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strategic thinking
- 2. STRATEGIC THINKING Presented by: OLA ALOMOUSH Supervised by : Prof. Hala Ramzi
- 3. OUT LINE -Objectives -DEFINITION OFSTRATEGIC THINKING -ELEMANT OF SMART STARATEGIC THINKING -BENEFITS OF STRATEGIC THINKING -PHASES OF STRATEGIC THINKING -COMPONENT OF STRATEGIG THINKING -WHY IS STRATEGIC THINKING IMPORTANT TO THE SUCCESS OF BUSINESS? -STRATEGIC THINKING VS STRATEGIC PLANING -REFERNCES
- 4. Objective: At the endof this lecture the student will be able to : 1-Define the meaning of strategic thinking 2- Mention the elements of smart strategic thinking 3- Recognize the benefits of strategic thinking 4- Discuss phases and component of strategic thinking 5-Discuss why strategic thinking is important to business 6- Identify deferens between strategic thinking and strategic planning
- 5. Definition of strategic thinking "isa mental process, at once abstract and rational, which must be capable of synthesizing both psychological and material data.
- 6. CON’T Strategic thinking isa process that defines the manner in which people think about, assess, view, and create the future for themselves and others.
- 7. Strategic thinking ismore than just “thinking outside the box” it is also knowing which box to think outside of!
- 10. Benefits of strategicthinking: -do the right thing -create breakthroughs -impact & influence -manage complexity -solve problem creativity - Make decisions with insight
- 11. Phases of strategicthinking : three phases that identify and clarify: 1) where we are now? 2) where we want to be? 3) how we will get there?
- 12. Six common components include: 1)toolsfor analysis: The most common is the SWOT analysis 2) strategic purpose {mission}: essential reason for existence
- 13. 3) values: AsPeter Drucker stated, “Culture eats strategy for breakfast.” If your culture doesn’t work, your strategy can’t work. Values reflect the culture of an organization 4) vision: the direction of the company
- 14. 5) key goals: play the vital role of connecting the team’s specific, actionable ways. they help define where the team is going in 6) action planning : clarifies the ways in which our daily work will help move the goals forward.
- 15. How do weget there? Where we do want to be? Where we are now? Actio n plann ing Key goals vision purpose values analysis:; e.g, SWAT Analysis
- 16. Why Is StrategicThinking Important to the Success of Business? 1-Resource Limitations : Strategic thinking enables a business owner to determine how to use these resources most effectively and advance the company toward its objectives . Strategic thinking helps the company avoid costly mistakes,
- 17. 2-Changing Environment: Every businessis affected by change. New competitive threats arise. Change in the national and local economy affect the spending power of a company’s customers. The environment creates opportunity, too. New markets open up. Strategic thinking is a mindset of preparing for these changes and having plans in place to deal with them. Reacting quickly allows the company to take advantage of opportunities and minimize the damage of unforeseen negative events.
- 18. 3-Matching Competitors &Strengths Business has been compared to a game of chess, with strategic moves of the chess pieces determining the outcome. The analogy is only partially accurate, because in business each side does not start with the same number of pieces, and the size of the board constantly changes. Companies proficient in strategic thinking are continually evaluating their businesses strengths and weaknesses versus those of key competitors. They look for the right time and best means to attack stronger, better capitalized competitors. They try to tilt the chess board in their favor by taking a critical look at where they can improve their products, service levels and the message they send to the marketplace.
- 19. 4-Need to Grow Businessesare under constant pressure to grow. Growth means higher profitability and greater returns for the owners. It also means the company is succeeding in the competitive struggle. Strategic thinking forces companies to recognize they cannot afford to stand still. They must be innovative in all aspects of the operation of the business. A company content to do things the same way year after year usually ends up losing market share to companies that are not afraid of change.
- 20. 5-Improved Decision Making Businessowners that make strategic thinking a central element of their management philosophy often become better strategic thinkers as time goes on. They learn how to recognize subtle changes in the business environment that will have a direct impact on their revenues--things they may have missed before. They become more adept at predicting how competitors are likely to react to the strategies they implement. They begin to view the business as their customers see it, and formulate strategies so they do a more capable job of reaching new potential customers. Strategic thinking enables a business owner to make more logical, confident decisions.
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