Strategic planning is the ongoing organizational process of using available knowledge to document a business's intended direction. This process is used to-
prioritize efforts,
effectively allocate resources,
align shareholders and employees on the organization’s goals, and
ensure those goals are backed by data and sound reasoning.
SM CH 1 STRATEGIC MANAGEMENT ESSENTIALSShadina Shah
The document discusses strategic management, outlining its key stages and terms. It describes the strategic management process as having three main stages: strategy formulation, implementation, and evaluation. Some key points covered include defining strategic management, discussing the need for strategic planning, explaining why some firms do not strategically plan, and comparing similarities between business and military strategy.
The document discusses several aspects of strategic management including activating strategies, measurement, reporting, implementation, barriers, and structural considerations. Activating strategies involves institutionalizing the strategy and translating objectives. Measurement and reporting are challenges due to objectivity and presenting results. Implementation requires developing an organization, allocating resources, and linking rewards to goals. Barriers prevent strategic evaluation. Structural considerations for implementation include configuring hierarchies, identifying core competencies, establishing processes, authority levels, and developing partnerships.
This document discusses business ethics, social responsibility, and environmental sustainability as it relates to strategic management. It provides examples of unethical business practices like misleading advertising and environmental harm. It emphasizes the importance of establishing a clear code of business ethics and developing an ethics culture within an organization. It also addresses issues like bribery, social responsibility, social policy, and policies around retirement as they relate to strategic management.
The document discusses various functional level strategies that organizations must consider, including marketing, finance, human resources, and operations. It focuses on strategies for several key functions like marketing strategies (product, pricing, placement, promotion), financial strategies (capital acquisition, capital structure, dividends), human resource strategies (objectives, organization structure, performance appraisal), and how functional strategies integrate with and support organizational strategy.
This document discusses the three levels of strategic management - corporate, business, and operational.
The corporate level focuses on the overall plan for the organization and strategic business units. Strategy at this level involves conceptual decisions. The business level determines how each business unit will compete and allocates resources. Operational level strategies improve internal functions like manufacturing and marketing.
Effective strategic management requires coordination across all three levels to improve profitability.
This document discusses various types of business strategies. It defines strategy and outlines four main categories: integration, intensive, defensive, and diversification strategies. Integration involves expanding related business activities, either vertically within the supply chain or horizontally within an industry. Intensive strategies seek to improve market share through greater marketing or developing existing products. Defensive strategies help maintain a market leader's position. Diversification expands a company's products and markets, either through related or unrelated new offerings.
This presentation discusses strategy implementation. It covers the meaning of strategy implementation, management issues like annual objectives and policies, and functional issues in areas like marketing, finance, research and development, and management information systems. Strategy implementation is the action stage of strategic management where the focus is on efficiency and coordination across the organization to achieve objectives.
SM CH 6 STRATEGY GENERATION AND SELECTIONShadina Shah
This document discusses various strategic analysis tools used in strategy formulation including the SWOT analysis, SPACE matrix, BCG matrix, IE matrix, Grand strategy matrix, and QSPM. It describes how each tool is used to analyze a company's internal strengths and weaknesses as well as external opportunities and threats to help identify strategic options. The document also notes that organizational culture and politics can influence strategic choices and outlines best practices for board governance in strategic planning.
SM CH 1 STRATEGIC MANAGEMENT ESSENTIALSShadina Shah
The document discusses strategic management, outlining its key stages and terms. It describes the strategic management process as having three main stages: strategy formulation, implementation, and evaluation. Some key points covered include defining strategic management, discussing the need for strategic planning, explaining why some firms do not strategically plan, and comparing similarities between business and military strategy.
The document discusses several aspects of strategic management including activating strategies, measurement, reporting, implementation, barriers, and structural considerations. Activating strategies involves institutionalizing the strategy and translating objectives. Measurement and reporting are challenges due to objectivity and presenting results. Implementation requires developing an organization, allocating resources, and linking rewards to goals. Barriers prevent strategic evaluation. Structural considerations for implementation include configuring hierarchies, identifying core competencies, establishing processes, authority levels, and developing partnerships.
This document discusses business ethics, social responsibility, and environmental sustainability as it relates to strategic management. It provides examples of unethical business practices like misleading advertising and environmental harm. It emphasizes the importance of establishing a clear code of business ethics and developing an ethics culture within an organization. It also addresses issues like bribery, social responsibility, social policy, and policies around retirement as they relate to strategic management.
The document discusses various functional level strategies that organizations must consider, including marketing, finance, human resources, and operations. It focuses on strategies for several key functions like marketing strategies (product, pricing, placement, promotion), financial strategies (capital acquisition, capital structure, dividends), human resource strategies (objectives, organization structure, performance appraisal), and how functional strategies integrate with and support organizational strategy.
This document discusses the three levels of strategic management - corporate, business, and operational.
The corporate level focuses on the overall plan for the organization and strategic business units. Strategy at this level involves conceptual decisions. The business level determines how each business unit will compete and allocates resources. Operational level strategies improve internal functions like manufacturing and marketing.
Effective strategic management requires coordination across all three levels to improve profitability.
This document discusses various types of business strategies. It defines strategy and outlines four main categories: integration, intensive, defensive, and diversification strategies. Integration involves expanding related business activities, either vertically within the supply chain or horizontally within an industry. Intensive strategies seek to improve market share through greater marketing or developing existing products. Defensive strategies help maintain a market leader's position. Diversification expands a company's products and markets, either through related or unrelated new offerings.
This presentation discusses strategy implementation. It covers the meaning of strategy implementation, management issues like annual objectives and policies, and functional issues in areas like marketing, finance, research and development, and management information systems. Strategy implementation is the action stage of strategic management where the focus is on efficiency and coordination across the organization to achieve objectives.
SM CH 6 STRATEGY GENERATION AND SELECTIONShadina Shah
This document discusses various strategic analysis tools used in strategy formulation including the SWOT analysis, SPACE matrix, BCG matrix, IE matrix, Grand strategy matrix, and QSPM. It describes how each tool is used to analyze a company's internal strengths and weaknesses as well as external opportunities and threats to help identify strategic options. The document also notes that organizational culture and politics can influence strategic choices and outlines best practices for board governance in strategic planning.
The GE/McKinsey Matrix is a portfolio analysis tool used to classify business units within a large company based on two criteria: industry attractiveness and business unit strength. It evaluates each unit and places it in one of nine cells based on its criteria scores, recommending different strategies for units in each cell ranging from investing for growth to harvesting or divesting.
The document discusses various corporate level strategies including stability, growth, retrenchment, and combination strategies. It describes stability strategies as maintaining the present course when there is no threat. Growth strategies include expanding market share through internal routes like diversification or external routes like mergers. Retrenchment strategies involve downsizing through divestment, liquidation or turnaround. A combination strategy example provided integrates stability, expansion and retrenchment elements. The document also discusses Porter's generic strategies of cost leadership, differentiation and focus as well as Miles and Snow's prospector, defender and analyzer adaptation models and the product life cycle model.
This document discusses different types of business strategies, including integration strategies, intensive strategies, and diversification strategies. Integration strategies involve acquiring suppliers or distributors and include vertical integration (backward or forward) and horizontal integration by acquiring competitors. Intensive strategies focus on existing products and markets and include market penetration, market development, and product development. Diversification strategies involve entering new industries, either related diversification into similar products, or unrelated diversification. The document provides examples and guidelines for when each type of strategy may be effective.
This document discusses different levels of strategy, including corporate strategy, business strategy, and functional strategy.
Corporate strategy involves top-level decisions about the overall scope and direction of a corporation. It occupies the highest decision-making level. Corporate strategies include stability, expansion, retrenchment, and combinations of those. Expansion strategies involve concentrating resources, diversifying, integrating operations, cooperating with competitors, and internationalization. Retrenchment strategies are turnaround, divestment, and liquidation.
Business strategy details how a firm provides value to customers within a specific industry. Common business strategies are cost leadership, differentiation, focused low cost, focused differentiation, and integrated low cost/differentiation.
Functional
Corporate level strategies are basically about the choice of direction that a firm adopts in order to achieve its objectives.
Corporate strategy is essentially a blueprint for the growth of the firm.
The corporate strategy sets the overall direction for the organization to follow.
It also spells out the extent, pace and timing of the firm’s growth.
The document discusses corporate level strategy and how it differs from business level strategy. Corporate level strategy is related to decisions about the overall direction, growth, and resource allocation of a multi-business corporate. It deals with managing a portfolio of businesses and maximizing their contributions under a common vision, mission, and objectives. The four main types of corporate strategies discussed are expansion, stability, retrenchment, and combination strategies.
Quantitative Strategic Planning Matrix Nor Syazwani
This document discusses Quantitative Strategic Planning Matrix (QSPM), a high-level strategic management approach for evaluating alternative strategies. It describes QSPM as falling within the third stage of strategic formulation, which involves comparing strategies. The document outlines the steps to develop a QSPM, including identifying strategic factors, formulating strategies, assigning weights and attractiveness scores, and calculating total scores to determine the most attractive strategy. It also notes limitations and advantages of the QSPM approach.
The document discusses Porter's three generic strategies: cost leadership, differentiation, and focus. It provides details on each strategy, including the strengths companies need to successfully implement each one and risks involved. It gives examples of companies like McDonalds, Apple, Medimix, and PepsiCo that have used cost leadership, differentiation, or focus strategies.
Operationalizing strategy refers to the process of allocating resources to implement an organization's chosen strategy. This involves various management activities such as setting short-term objectives, developing functional tactics, establishing policies to guide decisions, allocating resources, managing conflicts, and empowering employees. Functional tactics translate broad strategies into specific actions for individual business functions. They require greater specificity and have a shorter time horizon than business strategies. Policies standardize routine decisions to clarify discretion and empower employees while ensuring consistency with strategy. Resource allocation, conflict management, training, and decentralized decision-making can empower employees to implement tactics, while peer-based control and performance tracking exercise control over empowered employees.
This document summarizes key concepts from Chapter 1 of the textbook "Strategic Management: Concepts & Cases". It discusses the three stages of the strategic management process - strategy formulation, implementation, and evaluation. Strategy formulation involves assessing external opportunities/threats and internal strengths/weaknesses to develop long-term objectives and alternative strategies. Implementation requires setting annual objectives, policies, and allocating resources. Evaluation involves measuring and reviewing performance for corrective actions. The overall goal of strategic management is gaining and sustaining competitive advantage.
Strategic formulation in Strategic managementYamini Kahaliya
This presentation is on Strategy formulation(of subject strategic management) and it covers following points :-
Define strategy formulation
Need of strategy formulation
Steps of strategy formulation
Problems in strategy formulation
Levels of strategy
Strategy implementation refers to the activities within an organization to execute its strategic plan. This involves translating the chosen strategy into organizational actions to achieve strategic goals. Key aspects of strategy implementation include developing organizational structures, control systems, and culture aligned with the strategy. It also involves assigning tasks and roles to employees to maximize efficiency, quality, and customer satisfaction. Successful strategy implementation depends on factors like organizational structure, resource allocation, leadership styles, and procedures. It is important that implementation responsibilities are shifted to divisional and functional managers who were involved in the strategy formulation process.
Strategy implementation involves applying management processes to achieve desired results. It includes designing organizational structures, allocating resources, and developing information and decision-making processes. Common problems with strategy implementation are weak strategies, lack of proper training, insufficient resources, poor communication, and lack of follow through. There are different types of strategy implementation such as institutionalizing strategy, setting an organizational climate conducive to the strategy, developing operating plans, designing organizational structures, and periodically reviewing the strategy.
Strategic evaluation and control is the final phase of strategic management. It operates at two strategic and operational levels to assess consistency with the environment and pursuit of strategy. The purpose is to evaluate strategy effectiveness in achieving objectives. It tests strategy effectiveness and keeps the organization on track to objectives through feedback and corrective actions. Strategic evaluation involves participants across the organization and provides lessons for new planning, though barriers like measurement difficulties must be addressed.
Chapter 1 introduction to strategic managementhappysingh1991
This document provides an introduction to strategic management concepts. It defines strategy as an overall plan to deploy resources in a favorable position. The strategic management process involves analyzing internal and external environments to formulate and implement strategies to create value and earn above-average returns. Two models of strategy are described: the industrial organization model focuses on external industry analysis, while the resource-based model emphasizes a firm's unique resources and capabilities. The document also discusses strategic intent, missions, emergent vs. deliberate strategies, and stakeholder groups.
This document discusses functional strategies and provides examples in key functional areas. It begins by defining functional strategy as how functional areas achieve corporate objectives through maximizing resource productivity. It then lists common functional strategy objectives like profitability, market share, and innovation.
The document goes on to describe different types of functional strategies, including manufacturing, marketing, human resources, research and development, and financial management strategies. For each type, it provides high-level explanations of their focus and processes. Finally, it discusses how functional strategies should be integrated at different stages of the product lifecycle from introduction to maturity to decline.
This document discusses strategy implementation and control. It covers the relationship between strategy formulation and implementation, issues in strategy implementation, the role of organization structure, and leadership. Some key points:
1) Strategy implementation involves putting the chosen strategic plan into action through proper resource allocation, organizational structure, operating plans, and review processes.
2) Strategy formulation and implementation are interrelated but distinct phases - sound implementation is needed to ensure a strategy's success.
3) Issues in implementation include project execution, procedures, resource allocation, structure, functions, and changing behaviors. The appropriate organizational structure depends on factors like the strategy and firm size.
This document discusses strategic choices and approaches that firms can take. It discusses the need for firms to have consistent strategies aligned with their situation to achieve goals. Several strategy options and approaches are described, including Porter's three generic strategies of cost leadership, differentiation, and focus. Ansoff's product/market matrix and the four strategic approaches it outlines are also summarized. Additional approaches from Glueck and Kotler are briefly described involving stability, expansion, retrenchment strategies and competitive positions respectively. Key criteria for evaluating strategies and common strategic alternatives are also provided.
The document provides an overview of business policy and strategic management. It discusses key concepts like the meaning and nature of management, strategic management process, importance of strategic management, strategic decision making, developing strategic vision and mission, and setting goals and objectives. The document emphasizes that business policy and strategic management are highly intertwined and strategic management involves identifying strategies to achieve organizational goals and competitive advantage through planning, analyzing, implementing, and evaluating strategies.
This document provides an overview of strategic management and the resource-based view (RBV) of the firm. It discusses the key differences between the industrial organization model and RBV, defining resources and capabilities in RBV. VRIO framework is explained for assessing if resources can provide sustained competitive advantage. Criticisms of RBV are outlined along with suggestions for future research, such as further defining resources and developing a more subjective view of resource value in RBV theory.
Educaterer India is an unique combination of passion driven into a hobby which makes an awesome profession. We carve the lives of enthusiastic candidates to a perfect professional who can impress upon the mindsets of the industry, while following the established traditions, can dare to set new standards to follow. We don't want you to be the part of the crowd, rather we like to make you the reason of the crowd.
Today's Effort For A Better Tomorrow
This document discusses strategy development processes. It explains that intended strategies are deliberate plans created by management, while emergent strategies develop in response to new environmental factors. Intended strategies are detailed in strategic plans or business plans. However, most companies adapt their strategies over time in response to changes. Emergent strategies can result from unexpected opportunities or challenges and sometimes lead companies in new directions. While emergent strategies sometimes fail, they can also result in tremendous success if companies respond appropriately to new situations. Ultimately, both intended and emergent strategies contribute to a company's realized strategy over time.
The GE/McKinsey Matrix is a portfolio analysis tool used to classify business units within a large company based on two criteria: industry attractiveness and business unit strength. It evaluates each unit and places it in one of nine cells based on its criteria scores, recommending different strategies for units in each cell ranging from investing for growth to harvesting or divesting.
The document discusses various corporate level strategies including stability, growth, retrenchment, and combination strategies. It describes stability strategies as maintaining the present course when there is no threat. Growth strategies include expanding market share through internal routes like diversification or external routes like mergers. Retrenchment strategies involve downsizing through divestment, liquidation or turnaround. A combination strategy example provided integrates stability, expansion and retrenchment elements. The document also discusses Porter's generic strategies of cost leadership, differentiation and focus as well as Miles and Snow's prospector, defender and analyzer adaptation models and the product life cycle model.
This document discusses different types of business strategies, including integration strategies, intensive strategies, and diversification strategies. Integration strategies involve acquiring suppliers or distributors and include vertical integration (backward or forward) and horizontal integration by acquiring competitors. Intensive strategies focus on existing products and markets and include market penetration, market development, and product development. Diversification strategies involve entering new industries, either related diversification into similar products, or unrelated diversification. The document provides examples and guidelines for when each type of strategy may be effective.
This document discusses different levels of strategy, including corporate strategy, business strategy, and functional strategy.
Corporate strategy involves top-level decisions about the overall scope and direction of a corporation. It occupies the highest decision-making level. Corporate strategies include stability, expansion, retrenchment, and combinations of those. Expansion strategies involve concentrating resources, diversifying, integrating operations, cooperating with competitors, and internationalization. Retrenchment strategies are turnaround, divestment, and liquidation.
Business strategy details how a firm provides value to customers within a specific industry. Common business strategies are cost leadership, differentiation, focused low cost, focused differentiation, and integrated low cost/differentiation.
Functional
Corporate level strategies are basically about the choice of direction that a firm adopts in order to achieve its objectives.
Corporate strategy is essentially a blueprint for the growth of the firm.
The corporate strategy sets the overall direction for the organization to follow.
It also spells out the extent, pace and timing of the firm’s growth.
The document discusses corporate level strategy and how it differs from business level strategy. Corporate level strategy is related to decisions about the overall direction, growth, and resource allocation of a multi-business corporate. It deals with managing a portfolio of businesses and maximizing their contributions under a common vision, mission, and objectives. The four main types of corporate strategies discussed are expansion, stability, retrenchment, and combination strategies.
Quantitative Strategic Planning Matrix Nor Syazwani
This document discusses Quantitative Strategic Planning Matrix (QSPM), a high-level strategic management approach for evaluating alternative strategies. It describes QSPM as falling within the third stage of strategic formulation, which involves comparing strategies. The document outlines the steps to develop a QSPM, including identifying strategic factors, formulating strategies, assigning weights and attractiveness scores, and calculating total scores to determine the most attractive strategy. It also notes limitations and advantages of the QSPM approach.
The document discusses Porter's three generic strategies: cost leadership, differentiation, and focus. It provides details on each strategy, including the strengths companies need to successfully implement each one and risks involved. It gives examples of companies like McDonalds, Apple, Medimix, and PepsiCo that have used cost leadership, differentiation, or focus strategies.
Operationalizing strategy refers to the process of allocating resources to implement an organization's chosen strategy. This involves various management activities such as setting short-term objectives, developing functional tactics, establishing policies to guide decisions, allocating resources, managing conflicts, and empowering employees. Functional tactics translate broad strategies into specific actions for individual business functions. They require greater specificity and have a shorter time horizon than business strategies. Policies standardize routine decisions to clarify discretion and empower employees while ensuring consistency with strategy. Resource allocation, conflict management, training, and decentralized decision-making can empower employees to implement tactics, while peer-based control and performance tracking exercise control over empowered employees.
This document summarizes key concepts from Chapter 1 of the textbook "Strategic Management: Concepts & Cases". It discusses the three stages of the strategic management process - strategy formulation, implementation, and evaluation. Strategy formulation involves assessing external opportunities/threats and internal strengths/weaknesses to develop long-term objectives and alternative strategies. Implementation requires setting annual objectives, policies, and allocating resources. Evaluation involves measuring and reviewing performance for corrective actions. The overall goal of strategic management is gaining and sustaining competitive advantage.
Strategic formulation in Strategic managementYamini Kahaliya
This presentation is on Strategy formulation(of subject strategic management) and it covers following points :-
Define strategy formulation
Need of strategy formulation
Steps of strategy formulation
Problems in strategy formulation
Levels of strategy
Strategy implementation refers to the activities within an organization to execute its strategic plan. This involves translating the chosen strategy into organizational actions to achieve strategic goals. Key aspects of strategy implementation include developing organizational structures, control systems, and culture aligned with the strategy. It also involves assigning tasks and roles to employees to maximize efficiency, quality, and customer satisfaction. Successful strategy implementation depends on factors like organizational structure, resource allocation, leadership styles, and procedures. It is important that implementation responsibilities are shifted to divisional and functional managers who were involved in the strategy formulation process.
Strategy implementation involves applying management processes to achieve desired results. It includes designing organizational structures, allocating resources, and developing information and decision-making processes. Common problems with strategy implementation are weak strategies, lack of proper training, insufficient resources, poor communication, and lack of follow through. There are different types of strategy implementation such as institutionalizing strategy, setting an organizational climate conducive to the strategy, developing operating plans, designing organizational structures, and periodically reviewing the strategy.
Strategic evaluation and control is the final phase of strategic management. It operates at two strategic and operational levels to assess consistency with the environment and pursuit of strategy. The purpose is to evaluate strategy effectiveness in achieving objectives. It tests strategy effectiveness and keeps the organization on track to objectives through feedback and corrective actions. Strategic evaluation involves participants across the organization and provides lessons for new planning, though barriers like measurement difficulties must be addressed.
Chapter 1 introduction to strategic managementhappysingh1991
This document provides an introduction to strategic management concepts. It defines strategy as an overall plan to deploy resources in a favorable position. The strategic management process involves analyzing internal and external environments to formulate and implement strategies to create value and earn above-average returns. Two models of strategy are described: the industrial organization model focuses on external industry analysis, while the resource-based model emphasizes a firm's unique resources and capabilities. The document also discusses strategic intent, missions, emergent vs. deliberate strategies, and stakeholder groups.
This document discusses functional strategies and provides examples in key functional areas. It begins by defining functional strategy as how functional areas achieve corporate objectives through maximizing resource productivity. It then lists common functional strategy objectives like profitability, market share, and innovation.
The document goes on to describe different types of functional strategies, including manufacturing, marketing, human resources, research and development, and financial management strategies. For each type, it provides high-level explanations of their focus and processes. Finally, it discusses how functional strategies should be integrated at different stages of the product lifecycle from introduction to maturity to decline.
This document discusses strategy implementation and control. It covers the relationship between strategy formulation and implementation, issues in strategy implementation, the role of organization structure, and leadership. Some key points:
1) Strategy implementation involves putting the chosen strategic plan into action through proper resource allocation, organizational structure, operating plans, and review processes.
2) Strategy formulation and implementation are interrelated but distinct phases - sound implementation is needed to ensure a strategy's success.
3) Issues in implementation include project execution, procedures, resource allocation, structure, functions, and changing behaviors. The appropriate organizational structure depends on factors like the strategy and firm size.
This document discusses strategic choices and approaches that firms can take. It discusses the need for firms to have consistent strategies aligned with their situation to achieve goals. Several strategy options and approaches are described, including Porter's three generic strategies of cost leadership, differentiation, and focus. Ansoff's product/market matrix and the four strategic approaches it outlines are also summarized. Additional approaches from Glueck and Kotler are briefly described involving stability, expansion, retrenchment strategies and competitive positions respectively. Key criteria for evaluating strategies and common strategic alternatives are also provided.
The document provides an overview of business policy and strategic management. It discusses key concepts like the meaning and nature of management, strategic management process, importance of strategic management, strategic decision making, developing strategic vision and mission, and setting goals and objectives. The document emphasizes that business policy and strategic management are highly intertwined and strategic management involves identifying strategies to achieve organizational goals and competitive advantage through planning, analyzing, implementing, and evaluating strategies.
This document provides an overview of strategic management and the resource-based view (RBV) of the firm. It discusses the key differences between the industrial organization model and RBV, defining resources and capabilities in RBV. VRIO framework is explained for assessing if resources can provide sustained competitive advantage. Criticisms of RBV are outlined along with suggestions for future research, such as further defining resources and developing a more subjective view of resource value in RBV theory.
Educaterer India is an unique combination of passion driven into a hobby which makes an awesome profession. We carve the lives of enthusiastic candidates to a perfect professional who can impress upon the mindsets of the industry, while following the established traditions, can dare to set new standards to follow. We don't want you to be the part of the crowd, rather we like to make you the reason of the crowd.
Today's Effort For A Better Tomorrow
This document discusses strategy development processes. It explains that intended strategies are deliberate plans created by management, while emergent strategies develop in response to new environmental factors. Intended strategies are detailed in strategic plans or business plans. However, most companies adapt their strategies over time in response to changes. Emergent strategies can result from unexpected opportunities or challenges and sometimes lead companies in new directions. While emergent strategies sometimes fail, they can also result in tremendous success if companies respond appropriately to new situations. Ultimately, both intended and emergent strategies contribute to a company's realized strategy over time.
1. The document outlines Nicolò Friedman's academic and professional background in fields like architecture, project management, and business. It discusses his ability to apply interdisciplinary skills to solve problems creatively.
2. It then analyzes current management strategies and trends, including concepts from computational architecture like resilience, adaptability, and collective consciousness. It also discusses Industry 4.0 and how these elements could shape innovative client strategies.
3. Finally, it proposes a new "SOAR strategy" model that is self-organized, adaptive, and resilient, as an alternative to existing strategy types like intended, emergent, and realized strategies. This new model would better address trends like those seen in Industry 4.0.
Here are the key points about strategic group analysis:
- Strategic groups separate companies within the same industry that have similar business models and strategy combinations.
- Companies within a strategic group compete most directly with each other.
- Strategists will often display companies on a two-dimensional grid to show their relative market positions within a strategic group.
- Examining strategic groups provides insights into the competitive dynamics within an industry by analyzing groups of closest competitors.
- It also helps companies assess their relative strengths and weaknesses compared to industry peers in the same strategic group.
- The goals of strategic group analysis depend on factors like a group's market share, growth rates, and profitability relative to other groups.
Accounting for the non accountant - unit 2CTDLearning
A mission statement declares an organization's core purpose and focus, which generally remains constant over time. It states the sole reason the entity exists. Mission statements can play an important role in planning by outlining how the organization will fulfill its mission and act as a yardstick to evaluate plans. However, there are also limitations to mission statements, as they are sometimes ignored in practice, used merely for public relations, or contain vague generalizations instead of clear objectives.
1. The document discusses developing marketing strategies and plans, with a focus on strategic planning being central to successful marketing. It outlines the key components of strategic plans, including defining missions, identifying business units, and assessing growth opportunities.
2. Tactical marketing plans are developed to specify marketing mix tactics to achieve strategic objectives. These plans operate at both strategic and tactical levels.
3. Marketing plans contain sections on situation analyses, marketing strategies, financial projections, and implementation controls. They provide guidelines for coordinating marketing efforts over the planning period.
The document outlines the 7 steps in the strategic management process:
1. Define the current business and develop a mission statement.
2. Perform external and internal audits to analyze opportunities, threats, strengths and weaknesses.
3. Formulate new business and mission statements based on the situation analysis.
4. Translate the mission into specific strategic goals for departments and managers.
5. Formulate strategies or courses of action to achieve the strategic goals and take the company from its current position to its desired future position.
This document provides an introduction to strategy, including definitions of vision statements, mission statements, objectives, goals, and the strategic management process. It discusses key elements of developing a strategy such as environmental analysis, strategic options, strategic choice, and implementation. Examples of vision and mission statements from various companies are also presented. The summary concludes with an overview of the strategic planning process and considerations for effective strategy formulation and implementation.
When leaders confuse visions, missions, purposes, plans, or goals for the real work of strategy, they send their firms adrift. They must first address five much more fundamental--and difficult--questions. Among these: What business or businesses should your company be in? Who are your target customers? What are your value propositions to those customers? And perhaps most importantly, what will be your differentiating capabilities?
The document discusses six principles of business success according to John Spence's book Awesomely Simple: 1) having a vivid vision with a clear mission, values, and vision statement; 2) having the best people by implementing strong talent management; 3) robust communication through open dialogue and constructive conflict; 4) a sense of urgency to move quickly; 5) disciplined execution of strategic priorities; and 6) extreme customer focus through understanding customer needs and expectations. It provides examples for each principle and emphasizes the importance of applying these principles to achieve lasting business success.
The document discusses six principles of business success according to John Spence's book Awesomely Simple: 1) having a vivid vision with a clear mission, values, and vision statement; 2) having the best people by implementing strong talent management; 3) robust communication through open dialogue and constructive conflict; 4) a sense of urgency to move quickly; 5) disciplined execution of strategic priorities; and 6) extreme customer focus through understanding customer needs and expectations. It provides examples for each principle and emphasizes the importance of applying these principles to achieve lasting business success.
The document discusses communication planning and outlines how mission statements, business plans, and communication plans are interrelated. It provides details on how mission statements should communicate an organization's purpose and direction. Examples are given of mission statements from various companies and how they guide priorities and decision making.
The document outlines the 9 steps of the strategic management process: 1) Develop a clear vision and mission statement, 2) Assess strengths and weaknesses, 3) Scan for opportunities and threats, 4) Identify key success factors, 5) Analyze competition, 6) Create goals and objectives, 7) Formulate strategies, 8) Translate plans into action, 9) Establish controls. It provides details on developing a vision and mission statement to guide the company and communicating it effectively. It also discusses analyzing the internal/external environment, competition, and key success factors to craft strategic plans and maintain a competitive advantage.
Strategic management army 2015 chp2 (1)Opie Mohamad
The document discusses the importance of vision and mission statements in strategic management. It provides an overview of key concepts including:
- Vision statements answer "what do we want to become?" while mission statements answer "what is our business?".
- Developing a mission statement is as important as the final document, as the process allows managers to provide input and resolve divergent views.
- Well-crafted vision and mission statements that are communicated throughout the organization can provide clarity of purpose, direction, and higher performance.
- Ideal mission statements are broad in scope, customer-oriented, and incorporate key components like products/services, markets, and philosophy.
Corporate strategy is a process by which an organization envisions its long-term goals. It should include establishing a plan, position, and shared vision to motivate employees. Benefits include a framework for action, evaluating competitors, and annual evaluations. Critical factors are responding to strengths/weaknesses and opportunities/threats, developing differentiated roles, and identifying economic factors for stakeholders. Successful implementation requires senior management commitment to strategic and strategically driven decisions guiding the organization.
This document discusses strategic planning and marketing analysis. It defines strategic planning as a process by which leaders determine their organization's vision for the future and how to achieve that vision. The strategic planning process involves analyzing internal and external environments, establishing goals and objectives, and developing functional plans including a marketing plan. It also discusses the importance of an organization having a clear mission statement that defines its reason for existence and how it differs from the organization's vision for the future.
10 key steps to expanding your business globallyeddiekalyondo
The document provides 10 key steps for expanding a business globally. It discusses performing due diligence to understand market opportunities and competition. It also recommends developing a localized strategy and business plan, establishing interim leadership, ensuring legal, tax, marketing, and other organizational readiness, and creating relationships with local businesses. The full process of going global requires significant preparation across many business functions.
This document discusses managing businesses for success. It covers key aspects of planning including developing a strategic plan, mission statements, core values, SWOT analysis, setting goals and objectives. Tactical and operational plans are developed to implement the strategic plan. The document also discusses organizing the business through different structures, directing employees with various leadership styles, controlling operations through a five-step process, and important managerial skills. Problem solving approaches are also outlined.
The document discusses various components of a decision support system that help decision making. It provides three examples:
1. Annual budgets which allocate money to activities/departments and are compared to actual expenditures in a feedback loop.
2. Daily financial statements like income, cash flow, and balance sheets that provide up-to-date information, especially on cash flow.
3. Daily ratios reports that analyze dozens of important company aspects like profits, returns, costs, and compare to history, competitors, and industry to identify deviations requiring intervention. Ratios help rationalize policies and warn of impending issues.
This document contains information related to developing mission and vision statements, corporate strategy, competitive strategy, and strategic planning. It includes sample mission and vision statements, discusses the key characteristics and components of effective statements, and outlines some of the main questions that should be considered when developing strategies. The document provides guidance on defining an organization's purpose, goals, values, and direction to help guide decision-making.
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4 Benefits of Partnering with an OnlyFans Agency for Content Creators.pdfonlyfansmanagedau
In the competitive world of content creation, standing out and maximising revenue on platforms like OnlyFans can be challenging. This is where partnering with an OnlyFans agency can make a significant difference. Here are five key benefits for content creators considering this option:
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2. Strategy
• In business, the terms corporate strategy, organizational strategy,
and strategic planning refer to the specific initiatives a company
undertakes to work toward and achieve its strategic goals. No matter
your business's size, understanding the underlying strategy that
guides it is an integral part of being an effective leader and manager.
3. Strategy
• Corporate strategy often varies from business to business and
depends on several factors.
• While there are numerous frameworks you can use to interpret your
organization’s strategy, one effective way of doing so is through the
lens of emergent versus deliberate strategy.
4. Strategic Planning
• Strategic planning is the art of creating specific business strategies,
implementing them, and evaluating the results of executing the plan,
in regard to a company’s overall long-term goals or desires.
• It is a concept that focuses on integrating various departments (such
as accounting and finance, marketing, and human resources) within a
company to accomplish its strategic goals.
• The term strategic planning is essentially synonymous with strategic
management.
5. Strategic Planning
• Strategic planning is the ongoing organizational process of using
available knowledge to document a business's intended direction.
This process is used to-
• prioritize efforts,
• effectively allocate resources,
• align shareholders and employees on the organization’s goals, and
• ensure those goals are backed by data and sound reasoning.
7. Few Instances:
• A few years ago, a consultant posed a question to thousands of
executives: “Is your industry facing overcapacity and fierce price
competition?” All but one said “YES.”
• The only “no” came from the manager of a unique operation—the Panama
Canal! And even there, they are building a second one connecting the
Atlantic to Pacific oceans scheduled to open in 2015. This manager was
fortunate to be in charge of a venture whose services are desperately
needed by shipping companies and that offers the only simple route linking
the Atlantic and Pacific Oceans.
• The canal’s current success will be challenged with this second goes into
operation. With the current increase in globalization, the additional boat
transportation make both canals appear to be guaranteed to have many
customers for as long as anyone can see into the future.
8. • When an organization’s environment is stable and predictable, strategic
planning can provide enough of a strategy for the organization to gain and
maintain success.
• The executives leading the organization can simply create a plan and
execute it, and they can be confident that their plan will not be
undermined by changes over time. But as the consultant’s experience
shows, only a few executives—such as the manager of the Panama Canal—
enjoy a stable and predictable situation.
• Because change affects the strategies of almost all organizations,
understanding the concepts of intended, emergent, and realized strategies
is important. Also relevant are deliberate and non-realized strategies.
• The relationships among these five concepts are presented as below:
9. Strategic Planning and Learning: Intended, Emergent,
and Realized Strategies
• Strategic planning, usually in the form of a business plan, is a key
aspect of creating a new venture. Many well-known firms, however,
owe their success more to their ability to adapt than their original
plan.
• Most firms begin by pursuing their plans (also known as intended
strategy), but unexpected opportunities that arise over time can lead
firms in much different directions than could have ever been
anticipated (emergent strategy).
• Ultimately, the intended and emergent strategies each contribute to a
firm’s realized strategy. In the cases below, the original intended
strategy can barely be detected within today’s strategy.
10. Strategic Planning and Learning: Intended, Emergent,
and Realized Strategies
Intended Strategy Emergent Strategy Realized Strategy
Dave McConnell aspired to
be a writer. When his books
weren’t selling, he decided
to give out perfume as a
gimmick.
The perfume McConnell
gave out with his books
were popular, inspiring the
foundation of the California
Perfume Company.
The company changed its
name to Avon in 1939, and
it’s direct marketing system
remained popular for
decades. Avon is now
available online and in retail
outlets worldwide.
When father and son team
Scott and Don Rasmussen
were fired from New
England Whalers, they
envisioned a cable television
network that focused on
sports events in the state of
Connecticut.
As the network became
successful, ESPN branched
out beyond the local softball
games and demolition
derbies that were first
broadcasted.
ESPN is now billed as the
worldwide leader in sports,
owning several ESPN
affiliates as well as
production of ESPN
magazine, ESPN radio, and
broadcasting for ABC.
11. Intended Strategies
An Intended Strategy is the strategy that an organization hopes to execute.
Intended strategies are usually described in detail within an organization’s
strategic plan.
When a strategic plan is created for a new venture, it is called a business
plan.
As an undergraduate student at Yale in 1965, Frederick Smith had to
complete a business plan for a proposed company as a class project. His
plan described a delivery system that would gain efficiency by routing
packages through a central hub and then pass them to their destinations. A
few years later, Smith started Federal Express (FedEx), a company whose
strategy closely followed the plan laid out in his class project.
12. Intended Strategies
Today, Frederick Smith’s personal
wealth has surpassed $2 billion, and
FedEx ranks eighth among the
World’s Most Admired Companies
according to Fortune magazine.
Certainly, Smith’s intended strategy
has worked out far better than even
he could have dreamed (Donahoe,
2011).
13. Emergent Strategies
• It is an unplanned strategy that arises in response to unexpected opportunities
and challenges. Sometimes emergent strategies result in disasters.
• In the mid-1980s, FedEx deviated from its intended strategy’s focus on package
delivery to capitalize on an emerging technology: facsimile (fax) machines.
• The firm developed a service called ZapMail that involved documents being sent
electronically via fax machines between FedEx offices and then being delivered
to customers’ offices.
14. Emergent Strategies
• FedEx executives hoped that ZapMail would be a success because it
reduced the delivery time of a document from overnight to just a couple of
hours. Unfortunately, however, the ZapMail system had many technical
problems that frustrated customers.
• Even worse, FedEx failed to anticipate that many businesses would simply
purchase their own fax machines. ZapMail was shut down before long, and
FedEx lost hundreds of millions of dollars following its failed emergent
strategy.
• In retrospect, FedEx had made a costly mistake by venturing outside of the
domain that was central to its intended strategy: package delivery (Funding
Universe).
15. Realized Strategies
• A Realized Strategy is the strategy that an organization actually follows. Realized
strategies are a product of a firm’s intended strategy (i.e., what the firm planned
to do), the firm’s (i.e., the parts of the intended strategy that the firm continues to
pursue over time), and its emergent strategy (i.e., what the firm did in reaction to
unexpected opportunities and challenges).
• In the case of FedEx, the intended strategy devised by its founder many years
ago—fast package delivery via a centralized hub—remains a primary driver of the
firm’s realized strategy.
• For Southern Bloomers Manufacturing Company, realized strategy has been
shaped greatly by both its intended and emergent strategies, which centre on
Men’s innerwear and gun-cleaning patches.
16. Non-Realized Strategies
In other cases, firms’ original intended strategies are long forgotten. A Non-realized
Strategies refers to the abandoned parts of the intended strategy.
When aspiring author David McConnell was struggling to sell his books, he decided
to offer complimentary perfume as a sales gimmick. McConnell’s books never did
escape the stench of failure, but his perfumes soon took on the sweet smell of
success.
The California Perfume Company was formed to market the perfumes; this firm
evolved into the personal care products juggernaut known today as Avon.
For McConnell, his dream to be a successful writer was a non-realized strategy,
but through Avon, a successful realized strategy was driven almost entirely by
opportunistically capitalizing on change through emergent strategy.
17. Figure : The Social Network demonstrates how founder Mark Zuckerberg’s
intended strategy gave way to an emergent strategy via the creation of Facebook
18. Deliberate vs Emergent Strategy
Deliberate strategy is an approach to strategic planning that
emphasizes on achieving an intended business objective.
Emergent strategy is the process of identifying unforeseen
outcomes from the execution of strategy and then learning to
incorporate those unexpected outcomes into future corporate
plans.
Inception of the Concept
The concept deliberate strategy was introduced by Michael
Porter.
Henry Mintzberg introduced the framework for emergent
strategy as an alternative approach to deliberate strategy.
Approach to Management
Deliberate strategy implements a top down approach to
management
Emergent strategy implements a bottom up approach to
management.
Flexibility
Deliberate strategy takes a rigid approach to management, thus
is largely considered to be less flexible.
Emergent strategy is favoured by many business practitioners
due to its high flexibility.
What is the difference between Deliberate and Emergent Strategy?
While the business plan lays out how the business is run from day to day, the strategic plan focuses on how you will achieve specific initiatives to develop your business.
The difference between strategic plan vs. business plan
The biggest difference between a strategic plan vs. a business plan is its purpose. Existing companies use the strategic plan to grow their business, while entrepreneurs use business plans to start a company. There is also a different timeframe for each plan. Generally, a strategic plan is conducted over several years while a business plan, with all the right components, can operate in less than a year. The strategic plan and business plan also offer different uses and benefits as well.
Benefits of using a strategic plan
One of the primary benefits of a strategic plan is that it helps a company to increase its profitability, allowing for greater flexibility in how it can allocate funds for components like buying newer technologies and hiring more talented professionals. It also benefits organizations by helping them increase their customer base and improving the notoriety of their brand to a wider audience.
The business plan benefits entrepreneurs and startups because it helps them to compile all their ideas into a unified system where everyone has a role to fulfill in order to see the company succeed. A successful business plan can also help these new companies to establish a business system that is sustainable and profitable for many years.
deliberate strategy is one that arises from conscious, thoughtful, and organized action on the part of a business and its leadership. It’s typically generated from a rigorous analysis of data, including metrics such as:
Market growth
Segment size
Customer needs
Competitor strengths and weaknesses
Technological trajectories
Emergent strategies can also lead to tremendous success. Southern Bloomer Manufacturing Company was founded to make underwear for use in prisons and mental hospitals. Many managers of such institutions believe that the underwear made for retail markets by companies such as Calvin Klein and Hanes is simply not suitable for the people under their care. Instead, underwear issued to prisoners needs to be sturdy and durable to withstand the rigors of prison activities and laundering. To meet these needs, Southern Bloomers began selling underwear made of heavy cotton fabric.
An unexpected opportunity led Southern Bloomer to go beyond its intended strategy of serving institutional needs for durable underwear. Just a few years after opening, Southern Bloomer’s performance was excellent. It was servicing the needs of about 125 facilities, but unfortunately, this was creating a vast amount of scrap fabric. An attempt to use the scrap as stuffing for pillows had failed, so the scrap was being sent to landfills. This was not only wasteful but also costly.
One day, cofounder Don Sonner visited a gun shop with his son. Sonner had no interest in guns, but he quickly spotted a potential use for his scrap fabric during this visit. The patches that the gun shop sold to clean the inside of gun barrels were of poor quality. According to Sonner, when he “saw one of those flimsy woven patches they sold that unraveled when you touched them, I said, ‘Man, that’s what I can do’” with the scrap fabric. Unlike other gun-cleaning patches, the patches that Southern Bloomer sold did not give off threads or lint, two by-products that hurt guns’ accuracy and reliability. The patches quickly became popular with the military, police departments, and individual gun enthusiasts. Before long, Southern Bloomer was selling thousands of pounds of patches per month. A casual trip to a gun store unexpectedly gave rise to a lucrative emergent strategy (Wells, 2002).
Emergent strategies can also lead to tremendous success. Southern Bloomer Manufacturing Company was founded to make underwear for use in prisons and mental hospitals. Many managers of such institutions believe that the underwear made for retail markets by companies such as Calvin Klein and Hanes is simply not suitable for the people under their care. Instead, underwear issued to prisoners needs to be sturdy and durable to withstand the rigors of prison activities and laundering. To meet these needs, Southern Bloomers began selling underwear made of heavy cotton fabric.
An unexpected opportunity led Southern Bloomer to go beyond its intended strategy of serving institutional needs for durable underwear. Just a few years after opening, Southern Bloomer’s performance was excellent. It was servicing the needs of about 125 facilities, but unfortunately, this was creating a vast amount of scrap fabric. An attempt to use the scrap as stuffing for pillows had failed, so the scrap was being sent to landfills. This was not only wasteful but also costly.
One day, cofounder Don Sonner visited a gun shop with his son. Sonner had no interest in guns, but he quickly spotted a potential use for his scrap fabric during this visit. The patches that the gun shop sold to clean the inside of gun barrels were of poor quality. According to Sonner, when he “saw one of those flimsy woven patches they sold that unraveled when you touched them, I said, ‘Man, that’s what I can do’” with the scrap fabric. Unlike other gun-cleaning patches, the patches that Southern Bloomer sold did not give off threads or lint, two by-products that hurt guns’ accuracy and reliability. The patches quickly became popular with the military, police departments, and individual gun enthusiasts. Before long, Southern Bloomer was selling thousands of pounds of patches per month. A casual trip to a gun store unexpectedly gave rise to a lucrative emergent strategy (Wells, 2002).
Strategy at the Movies: The Social Network
Did Harvard University student Mark Zuckerberg set out to build a billion-dollar company with more than 600 million active users? Not hardly. As shown in 2010’s The Social Network, Zuckerberg’s original concept in 2003 had a dark nature. After being dumped by his girlfriend, a bitter Zuckerberg created a website called “FaceMash” where the attractiveness of young women could be voted on. This evolved first into an online social network called Thefacebook that was for Harvard students only. When the network became surprisingly popular, it then morphed into Facebook, a website open to everyone. Facebook is so pervasive today that it has changed the way we speak, such as the word friend being used as a verb. Ironically, Facebook’s emphasis on connecting with existing and new friends is about as different as it could be from Zuckerberg’s original mean-spirited concept. Certainly, Zuckerberg’s emergent and realized strategies turned out to be far nobler than the intended strategy that began his adventure in entrepreneurship.
Strategy at the Movies: The Social Network
Did Harvard University student Mark Zuckerberg set out to build a billion-dollar company with more than 600 million active users? Not hardly. As shown in 2010’s The Social Network, Zuckerberg’s original concept in 2003 had a dark nature. After being dumped by his girlfriend, a bitter Zuckerberg created a website called “FaceMash” where the attractiveness of young women could be voted on. This evolved first into an online social network called Thefacebook that was for Harvard students only. When the network became surprisingly popular, it then morphed into Facebook, a website open to everyone. Facebook is so pervasive today that it has changed the way we speak, such as the word friend being used as a verb. Ironically, Facebook’s emphasis on connecting with existing and new friends is about as different as it could be from Zuckerberg’s original mean-spirited concept. Certainly, Zuckerberg’s emergent and realized strategies turned out to be far nobler than the intended strategy that began his adventure in entrepreneurship.
Business-level strategy
The Business-level strategy is what most people are familiar with and is about the question “How do we compete?”, “How do we gain (a sustainable) competitive advantage over rivals?”. In order to answer these questions it is important to first have a good understanding of a business and its external environment. At this level, we can use internal analysis frameworks like the Value Chain Analysis and the VRIO Model and external analysis frameworks like Porter’s Five Forces and PESTEL Analysis. When good strategic analysis has been done, top management can move on to strategy formulation by using frameworks as the Value Disciplines, Blue Ocean Strategy and Porter’s Generic Strategies. In the end, the business-level strategy is aimed at gaining a competitive advantage by offering true value for customers while being a unique and hard-to-imitate player within the competitive landscape.
Functional-level strategy
Functional-level strategy is concerned with the question “How do we support the business-level strategy within functional departments, such as Marketing, HR, Production and R&D?”. These strategies are often aimed at improving the effectiveness of a company’s operations within departments. Within these department, workers often refer to their ‘Marketing Strategy’, ‘Human Resource Strategy’ or ‘R&D Strategy’. The goal is to align these strategies as much as possible with the greater business strategy. If the business strategy is for example aimed at offering products to students and young adults, the marketing department should target these people as accurately as possible through their marketing campaigns by choosing the right (social) media channels. Technically, these decisions are very operational in nature and are therefore NOT part of strategy. As a consequence, it is better to call them tactics instead of strategies.
Corporate-level strategy
At the corporate level strategy however, management must not only consider how to gain a competitive advantage in each of the line of businesses the firm is operating in, but also which businesses they should be in in the first place. It is about selecting an optimal set of businesses and determining how they should be integrated into a corporate whole: a portfolio. Typically, major investment and divestment decisions are made at this level by top management. Mergers and Acquisitions (M&A) is also an important part of corporate strategy. This level of strategy is only necessary when the company operates in two or more business areas through different business units with different business-level strategies that need to be aligned to form an internally consistent corporate-level strategy. That is why corporate strategy is often not seen in small-medium enterprises (SME’s), but in multinational enterprises (MNE’s) or conglomerates.
Example Samsung
Let’s use Samsung as an example. Samsung is a conglomerate consisting of multiple strategic business units (SBU’s) with a diverse set of products. Samsung sells smartphones, cameras, TVs, microwaves, refrigerators, laundry machines, and even chemicals and insurances. Each product or strategic business unit needs a business strategy in order to compete successfully within its own industry. However, at the corporate level Samsung has to decide on more fundamental questions like: “Are we going to pursue the camera business in the first place?” or “Is it perhaps better to invest more into the smartphone business or should we focus on the television screen business instead?”. The BCG Matrix or the GE McKinsey Matrix are both portfolio analysis frameworks and can be used as a tool to figure this out.