Management - Chapter 8: The Strategic Management Process

What is strategic management? What are the foundations of strategic analysis? What are corporate strategies and how are they formulated? What are business strategies and how are they formulated? What are current issues in strategy implementation?
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Management - Chapter 8: The Strategic Management Process PowerPoint Presentation to Accompany Management, 10/e John R. Schermerhorn, Jr. Chapter8:TheStrategicManagementProcess Preparedby:JimLoPresti UniversityofColorado,Boulder Publishedby:JohnWiley&Sons,Inc. Planning Ahead — Chapter 8 Study Questions Whatisstrategicmanagement? Whatarethefoundationsofstrategic analysis? Whatarecorporatestrategiesandhow aretheyformulated? Whatarebusinessstrategiesandhow aretheyformulated? Whatarecurrentissuesinstrategy implementation? Management10/eChapter8 2 Study Question 1: What is strategic management? Basicconceptsofstrategy: Competitiveadvantage—operatingwithan attributeorsetofattributesthatallowsan organizationtooutperformitsrivals. Sustainablecompetitiveadvantage—onethat isdifficultforcompetitorstoimitate. Management10/eChapter8 3Study Question 1: What is strategicmanagement? Basicconceptsofstrategy Strategy—acomprehensiveactionplanthat identifieslongtermdirectionforan organizationandguidesresourceutilization toaccomplishorganizationalgoalswith sustainablecompetitiveadvantage.  Strategicintent—focusingallorganizational energiesonaunifyingandcompellinggoal. Management10/eChapter8 4 Study Question 1: What is strategic management? StrategicManagementProcess:  Strategicmanagement—theprocessofformulating andimplementingstrategiestoaccomplishlongtermgoals andsustaincompetitiveadvantage.  Strategicanalysis–processofanalyzingthe organization,theenvironment,itscompetitivepositionand currentstrategies Management10/eChapter8 5Figure 8.1 Strategy formulation and implementation inthe strategic management process. Management10/eChapter8 6 Study Question 1: What is strategic management? StrategicManagementProcess: Strategyformulation–theprocessofcrafting strategiestoguideallocationofresources Strategyimplementation–puttingstrategies intoaction Management10/eChapter8 7Study Question 1: What is strategicmanagement? Goalofstrategicmanagementisto createaboveaveragereturnsfor investors.  Returnsexceedingthoseforalternative opportunitiesatequivalentrisk.  Earningaboveaveragereturnsdependsin partontheorganization’scompetitive environment. Management10/eChapter8 8Study Question 2: What are the foundationsof strategic analysis? Strategyformulation  Theprocessofcreatingstrategy.  Involvesassessingexistingstrategies, organization,andenvironmenttodevelop newstrategiesandstrategicplanscapableof deliveringfuturecompetitiveadvantage. Management10/eChapter8 9Figure 8.1 Three levels of strategy in organizations-corporate, business, functional strategies. Management10/eChapter8 10Study Question 2: What are the foundationsof strategic analysis? Drucker’sstrategicquestionsforstrategy formulation:  Whatisourbusinessmission?  Whoareourcustomers?  Whatdoourcustomersconsidervalue?  Whathavebeenourresults?  Whatisourplan? Management10/eChapter8 11Study Question 2: What are the foundationsof strategic analysis? Strategyimplementation  Theprocessofallocatingresourcesand puttingstrategiesintoaction.  Allorganizationalandmanagementsystems mustbemobilizedtosupportandreinforce theaccomplishmentofstrategies. Management10/eChapter8 12Study Question 2: What are the foundationsof strategic analysis? Analysisofmission:  Thereasonforanorganization’sexistence.  Goodmissionstatementsidentify:  Customers  Productsand/orservices  Location  Underlyingphilosophy  Animportanttestofthemissionishowwellit servestheorganization’sstakeholders. Management10/eChapter8 13Figure 8.2 How external stakeholders can be valuedas strategic constituencies of organizations. Management10/eChapter8 14Study Question 2: What are the foundationsof strategic analysis? Analysisofvalues:  Valuesarebroadbeliefsaboutwhatisoris notappropriate.  Organizationalculturereflectsthedominant valuesystemoftheorgani ...