Strategic management involves analyzing the internal and external environment to formulate long-term goals and plans. Key aspects include undertaking a SWOT analysis, developing a mission and vision, identifying strategic options, and setting objectives. Implementation requires engaging stakeholders, monitoring performance using tools like the balanced scorecard, and reviewing strategies over time based on environmental changes. Successful strategies differentiate the business, achieve a low cost advantage, or focus on a niche market.
This document provides an introduction to strategic management. It outlines various course contents including management by objectives, the differences between strategic and operational plans, the evolution of the concept of strategy, levels of strategy, and the contents of a corporate strategy. It also discusses topics such as the product life cycle model, the BCG matrix approach to corporate portfolios, and definitions of strategy at the corporate, business unit, and functional levels.
This document provides the course syllabus for Strategic Management (571309) taught by Dr. K. Prabhakar at Velammal Engineering College, Chennai. The course is offered in the third semester of the MBA program. It covers 5 units related to strategic management concepts and frameworks. The course objectives focus on applying analytical tools to understand industry dynamics and formulate strategies. Teaching methods include lectures, case studies, and a project. Readings from Harvard Business Review on topics like strategic intent, competitive forces, core competencies, and the balanced scorecard are also assigned.
This document provides an overview of strategic intent and related concepts. It defines strategic intent as the purpose an organization strives for, which can be expressed through vision and mission statements. Strategic intent lays out the framework for how an organization will operate. The document also describes concepts like stretch, leverage, and fit; defines vision, mission, and business definition; and discusses goals, objectives, and business models in the context of strategic management.
Strategic Management Concepts and Cases Global 15th Edition David Solutions M...fisysaran
Full download https://alibabadownload.com/product/strategic-management-concepts-and-cases-global-15th-edition-david-solutions-manual/
Strategic Management Concepts and Cases Global 15th Edition David Solutions Manual
Strategic intent refers to the long-term goals and aspirations that motivate an organization. It includes elements like vision, mission, business definition, and goals and objectives. A vision statement depicts what the organization wants to achieve, such as Tata Tea's vision to be India's foremost tea-based beverage company. The mission defines the organization's fundamental purpose and scope of operations. Goals are general outcomes while objectives specify how goals will be achieved, helping to measure progress and ensure focus. Together, these components of strategic intent provide direction and motivation for an organization's strategy.
Strategic management introduction to the Strategic managementRehan Saleem
The document outlines the strategic management process in 6 steps: 1) identifying mission/goals/strategies, 2) external analysis, 3) internal analysis, 4) formulating strategies, 5) implementing strategies, and 6) evaluating results. It also discusses types of organizational strategies including corporate strategies like growth, stability, and renewal as well as business-level strategies focused on competitive advantage. Porter's five forces model is explained as analyzing competitive rivalry and threats from new entrants, substitutes, suppliers and buyers.
Studying strategic management provides students and managers with several benefits. It stimulates critical thinking about the future and ensures opportunities are fully exploited. Strategic management teaches the ability to analyze situations, craft appropriate business strategies, and implement them, pointing employees in the right direction. While some managers have succeeded without strategic management knowledge, studying it enhances analytical skills, combines cross-disciplinary lessons, and increases the chances of organizational success.
This document provides an introduction to strategic management. It outlines various course contents including management by objectives, the differences between strategic and operational plans, the evolution of the concept of strategy, levels of strategy, and the contents of a corporate strategy. It also discusses topics such as the product life cycle model, the BCG matrix approach to corporate portfolios, and definitions of strategy at the corporate, business unit, and functional levels.
This document provides the course syllabus for Strategic Management (571309) taught by Dr. K. Prabhakar at Velammal Engineering College, Chennai. The course is offered in the third semester of the MBA program. It covers 5 units related to strategic management concepts and frameworks. The course objectives focus on applying analytical tools to understand industry dynamics and formulate strategies. Teaching methods include lectures, case studies, and a project. Readings from Harvard Business Review on topics like strategic intent, competitive forces, core competencies, and the balanced scorecard are also assigned.
This document provides an overview of strategic intent and related concepts. It defines strategic intent as the purpose an organization strives for, which can be expressed through vision and mission statements. Strategic intent lays out the framework for how an organization will operate. The document also describes concepts like stretch, leverage, and fit; defines vision, mission, and business definition; and discusses goals, objectives, and business models in the context of strategic management.
Strategic Management Concepts and Cases Global 15th Edition David Solutions M...fisysaran
Full download https://alibabadownload.com/product/strategic-management-concepts-and-cases-global-15th-edition-david-solutions-manual/
Strategic Management Concepts and Cases Global 15th Edition David Solutions Manual
Strategic intent refers to the long-term goals and aspirations that motivate an organization. It includes elements like vision, mission, business definition, and goals and objectives. A vision statement depicts what the organization wants to achieve, such as Tata Tea's vision to be India's foremost tea-based beverage company. The mission defines the organization's fundamental purpose and scope of operations. Goals are general outcomes while objectives specify how goals will be achieved, helping to measure progress and ensure focus. Together, these components of strategic intent provide direction and motivation for an organization's strategy.
Strategic management introduction to the Strategic managementRehan Saleem
The document outlines the strategic management process in 6 steps: 1) identifying mission/goals/strategies, 2) external analysis, 3) internal analysis, 4) formulating strategies, 5) implementing strategies, and 6) evaluating results. It also discusses types of organizational strategies including corporate strategies like growth, stability, and renewal as well as business-level strategies focused on competitive advantage. Porter's five forces model is explained as analyzing competitive rivalry and threats from new entrants, substitutes, suppliers and buyers.
Studying strategic management provides students and managers with several benefits. It stimulates critical thinking about the future and ensures opportunities are fully exploited. Strategic management teaches the ability to analyze situations, craft appropriate business strategies, and implement them, pointing employees in the right direction. While some managers have succeeded without strategic management knowledge, studying it enhances analytical skills, combines cross-disciplinary lessons, and increases the chances of organizational success.
The document provides an overview of strategic management. It defines strategy and discusses the different levels of strategy - corporate, business, and functional. It then defines strategic management as setting long-term goals and implementing plans to achieve them. The document outlines the key components of strategic management, including environmental scanning, strategy formulation, implementation, and evaluation. For strategy formulation, it discusses analyzing the internal and external environment through SWOT analysis to identify the best course of action. It also explains the process of implementing, evaluating, and controlling strategies.
This presentation discusses the key differences between vision and mission statements. A vision defines an organization's long-term goals and strategic direction, focusing on its desired future state. In contrast, a mission defines an organization's fundamental purpose and short-term objectives for why it exists. The presentation also outlines common methodologies for strategic planning, including situational analysis, goals, objectives, and targets. It provides examples of how vision statements should inspire and guide an organization towards its future, while mission statements concentrate on its present purpose.
Business policy refers to integrated decisions made for the whole organization by top management. These decisions consider all functional areas and are made in light of the organization's macro and micro environment as well as its strengths and weaknesses. Business policy deals with strategic issues that determine the organization's direction and shape its future.
This document discusses the concept of strategic entrepreneurship. It begins by reviewing the literature on how strategic management and entrepreneurship intersected as fields of study over time. Key components of strategic entrepreneurship are identified as opportunity identification, innovation, risk acceptance, flexibility, vision, and growth. Definitions position strategic entrepreneurship at the intersection of strategic management and entrepreneurship, focusing on using entrepreneurial activity to achieve strategic goals. The conclusion discusses benefits that strategic planning can provide for entrepreneurs in improving performance and competitive position.
Business policy provides guidelines for decision making within an organization. It defines the scope of decisions that can be made by lower-level managers without consulting top management. Business policy guides an organization's actions through the acquisition of resources and deals with issues that impact long-term organizational success. Effective business policy is specific, clear, reliable, appropriate, simple, inclusive, flexible, and stable. Policy deals with routine activities, while strategy involves strategic decisions that the organization has not previously encountered. Policy is set by top management and guides daily operations, while strategy formulation involves middle management and the methods to achieve policy goals.
The document outlines a hierarchy of strategic intent for organizations, beginning with vision which describes the desired future state, followed by mission which defines the organization's purpose and business. Goals and objectives then provide the framework for achieving the vision and mission, with objectives specifically defining how goals will be met and providing standards for performance measurement. The document discusses the importance of vision, examples of effective vision and mission statements, and key considerations for setting goals and objectives that are specific, measurable, and help guide strategic decision making.
This document provides an overview of business policy and strategic management. It defines strategic management as analytical thinking and commitment of resources to action aimed at ensuring organizational objectives are achieved. The document outlines the strategic management process, including developing a corporate vision and mission, and operating strategies at different organizational levels. It also defines strategy as a long-range plan to achieve an organization's goals and position itself competitively. Finally, the document discusses how strategic management helps organizations adapt to changing business environments through strategic planning.
Chapter 5 business objectives and stakeholders objectivesMuhammad Talha
Business objectives include survival, profit, returns to shareholders, growth, and market share. Setting objectives provides clear targets and allows business performance and decision-making to be evaluated. Private sector objectives focus on survival, profit, and returns, while public sector objectives emphasize service, employment, and financial targets. Stakeholders are individuals or groups with interests in a business, including owners, workers, managers, customers, government, and community. Stakeholders' objectives often relate to salaries, security, quality, taxes, employment and avoiding pollution. Conflicts can arise between different stakeholders' objectives.
The document discusses strategic intent and strategic thinking. It addresses key questions around strategy including direction, markets, advantages, and resources. It outlines different strategic models that are driven by either strategic fit or strategic intent. Characteristics of strategic intent include having an ambitious dream, intellectual energy, and commitment to making new industry rules. The document also discusses approaches to competitive innovation such as building advantages, searching for loose breaks, changing terms of engagement, and competing through collaboration. Common issues discussed include a lack of urgency, conservative goals, and not venturing into new territories.
The document discusses reasons for business and industrial failure. It lists 10 common causes: failure to understand the market and customers, opening a business in an unprofitable industry, failure to clearly define and communicate the business's value proposition, inadequate financing, reactive rather than proactive attitudes, overdependence on a single customer, poor cost management, personal problems of the owner, poor quality products or services, and failure to adapt to changing market conditions. Understanding these common pitfalls can help businesses avoid failure and survive over the long run.
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.
An introduction to enrichmentors [compatibility mode]Enrichmentors
This document introduces Enrichmentors, a partnership firm that provides consulting services to individuals and small/medium businesses. [1] It outlines their areas of expertise which include management consulting, career counseling, financial consultation, and alternative medical consultation. [2] The partners and additional resources are described, highlighting their educational backgrounds and decades of relevant industry experience. [3] Examples are given of the types of services Enrichmentors can provide to help clients build their businesses and personal wealth.
Strategic management involves planning, monitoring, and assessing an organization's goals and strategies to ensure success amid changing business environments. It includes analyzing internal/external factors, formulating action plans, executing plans, and evaluating results. Strategic management allows organizations to be proactive and exert control over their destiny by identifying opportunities and minimizing threats. Key roles in strategic management are held by consultants, entrepreneurs, boards of directors, CEOs, senior management, corporate planning staff, business unit executives, middle managers, and executive assistants.
Strategic Management Process Strategic IntentKritika Gupta
The very first step of strategic management process is deciding about your strategic intent. This presentation talks about in detail about strategic intent with the examples, features and importance.
vission
mission
goals
objectives
plans
Presentation is being uploaded by the BBA student of final year (2020) Kritika Gupta of JIMS,GGSIPU.
In case of any doubt, suggestion and help feel free to contact.
The document outlines Mintzberg's five definitions of strategy: plan, ploy, pattern, position, and perspective. It provides details about each definition: plan refers to a consciously intended course of action or guidelines; ploy is a specific maneuver; pattern is a consistency in actions and behavior whether intended or not; position locates an organization in its environment; and perspective is an ingrained way of perceiving the world that is shared within an organization.
Businesses meet stakeholder needs by buying inputs like raw materials and labor to produce outputs like goods and services. They focus on efficiently using resources to generate profit. A business's strategy shows what it wants to achieve and how, including its purpose, goals, and plans to achieve goals through resource allocation. Strategy involves determining long-term goals and adopting methods to achieve them. Culture refers to shared beliefs and values in an organization that influence behaviors. Organizational culture can be vitalized, encouraging innovation, or bureaucratic, emphasizing rules compliance.
This article describes a futures-oriented leadership process called visionary management that was developed by the Finland Futures Research Centre. The goal of visionary management is to create a shared vision for a company's long-term success through a creative team process. This process involves identifying new business opportunities, developing the skills needed to achieve the vision, and prioritizing next steps. Tools used in visionary management include analyzing trends, reframing the business, assessing the team and its problem-solving abilities, and workshops to develop a portfolio of new business ideas. The resulting vision serves to guide the company's strategic development and motivate employees.
This document discusses organizational plans and forming a business entity. It outlines key aspects of an organizational plan including setting priorities, tasks, responsibilities, and goals. It then discusses different forms of business structure like proprietorship, partnership, and corporation. For each, it outlines factors such as costs, continuity, control, and tax implications. It also discusses building a management team, job descriptions, and the role and selection of a board of directors.
1.1Getting StartedBefore discussing strategy itself, let us begi.docxchristiandean12115
1.1Getting Started
Before discussing strategy itself, let us begin by discussing the context of strategy. How does strategy fit within the general field of business? How does it compare to the other disciplines of business?
Many experts would argue (depending on the industry) that marketing, finance, and/or human resources are most important to the success of the company. How can a business survive, they argue, without adequate human capital, a solid marketing campaign and money for daily operations? However, business strategy is somewhat different from these disciplines because strategy is more holistic than other areas of business. Business strategy touches every other area of business and a business can use any company resource to further its overall strategy. Strategy is at least as important as other areas of business because it encompasses and integrates with the other business disciplines.
In other words, effective strategists will use the organization's accounting system, operations, information systems, human capital, marketing, and any other available tool as part of its strategy. Used appropriately, strategy will use every discipline within the organization to accomplish its organizational goals.1.2What is Strategy?
Strategy is the method that an organization uses to reach its goals. According to this definition, strategy is fundamentally a broad term. In the right context, almost any plan of action can be considered an organization’s strategy. Most academic papers on strategy, as well as this book, focus on competitive strategy. Competitive strategy is the way that an organization is going to compete in its industry. However, the tools and techniques of competitive strategy can be adapted to an organization’s quest for other goals.
Since competitive strategy (by definition) is focused on competition, competitive strategy is often expressed in terms of sports, war, history, survival, and board games. This terminology is transferred to the field of strategy as a whole. For example, when a manager states, "What is our game plan?" the manager is asking for clarification about the organization's strategy. When an organization ‘crafts' or builds its strategy, it is specifically choosing the actions it will take in the marketplace, including how it is going to compete with and outperform other organizations.
Stakeholders can often observe an organization's chosen strategy by evaluating what the firm does in the marketplace and asking questions such as the following:
· What industry does the firm operate in?
· What products and/or services does the firm market and sell? Does the firm take an offensive or defensive position?
· What is the firm's target market?
· Does the firm invest in research and development? Why or why not?
· What product or services does the firm offer that are different from competitors?
· What makes the firm successful or unsuccessful?
· Where does the majority of the firm's money come from?
· What type of employees.
This is a presentation to co-operatives on strategic planning. The process of coming up with a strategic plan is as important as the final document. It is critical that co-operatives participate fully in drafting their own strategic plans and coming up with final document that they own and can implement.
Strategic plans are critical for co-operatives to prioritize what they want to achieve and within what time period.
Draft investment club strategic plan by ojijoOjijo P
The document provides an overview of strategic planning for an investment club. It discusses what a strategic plan is and its importance. It outlines the typical sections of a strategic plan, including the organizational profile, business activities/goals/objectives, situational analysis, operational plan, performance measurement, financial plan, and growth/exit plan. Examples are given for setting objectives and mapping out activities, outputs, and outcomes to achieve the objectives over short, medium, and long term timeframes. The strategic plan provides guidance on how to achieve the club's goals and measure performance.
Class 1, 2, 3 Module I Corporate Strategy.pptxsnehasis891
This document discusses key concepts in corporate strategy including:
- Definitions of strategy, strategic management, internal environment, external environment, and the differences between them.
- Components of a Strategic Advantage Profile (SAP) and Environmental Threat and Opportunity Profile (ETOP) and how they are used to analyze strengths/weaknesses and opportunities/threats.
- Explanations of SWOC analysis and the conceptual framework for strategic management, outlining the stages of defining vision/mission, strategy formulation through analysis and goal setting, and strategy implementation.
The document provides an overview of strategic management. It defines strategy and discusses the different levels of strategy - corporate, business, and functional. It then defines strategic management as setting long-term goals and implementing plans to achieve them. The document outlines the key components of strategic management, including environmental scanning, strategy formulation, implementation, and evaluation. For strategy formulation, it discusses analyzing the internal and external environment through SWOT analysis to identify the best course of action. It also explains the process of implementing, evaluating, and controlling strategies.
This presentation discusses the key differences between vision and mission statements. A vision defines an organization's long-term goals and strategic direction, focusing on its desired future state. In contrast, a mission defines an organization's fundamental purpose and short-term objectives for why it exists. The presentation also outlines common methodologies for strategic planning, including situational analysis, goals, objectives, and targets. It provides examples of how vision statements should inspire and guide an organization towards its future, while mission statements concentrate on its present purpose.
Business policy refers to integrated decisions made for the whole organization by top management. These decisions consider all functional areas and are made in light of the organization's macro and micro environment as well as its strengths and weaknesses. Business policy deals with strategic issues that determine the organization's direction and shape its future.
This document discusses the concept of strategic entrepreneurship. It begins by reviewing the literature on how strategic management and entrepreneurship intersected as fields of study over time. Key components of strategic entrepreneurship are identified as opportunity identification, innovation, risk acceptance, flexibility, vision, and growth. Definitions position strategic entrepreneurship at the intersection of strategic management and entrepreneurship, focusing on using entrepreneurial activity to achieve strategic goals. The conclusion discusses benefits that strategic planning can provide for entrepreneurs in improving performance and competitive position.
Business policy provides guidelines for decision making within an organization. It defines the scope of decisions that can be made by lower-level managers without consulting top management. Business policy guides an organization's actions through the acquisition of resources and deals with issues that impact long-term organizational success. Effective business policy is specific, clear, reliable, appropriate, simple, inclusive, flexible, and stable. Policy deals with routine activities, while strategy involves strategic decisions that the organization has not previously encountered. Policy is set by top management and guides daily operations, while strategy formulation involves middle management and the methods to achieve policy goals.
The document outlines a hierarchy of strategic intent for organizations, beginning with vision which describes the desired future state, followed by mission which defines the organization's purpose and business. Goals and objectives then provide the framework for achieving the vision and mission, with objectives specifically defining how goals will be met and providing standards for performance measurement. The document discusses the importance of vision, examples of effective vision and mission statements, and key considerations for setting goals and objectives that are specific, measurable, and help guide strategic decision making.
This document provides an overview of business policy and strategic management. It defines strategic management as analytical thinking and commitment of resources to action aimed at ensuring organizational objectives are achieved. The document outlines the strategic management process, including developing a corporate vision and mission, and operating strategies at different organizational levels. It also defines strategy as a long-range plan to achieve an organization's goals and position itself competitively. Finally, the document discusses how strategic management helps organizations adapt to changing business environments through strategic planning.
Chapter 5 business objectives and stakeholders objectivesMuhammad Talha
Business objectives include survival, profit, returns to shareholders, growth, and market share. Setting objectives provides clear targets and allows business performance and decision-making to be evaluated. Private sector objectives focus on survival, profit, and returns, while public sector objectives emphasize service, employment, and financial targets. Stakeholders are individuals or groups with interests in a business, including owners, workers, managers, customers, government, and community. Stakeholders' objectives often relate to salaries, security, quality, taxes, employment and avoiding pollution. Conflicts can arise between different stakeholders' objectives.
The document discusses strategic intent and strategic thinking. It addresses key questions around strategy including direction, markets, advantages, and resources. It outlines different strategic models that are driven by either strategic fit or strategic intent. Characteristics of strategic intent include having an ambitious dream, intellectual energy, and commitment to making new industry rules. The document also discusses approaches to competitive innovation such as building advantages, searching for loose breaks, changing terms of engagement, and competing through collaboration. Common issues discussed include a lack of urgency, conservative goals, and not venturing into new territories.
The document discusses reasons for business and industrial failure. It lists 10 common causes: failure to understand the market and customers, opening a business in an unprofitable industry, failure to clearly define and communicate the business's value proposition, inadequate financing, reactive rather than proactive attitudes, overdependence on a single customer, poor cost management, personal problems of the owner, poor quality products or services, and failure to adapt to changing market conditions. Understanding these common pitfalls can help businesses avoid failure and survive over the long run.
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.
An introduction to enrichmentors [compatibility mode]Enrichmentors
This document introduces Enrichmentors, a partnership firm that provides consulting services to individuals and small/medium businesses. [1] It outlines their areas of expertise which include management consulting, career counseling, financial consultation, and alternative medical consultation. [2] The partners and additional resources are described, highlighting their educational backgrounds and decades of relevant industry experience. [3] Examples are given of the types of services Enrichmentors can provide to help clients build their businesses and personal wealth.
Strategic management involves planning, monitoring, and assessing an organization's goals and strategies to ensure success amid changing business environments. It includes analyzing internal/external factors, formulating action plans, executing plans, and evaluating results. Strategic management allows organizations to be proactive and exert control over their destiny by identifying opportunities and minimizing threats. Key roles in strategic management are held by consultants, entrepreneurs, boards of directors, CEOs, senior management, corporate planning staff, business unit executives, middle managers, and executive assistants.
Strategic Management Process Strategic IntentKritika Gupta
The very first step of strategic management process is deciding about your strategic intent. This presentation talks about in detail about strategic intent with the examples, features and importance.
vission
mission
goals
objectives
plans
Presentation is being uploaded by the BBA student of final year (2020) Kritika Gupta of JIMS,GGSIPU.
In case of any doubt, suggestion and help feel free to contact.
The document outlines Mintzberg's five definitions of strategy: plan, ploy, pattern, position, and perspective. It provides details about each definition: plan refers to a consciously intended course of action or guidelines; ploy is a specific maneuver; pattern is a consistency in actions and behavior whether intended or not; position locates an organization in its environment; and perspective is an ingrained way of perceiving the world that is shared within an organization.
Businesses meet stakeholder needs by buying inputs like raw materials and labor to produce outputs like goods and services. They focus on efficiently using resources to generate profit. A business's strategy shows what it wants to achieve and how, including its purpose, goals, and plans to achieve goals through resource allocation. Strategy involves determining long-term goals and adopting methods to achieve them. Culture refers to shared beliefs and values in an organization that influence behaviors. Organizational culture can be vitalized, encouraging innovation, or bureaucratic, emphasizing rules compliance.
This article describes a futures-oriented leadership process called visionary management that was developed by the Finland Futures Research Centre. The goal of visionary management is to create a shared vision for a company's long-term success through a creative team process. This process involves identifying new business opportunities, developing the skills needed to achieve the vision, and prioritizing next steps. Tools used in visionary management include analyzing trends, reframing the business, assessing the team and its problem-solving abilities, and workshops to develop a portfolio of new business ideas. The resulting vision serves to guide the company's strategic development and motivate employees.
This document discusses organizational plans and forming a business entity. It outlines key aspects of an organizational plan including setting priorities, tasks, responsibilities, and goals. It then discusses different forms of business structure like proprietorship, partnership, and corporation. For each, it outlines factors such as costs, continuity, control, and tax implications. It also discusses building a management team, job descriptions, and the role and selection of a board of directors.
1.1Getting StartedBefore discussing strategy itself, let us begi.docxchristiandean12115
1.1Getting Started
Before discussing strategy itself, let us begin by discussing the context of strategy. How does strategy fit within the general field of business? How does it compare to the other disciplines of business?
Many experts would argue (depending on the industry) that marketing, finance, and/or human resources are most important to the success of the company. How can a business survive, they argue, without adequate human capital, a solid marketing campaign and money for daily operations? However, business strategy is somewhat different from these disciplines because strategy is more holistic than other areas of business. Business strategy touches every other area of business and a business can use any company resource to further its overall strategy. Strategy is at least as important as other areas of business because it encompasses and integrates with the other business disciplines.
In other words, effective strategists will use the organization's accounting system, operations, information systems, human capital, marketing, and any other available tool as part of its strategy. Used appropriately, strategy will use every discipline within the organization to accomplish its organizational goals.1.2What is Strategy?
Strategy is the method that an organization uses to reach its goals. According to this definition, strategy is fundamentally a broad term. In the right context, almost any plan of action can be considered an organization’s strategy. Most academic papers on strategy, as well as this book, focus on competitive strategy. Competitive strategy is the way that an organization is going to compete in its industry. However, the tools and techniques of competitive strategy can be adapted to an organization’s quest for other goals.
Since competitive strategy (by definition) is focused on competition, competitive strategy is often expressed in terms of sports, war, history, survival, and board games. This terminology is transferred to the field of strategy as a whole. For example, when a manager states, "What is our game plan?" the manager is asking for clarification about the organization's strategy. When an organization ‘crafts' or builds its strategy, it is specifically choosing the actions it will take in the marketplace, including how it is going to compete with and outperform other organizations.
Stakeholders can often observe an organization's chosen strategy by evaluating what the firm does in the marketplace and asking questions such as the following:
· What industry does the firm operate in?
· What products and/or services does the firm market and sell? Does the firm take an offensive or defensive position?
· What is the firm's target market?
· Does the firm invest in research and development? Why or why not?
· What product or services does the firm offer that are different from competitors?
· What makes the firm successful or unsuccessful?
· Where does the majority of the firm's money come from?
· What type of employees.
This is a presentation to co-operatives on strategic planning. The process of coming up with a strategic plan is as important as the final document. It is critical that co-operatives participate fully in drafting their own strategic plans and coming up with final document that they own and can implement.
Strategic plans are critical for co-operatives to prioritize what they want to achieve and within what time period.
Draft investment club strategic plan by ojijoOjijo P
The document provides an overview of strategic planning for an investment club. It discusses what a strategic plan is and its importance. It outlines the typical sections of a strategic plan, including the organizational profile, business activities/goals/objectives, situational analysis, operational plan, performance measurement, financial plan, and growth/exit plan. Examples are given for setting objectives and mapping out activities, outputs, and outcomes to achieve the objectives over short, medium, and long term timeframes. The strategic plan provides guidance on how to achieve the club's goals and measure performance.
Class 1, 2, 3 Module I Corporate Strategy.pptxsnehasis891
This document discusses key concepts in corporate strategy including:
- Definitions of strategy, strategic management, internal environment, external environment, and the differences between them.
- Components of a Strategic Advantage Profile (SAP) and Environmental Threat and Opportunity Profile (ETOP) and how they are used to analyze strengths/weaknesses and opportunities/threats.
- Explanations of SWOC analysis and the conceptual framework for strategic management, outlining the stages of defining vision/mission, strategy formulation through analysis and goal setting, and strategy implementation.
The document discusses the Deming Cycle, also known as the PDSA (Plan-Do-Study-Act) cycle, which is a four stage model for continuous improvement. It involves planning a change, implementing it, observing the results, and acting on what is learned. The stages are outlined in detail. Strategic thinking is then defined as focusing on unique opportunities to create value through creative dialogue. Key competencies of strategic thinking are discussed, along with the characteristics of effective strategies. Finally, strategic analysis is defined as the process of conducting research to formulate strategy, using various analytical methods.
1. The document discusses strategy at different levels of an organization, including corporate, business, and operational strategies. It introduces the Exploring Strategy model for analyzing an organization's strategic position, strategic choices, and strategy in action.
2. The Exploring Strategy model examines the external environment, internal capabilities and resources, organizational culture and purpose, and helps identify threats, opportunities, strengths, and weaknesses.
3. Strategic issues can be viewed through different lenses like design, experience, variety, and discourse to generate new insights for strategy analysis.
Strategic management involves defining an organization's strategy, implementing and executing the strategy, and evaluating performance. It is a continuous process that evaluates external and internal factors to guide an organization's vision and planning. The key elements of strategic management are environmental scanning, strategy formulation, strategy implementation, and evaluation. Environmental scanning involves collecting internal and external information, analyzing trends and issues. Strategy formulation determines long-term objectives and goals. Implementation is executing the chosen strategy, while evaluation assesses performance and makes adjustments.
This document discusses strategic planning and strategy formulation. It begins by outlining the learning objectives, which are to evaluate corporate strategies, include external factors, understand internal resources, and shape the organization for changes. It then discusses different views of strategy - the planning view, emergent view, and that strategies can be planned or emerge over time through incremental changes. Overall, strategic planning is about synthesizing information to make long-term decisions that balance external opportunities with internal capabilities to achieve organizational goals.
Project management strategic one STML - Learning Outcome 1KaramMansour2
The document discusses strategic management concepts including analyzing strategies and their relationship to stakeholder expectations and organizational performance. It covers strategic management processes, different types of strategies like corporate and business strategies, and tools for strategic analysis including Porter's generic strategies, Miles and Snow's strategy typology, and using SWOT analysis to evaluate strengths, weaknesses, opportunities, and threats. The goal of strategic management is to formulate, implement, and evaluate cross-functional decisions to achieve organizational objectives.
Business Policy and Strategic Management.pptxATIFASLAM90
The document discusses various aspects of business policy including:
1. Business policies are guidelines developed by organizations to govern their actions and define decision-making boundaries. They help achieve organizational goals.
2. Business policies cover functional areas like production, marketing, finance, and personnel. They define roles and responsibilities of senior management.
3. Effective business policies are specific, clear, reliable, appropriate, simple, inclusive and flexible to guide organizational activities. They provide long-term direction for organizations.
SMEs need strategy just as much as large organizations. Strategy provides direction and helps businesses compete and grow. While strategic planning can help plot a company's direction, the plan must have flexibility to adapt to changing market conditions. An effective strategy addresses questions about the business, its customers, and how it will excel. It also requires understanding internal strengths and weaknesses as well as external opportunities and threats through analysis.
PESTLE analysis is a framework used to evaluate the macroenvironmental factors that may affect an organization. It assesses the Political, Economic, Sociocultural, Technological, Legal and Environmental influences on a business. A PESTLE analysis helps inform strategic planning and decision-making by identifying opportunities and threats from these external factors. It is used to analyze markets, products/services, and industries, as well as inform strategic business planning, workforce planning, marketing planning and product development. While a useful tool, it also has limitations like oversimplifying data and potential inaccuracies from assumptions.
IB Business and Management (Standard Level)
All material taken from the IB Business and Management Textbook:
"Business and Management", Paul Hoang, IBID Press, Victoria, 2007
An overview of strategic management.ppsx11richamandla
Strategic management involves establishing organizational goals, analyzing the internal and external environment, formulating strategies to achieve goals, implementing strategies, and evaluating performance. It occurs at three levels - corporate, business unit, and functional. Corporate strategy defines the businesses the company will compete in, business strategy defines how it will compete in each business, and functional strategy defines how each department will contribute. Strategic management is an ongoing, cyclical process that orients the entire organization towards achieving its mission.
The Ruia group adopted a strategy of horizontal integration through acquisitions and mergers to expand its business. This allowed it to increase market share and benefit from economies of scale. If Dunlop shares are quoted on the stock exchange, it would benefit shareholders by providing greater returns and dividends as the company revives under Ruia group ownership. Ruia group's strategy of entering the retread market was appropriate, but it could have coupled it with vertical integration by becoming suppliers to itself, which would save costs and increase profits. Some advantages for Falcon Tyres of being part of the Ruia group include leadership guidance, competitive advantages from the brand name, infrastructure and resources to grow business.
Planning new venture is the essential topic for the nurses to know the path of getting transformed from Registered nurse to Nurse practitioner and from Nurse practitioner to Nurse entrepreneur. Each individual nursing personnel has unique skills to get into commerce and IT zone to empower the new branches of nursing as opportunity to build themselves by indulging into entrepreneurship.
Strategic Mangement For Under Grad AnimatedUlhas Wadivkar
The document discusses strategic management, including definitions, levels of decisions, roles of strategists, and the strategic management process. It defines strategic management as determining goals and courses of action to achieve them. Strategic decisions are made at various levels from corporate to functional. Strategists include the board, CEO, managers, and consultants. The strategic management process involves defining vision and mission, analyzing the environment, setting objectives and strategies, implementing plans, and evaluating performance.
Planning is the first function of any successful management.
It is the tool that all other managerial functions depends on.
It is a continuous process that aims to specify the goals, objectives, strategies, mission, and vision of any organization.
Depending on the type of objectives and time frame .
planning is divided into three main types; strategic, tactical, and operational.
The document discusses strategic planning and management. It defines strategic management as formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. It notes that strategic management helps organizations succeed by guiding them to achieve strategic goals in light of internal and external factors. The strategic management process consists of three stages: strategy formulation, implementation, and evaluation.
Similar to Strategic management for intrapreneurs (20)
Examination reforms are essential to transform the education system according to the document. The current examination system focuses only on rote memorization but needs to evaluate creativity and problem-solving. The document outlines steps to reform examinations including setting goals based on program and course objectives, evaluating whether objectives are achieved through direct and indirect methods, using continuous evaluations, and adopting open book exams and multiple evaluation methods.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Final ank Satta Matka Dpbos Final ank Satta Matta Matka 143 Kalyan Matka Guessing Final Matka Final ank Today Matka 420 Satta Batta Satta 143 Kalyan Chart Main Bazar Chart vip Matka Guessing Dpboss 143 Guessing Kalyan night
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
How to Implement a Real Estate CRM SoftwareSalesTown
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
SATTA MATKA SATTA FAST RESULT KALYAN TOP MATKA RESULT KALYAN SATTA MATKA FAST RESULT MILAN RATAN RAJDHANI MAIN BAZAR MATKA FAST TIPS RESULT MATKA CHART JODI CHART PANEL CHART FREE FIX GAME SATTAMATKA ! MATKA MOBI SATTA 143 spboss.in TOP NO1 RESULT FULL RATE MATKA ONLINE GAME PLAY BY APP SPBOSS
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...Aleksey Savkin
The Strategy Implementation System offers a structured approach to translating stakeholder needs into actionable strategies using high-level and low-level scorecards. It involves stakeholder analysis, strategy decomposition, adoption of strategic frameworks like Balanced Scorecard or OKR, and alignment of goals, initiatives, and KPIs.
Key Components:
- Stakeholder Analysis
- Strategy Decomposition
- Adoption of Business Frameworks
- Goal Setting
- Initiatives and Action Plans
- KPIs and Performance Metrics
- Learning and Adaptation
- Alignment and Cascading of Scorecards
Benefits:
- Systematic strategy formulation and execution.
- Framework flexibility and automation.
- Enhanced alignment and strategic focus across the organization.
3 Simple Steps To Buy Verified Payoneer Account In 2024SEOSMMEARTH
Buy Verified Payoneer Account: Quick and Secure Way to Receive Payments
Buy Verified Payoneer Account With 100% secure documents, [ USA, UK, CA ]. Are you looking for a reliable and safe way to receive payments online? Then you need buy verified Payoneer account ! Payoneer is a global payment platform that allows businesses and individuals to send and receive money in over 200 countries.
If You Want To More Information just Contact Now:
Skype: SEOSMMEARTH
Telegram: @seosmmearth
Gmail: seosmmearth@gmail.com
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
1. STRATEGIC MANAGEMENT FOR INTRAPRENEURS by : DR. T.K. JAIN AFTERSCHO ☺ OL centre for social entrepreneurship sivakamu veterinary hospital road bikaner 334001 rajasthan, india FOR – CSE & PGPSE STUDENTS (CSE & PGPSE are free online programmes open for all, free for all) mobile : 91+9414430763
2. My word..... My purpose here is to give a few ideas about strategic management for intrapraneurs. Read a lot. Be an intrepreneur, change the society, change the world. Go with positive spirit. Please pass this presentation to all those who might need it. Let us spread knowledge as widely as possible. I welcome your suggestions. I also request you to help me in spreading social entrepreneurship across the globe – for which I need support of you people – not of any VIP. With your help, I can spread the ideas – for which we stand....
3. What is strategic management? How do you decide the future of your company? How do you decide the activities that your company will do in next 5 /10 /15 /20 years ?
4. How to formulate strategy? Before you formulate strategy – know about your enviroment, prepare your mission, vision then prepare your objetives then choose the strategy out of a wide variety of options available to you.
5. Who undertakes strategic management? Top management board of directors consultants Advisors Strategy consultants
6. How to have a good team to formulate strategy? Have people from diversified backgrounds have those persons who have wide experience and better understanding of economic, political, social and technological trends Take up views of industry leaders / experts about what is going to be the direction of the world.
7. How to frame strategy ? Undertake SWOT analysis prepare detailed projections about future Undertake trend analysis Collect data about industry, firms, competitors, customers, suppliers and important stakeholders Prepare long term vision of the company (what you want your company to be after 10/20/30 years)
8. Is strategy rigid or flexible ? Strategy is for long term – so it has to be stable one. For short term, we have tactics – which keep changing with the changing environment. Strategy is based on overall policy of the company, which has to be a stable one (of course, with change in environment, you may have to change it also).
9. What is environmental analysis ? Before formulating strategy, study the environment thoroughly. Strategy cant be formulated in vacuum. There are 2 components of environment : 1. macro (overall economy, world) 2. micro (each unit individually) we can also call it – 1. external 2. internal environment analysis
10. What is environment? environ=what surrounds you The forces surrounding you – for example, if you are a company in finance, the overall financial policies of the government, RBI, SEBI, other bodies – is all that we call as environment similarly, if you are working in insurance sector, then the environment consists of the rules regulations of government, IRDA, etc.
11. What is the best way to analyse environment ? Go systematic – write down all the forces – with their positive or negative impact the forces are : PESTLE p= political forces (government etc) e=economic (RBI policy, Budget, etc.) s=society (social trends) t=technology (change in technology) le=(legal forces, law, etc.)
12. Example : Environment analysis of Anant Raj Industries Ltd. P = stable government, so real estate prices likely to go up E = high inflation rate cause of worry, but liberal economic policies & VI pay and other benefits will create demand for housing S=nucleas family system, changing social values will give philip to housing T=low cost housing technologies are developing – which will reduce cost of construction L=legal system is being change in favour of property developers – thus it is good
13. Environmental analysis .... The previous slide give only a small number of cases of environmental analysis. In reality, the environmental analysis will go into many pages – as it is very complex and detailed analysis is required before formulating a strategy
14. WHAT IS STRATEGY ? Strategy is a unified comprehensive course of action which you plan for achieving your objectives considering the business environment, your resources and your capabilities. Strategy is for long term and enables you to achieve your goals.
15. What are the types of strategies? There are 3 levels of strategy : 1 corporate level 2. business level 3. functional level
16. Corporate level strategies It is framed at corporate level. If you are working in a group, there are many units in that group, you have to formulate strategy for the group as a whole.
17. Business level strategy It is formulated at each unit level (SBU level) SBU = strategic business unit there may be different strategy in corporate level and business level. For example : you may go for expansion in corporate strategy, but may go for retrenchment of an individual unit (which might not be growing).
18. What is SBU? A strategic business unit is one unit of the company, which has the power to take strategic decisions. These decisions are about the products the company can offer, the market the company can serve and the technology the company can use. These decide the future of the business definition of the company
19. Exmaple of SBU? Birla group is a diversified corporate group. It has many SBUs. For example, Hindalco is one SBU of Birla group. It can formulate its own strategies within the corporate strategies formulated by the group as a whole.
20. What is business definition? What needs are you fulfilling (through your products / services)? What market are you serving ? (or who are your customers) What technology are you using (or how are you delivering delight to the customers?)?
21. Functional level strategy ? It is formulated at functional level. Here we are looking at the functions of the organisation and define each functional objectives and strategies : for example : for marketing deparment, the strategy may be to get highest market share for finance department : the strategy may be to have highest ROI.
22. What are different functions ? There are different functions that are performed by the company : 1. marketing 2. finance 3. production / operations 4. accounting 5. human resource management 6. information technology strategy at each of these level is called functional strategy. A company can have different functions than those listed here.
23. What are the grand strategies ? There are 4 types of generic strategies : 1. expand 2. diversify 3. stability 4. mix of above three strategies
24. Porter's classification of strategies There are three types of strategies : 1. focus 2. differentiation 3. cost leadership
25. What is FOCUS ? Focus on niche market / small segment of market put all your efforts to develop the services of this small market segment example : Mercedes / BMW focus on premium segment
26. What is differentiation ? Differentiate your products from your competitors example : Dettol is better germ killer than other soaps in the market
27. What is mission of the organisation? The ultimate goal is the mission of the organisation. Mission is defined in terms of the ultimate services the company wants to fulfill. It is similar to purpose. Example : Apollo hospital has the mission of providing good quality health care facilities to people
28. What is vision ? Where do you want to see your organisation after 5 / 10 / 15 years. Vision means what you visualise for your organisation in the long term. Vision is defined in terms of the future status of the organisation.
29. What is the objective of the organisation? The end state that the organisation wants to achieve in the long term is called objective of the organisation. Example : After 10 years, Tata Motors want to be the number one commercial vehicle maker in the world.
30. What is strategic Intent? Intent = desire / aspiration / dreams no progress without DREAMS here we want concrete, well defined, written and realistic dreams. These dreams are spelled out in terms of objectives, goals, mission, vision and purpose. Thus Strategic Intent includes all the terms that we have discussed so far.
31. What are steps in strategy formulation ? Formulate your mission / purpose undertake environmental analysis undertake analysis of competitors, industry scenario and identify your competencies look into different strategic choices for you select the best strategy decide about strategy, objectives formulate implementation plan review your strategies and your progress.
32. How to undertake environmental analysis ? There are two environments : external and internal you have to undertake thorough PEST Analysis for external environment.
33. What is PEST ? Political Economical social Technological environment study the trends, processes, and directions so that you may formulate appropriate strategy
34. What is SWOT? S= strengths W= Weakness O = Opportunity T=Threat It is also called TOWS matrix prepare this so that you know about your external environment
35. What is SAP? Her SAP =Strategic Advantage Profile Here we prepare a profile about how our company is superior in comparison to other companies. Here we are looking at the environmental aspects and preparing the strategy which can relate our strengths to our opportunities. It enables us to focus on our competencies (strenghts) and how to use them.
36. What is crucial in behavioural implementation of strategy? People must understand, imbibe and follow the strategy. For this, change the leadership style, culture, and overall environment in the company.
37. What are the most popular options ? INTEGRATION AND DIFFERENTIATION (these are not mathematics terms here). Integrate = connect yourself well with your suppliers, customers and entire value chain Differentiate = identify how you are different from your competitors and how you can be superior in delivering products / services in comparison to your competitors. Try to see that this differentiation is clear to your customers also (not just to you alone in this world).
38. How to set objectives? Involve people in strategy objective formulation ensure that people set their own objectives and become responsible for achieving them. The objectives should be concrete, verifiable, reviewable, practical, and achievable. The objectives should be written down in BOLD.
39. objectives... We follow multiple objectives we follow a hierarchy of objectives (with clear priorities) the objectives give us direction that we need. Objectives should be understandable, time bound, clear, and expressed in terms of achievable deadlines.
40. What is turnaround ? Converting sick unit into a profitable unit is called turnaround. Turnaround strategy focuses on cost reduction, process improvement, better networking etc.
41. How do you undertake strategic analysis ? Undertake PESTLE analysis undertake PORTER'S 5 forces analysis undertake MCKINSEY 7 S analysis undertake SWOT (or TOWS) analysis generate strategic ALTERNATIVES other tools
42. PORTER'S 5 FORCES 1. Suppliers 2. customers 3. substitute products 4. potential entrants 5. competitors A CLOSE STUDY OF ALL THESE FORCES WILL HELP YOU IN FORMULATING YOUR STRATEGIES
43. BARGAINING Suppliers, customers, have bargaining power. Porter's model presents us an analytical perspective. If you working in large scale, you have advantage. If you have good network with suppliers, you have advantage. It is also important to study the switching cost of these parties – if they want to switch over to new parties. Before formulating your strategy, you have to understand your 5 forces, so that later you dont face any problem.
44. How to undertake internal resource analysis ? List down all internal resources identify your unique capabilities, competencies and your superior delivery methods. Identify your CSF (critical success factors) undertake VALUE CHAIN ANALYSIS use BALANCED SCORECARD ANALYSIS
45. What is CSF? Every business requires some key capabilities for its success. Identify the capabilities that you have and which can enable you to succeed in the business. Example : heritage hotels in Bikaner are successful due to their unique looks,folk art, cultural symbols, art and craft.
46. Some examples of CSF ? Better organisational culture Lower employee turnover Lower production cost Better quality Locational factors (like Bhujia of Bikaner) Better training of employees Younger staff
47. What is Value Chain Analysis ? Identify the value chain in each product. Identify the contribution of each element in the value chain. Value chain = the complete chain of intermediaries from origin to consumption. Example : for carpets – the value chain starts from sheep rearers, wool traders, and includes thread makers, carpet weavers, marketers and ends at the last retail store that sells the carpet.
48. Example of value chain analysis Look at Bikaji = leader in Bhujia and Sweet industry from Bikaner look at their inbound logistics (wherefrom they procure raw material) how do they process the raw material look at their outbound logistics (whom they supply) how do their marketing / distribution department work ?
49. What is balanced score card? There are 4 factors in balanced scorecard : 1. Financial component = contribution in terms of profitability 2. Organisational component : = leadership, innovation, change management 3. Customers = new customers added, and services to existing customers 4. operations = product development / improvement etc.
50. Benchmarking It is also a good tool for study of the organisational processes. Compare your processes with an icon. You can set your performance standards and try to achieve those standards. Example : an MNC benchmarked itself with SEWA in terms of commitment of employees and dedication. It was very successful in its efforts.
51. How to undertake benchmarking? It requires top management support there must be agreement between the two companies benchmarking involves sharing, ideas and opinoions employees must be willing to learn and change.
52. Other methods.... There are many other methods like : qualitative assessment – find overall feel of employees, capture their subjective assessments try to identify the sentiments of employees and frame objectives and strategies, which can involve employees undertake surveys, identify the gaps. Use tools like OD interventions, identify the areas where you can develop the organisations.
53. How to undertake SWOT ? Identify your strengths – note it down – relate it to the opportunities identify your weaknesses – try to develop your capabilities in these sectors opportunities – undertake brainstorming, look for untapped potential, identify hidden opportunities threats – explore them and prepare for them.
54. McKensey's 7 S framework There are 7 interrelated elements : 1. System 2. Structure 3. Strategy 4. Style 5. Shared values 6. Staff 7. Skills
55. Hard v/s soft elements in Mckinsey framework Hard elements : Structure, System, Strategy Soft elements : shared values, staff, skills, style
56. Interrelation of 7 S Each of the element influences other elements. Thus if you change staff, skills will also change similarly, if you change strategy, structure will also change (so change in one will create change in remaining 6)
57. What is experience curve ? When a company gains expertise, over a period of time, it is able to bring better production, better quality and is able to reduce cost of production. Thus there is experience curve. Experience curve relates experience to performance,. However, in turbulant times, there is only a little advantage of experience, when the industry is experiencing radical shift in technology, processes and work systems.
58. How should you differentiate ? The most useful competitive strategy is differentiation. But how do you achieve it : 1. need based (identify unmet need of customers and differentiate for those needs) : example : close up – introduced mouth freshner tooth pastes 2. ULIP based insurance plans – introduced by Birla Sunlife (profit + insurance)
59. What is ansoff's matrix? A company can have 4 possibilities for growth – these 4 possibilities are explained in Ansoff's matrix as under : 1. Market Penetration 2. Production development 3. Market development 4. diversification
60. Market penetration? Market penetration means to expand in the existing market by lowering the prices and by increasing the volume. Thus penetration here involves same product and same market. Thus market penetration means – more products to be sold in the same market by lowering prices. Example : Reliance
61. Product development ? When you introduce new product in the existing market, it is called product development
63. What should be the ultimate success strategy of a company? There are two dimensions : 1. focus 3. differentiation. A company has to decide whether to go for focus (which means the market share is less) or differentiation (which means mass marketing, so market share is larger). Thus these two dimensions are the deciding factors. Every company should go for low cost strategy – it is always successful – as the customer can easily relate the value addtion and compare it to price paid.
64. Why do strategies fail? Some times differentiation is not clear and so the customers are not able to understand the differentiating element and relate it to their needs and requirements. Sometimes the product / service is not clear and many people think that it is not for them. What is required that the customers should believe that the product / service is for every one (in case of differentiation).
65. Advantages of differentiation? Customer is prepaid to pay premium price Sustainable competitive advantage (so long as competitors dont copy it). Increasing brand loyalty Better image Increased sales – due to superior positioning in the minds of the customers.
66. Intangible v/s Tangible differentiating factors It is easier to convince the customer with tangible aspects of differentiation. For example, design, looks, style, Packaging etc. Are easity to demonstrate Example: Sleek Kitchen Intangible aspects can be useful for high value premium products which are targetted towards intellectual class, and customers spend a lot of time in comparing products. Example : Hallmark
67. What is the difference between forward and backward integration? Integration means toconsolidate forward integration = make those things which your customers are doing. Example : if you are making textile thread – now make textile cloth, if you are making cloth, now make garments backward integration: go for doing those things which your supplier is doing – example : reliance went from cloth to polyester, to petrochem, to refinery to exploration.
68. Why do companies go for mergers? There are 4 grand strategies : 1. expand 2 diversify 3. retrench (4: stability - do what you are doing – jut improve it). First two are the most preferred strategies for the companies – for them there are two options.
69. How to grow? There are 2 options : 1. organic growth – expand your existing products, markets and services - naturally – will require long patience 2. inorganic growth – acquire running companies – go for mergers and acquisitions – faster and easier road to growth
70. Inorganic growth.... Mergers and acquisions are the fastest routes to grow. Companies go for mergers / takeovers / acquisitions because they realise that this is the best route to grow. Inorganic growth has many challenges also –
71. Challenges in mergers / takeovers etc. 1. culture clash – when you takeover a company, there is a possibility that the culture of the two companies dont match 2. when you takeover a company, there is a possibility that the new company is not able to absorb the culture / practices / work systems of the existing company
72. Why mergers / acquisitions fail ? Most companies fail to pedict the challenges in mergers and acquisitions.
73. What is horizontal integration? When a company integrates with another company of similar type, it is called horizontal integration. Example : a tea making comapany (let us call Tata) takes over another tea making company (let us call Tetley) and integrates this new company, it is horizontal integration.
74. What is keiretsu? A keiretsu is a grouping or family of affiliated companies that form a tight-knit alliance to work toward each other's mutual success. The keiretsu system is also based on an intimate partnership between government and businesses. It can best be understood as the intricate web of relationships that links banks, manufacturers, suppliers, and distributors with the Japanese government
75. What is BCG model ? This model is given by Boston Consulting Group. In this model, there are 2 variables : 1. market share 2. growth rate. There are 4 quaduples (4 possible positions) : 1. dog 2. cash cow 3. star 4. question mark
76. What is dog? If you are in low market share and have low growth rate- better sell out this company. This is called a dog. It should be divested immediately.
77. What is cash cow? If you are in high market share but having low growth rate, you are in cash cow. Reap the rewards dont look for a brigher future, so whatever profit you can draw out of this business take out.
78. What is star ? If you are in high growth, high market share business, you are in star. Continue with it. This is the best market position. Example : Lenovo Laptops. (this laptop is in good demand now, so market share is good, the demand of laptops will continue to grow fast – so it is high growth).
79. What is question mark? If you are in high growth market, but the market share is very low, you are in question mark. You dont know about the future, but if it consolidates, you will be a star. It needs good investments from your side. It gives indication of brighter future.
87. Download more material .... http://www.scribd.com/doc/14646947/Accounting-amp-Economics-for-Business-4-November http://www.scribd.com/doc/14676195/Accounting-Economics-and-Business-12-Nov-II http://www.scribd.com/doc/14676185/Accounting-Economics-and-Business-11-Nov-II http://www.scribd.com/doc/14630181/Accounting-Law-amp-Economics-28-November1 http://www.scribd.com/doc/27183173/World-Wide-Recession-and-the-Road-Map-for-Economic-Revival
88. THANKS.... GIVE YOUR SUGGESTIONS AND JOIN AFTERSCHOOOL NETWORK / START AFTERSCHOOOL SOCIAL ENTREPRENEURSHIP NETWORK IN YOUR CITY / CONDUCT WORKSHOP ON SOCIAL ENTREPRENEURSHIP IN YOUR COLLEGE / SCHOOL / CITY [email_address] JOIN OUR NETWORK TO PROMOTE SOCIAL ENTREPRENEURSHIP