals. Archives of Business Research, 5(12), 338-348.
URL: http://dx.doi.org/10.14738/abr.512.4012. 346
DISCUSSION
Implementation involves the development of operational plans which must be based on, and
provide strong support for, selected functional strategies. Such plans can take many forms, for
example, standing plans (policies, standard operating procedures, rules and regulations);
single-use plans (specific programs and projects); and budgets. To give teeth to plans,
resources must be allocated to specific functional areas. When it comes to financial resources,
how much each area gets must be assessed according to that area’s strategic importance to the
company. Assessing these bids according to three criteria can facilitate allocating resources
among competing bids: resource identification fit with existing resources and fix between
required resources. Marketing strategy, like every other strategy, plays significant roles in
creating customer satisfaction. The price of the product also plays a role in encouraging or
discouraging customers from the purchase of such products. The benefits derivable from these
products serve as incentives for repeat purchases. The distribution channel used for the
product serves as an attraction for customers to purchase the product. The type of promotion
used on a product has a way of influencing customers to purchase the product. Effective
budgeting system of a firm increases returns on investment of profit. The company’s earnings
per capital plays a significant role on investors and shareholders. Firms that invest much on
advertising increases their profitability ratio. Effective staff training plays a significant role in
helping the firm serve the community better. Good neighborhood policy and corporate social
responsibilities of the firm helps them to exist harmoniously within the society. Employee’s
motivation has a significant in increasing their inputs to the firm. Good work ethics encourages
the expansion of the firm. Work design of the firm increases productivity and enhances the size
of the firm. Effective productivity facilitations of the firm resources help to expand the firm.
Flexibility in the production system plays a significant role in enhancing the growth of the firm.
CONCLUSION
To run an organization successfully it is essential to plan a strategy at each level but to gain
maximum benefit of planning it is important to align the plans at every level. Without
alignment department functions will contradict each other’s purpose and the overall corporate
strategy will become less effective. No matter how well corporate level strategies are designed
and formulated but if the execution of corporate level strategy fails in meeting the expected
standard all the effort will go in vein. The success of strategy is largely determined at the
functional level. Functional level checks the reality of corporate level and business level
strategy and brings the desired result by turning strategies and planning into realities.
RECOMMENDATIONS
Based on the various findings of this study, the researcher proposes the following
recommendations:
• The high level of the application of functional level by the covenant university is due to
the already existing knowledge that explains the advantages of carrying out the use of
strategy in the organizations performance.
• Because of the increasing competition, Covenant university should be more proactive in
tracking customer’s feelings and interests, thereby leading to the development of new
functional strategies rendered to satisfy their customers adequately and outwitt their
competitors, which would require constant renewal of the organizations strategy
already put in place.
• Management should also ensure that they make effective use of information system
becauseit helps in storing the data of the company and bringing about reports and uick
decision-making.
11. Agwu, M. E., & Onwuegbuzie, H. (2017). Strategic Importance of Functional Level Strategies as Effective Tools for the Achievement of
Organizational Goals. Archives of Business Research, 5(12), 338-348.
URL: http://dx.doi.org/10.14738/abr.512.4012. 348
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