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1、Define strategic management and explain why its importantExplain what managers do during the six steps of the strategic management processDescribe the three types of corporate strategiesDescribe competitive advantage and the competitive strategies organizations use to get itDiscuss current strategic
2、 management issues,What Is Strategic Management?,Strategic management - what managers do to develop the organizations strategies.Strategies - the plans for how the organization will do what its in business to do, how it will compete successfully, and how it will attract and satisfy its customers in
3、order to achieve its goals.Business model - how a company is going to make money.,Why Is Strategic Management Important?,It results in higher organizational performance.It requires that managers examine and adapt to business environment changes.It coordinates diverse organizational units, helping th
4、em focus on organizational goals.,What is the StrategicManagement Process?,Strategic management process - a six-step process that encompasses strategic planning, implementation, and evaluation.,Exhibit 9-1: Strategic Management Process,Strategic Management Process,Step 1: Identifying the organizatio
5、ns current mission, goals, and strategiesMission: a statement of the purpose of an organizationThe scope of its products and servicesGoals: the foundation for further planningMeasurable performance targetsStep 2: Doing an external analysisThe environmental scanning of specific and general environmen
6、tsFocuses on identifying opportunities and threats,Exhibit 9-2: Components of aMission Statement,Strategic Management Process,Step 3: Doing an internal analysisAssessing organizational resources, capabilities, and activities:Strengths create value for the customer and strengthen the competitive posi
7、tion of the firm.Weaknesses can place the firm at a competitive disadvantage.Analyzing financial and physical assets is fairly easy, but assessing intangible assets (employee skills, culture, corporate reputation, etc.) isnt as simple.Steps 2 and 3 combined are called a SWOT analysis. (Strengths, We
8、aknesses, Opportunities, and Threats),SWOT Analysis,SWOT analysis - an analysis of the organizations strengths, weaknesses, opportunities, and threats.Resources - an organizations assets that are used to develop, manufacture, and deliver a product to its customers.Capabilities - an organizations ski
9、lls and abilities in doing the work activities needed in its business.,Strengths and Weaknesses,Strengths - any activities the organization does well or any unique resources that it has. Weaknesses - activities the organization does not execute well or needed resources it does not possess.Core compe
10、tencies - the organizations major value-creating capabilities that determine its competitive weapons.,Strategic Management Process,Step 4: Formulating strategiesDevelop and evaluate strategic alternatives.Select appropriate strategies for all levels in the organization that provide relative advantag
11、e over competitors.Match organizational strengths to environmental opportunities.Correct weaknesses and guard against threats.,Strategic Management Process,Step 5: Implementing strategiesImplementation - effectively fitting organizational structure and activities to the environment.The environment d
12、ictates the chosen strategy; effective strategy implementation requires an organizational structure matched to its requirements.Step 6: Evaluating resultsHow effective have strategies been?What adjustments, if any, are necessary?,Corporate Strategies,Corporate strategy - an organizational strategy t
13、hat determines what businesses a company is in or wants to be in, and what it wants to do with those businesses.Types of Corporate StrategiesGrowth: expansion into new products and markets.Stability: maintenance of the status quo.Renewal: examination of organizational weaknesses that are leading to
14、performance declines.,Corporate Strategies (cont.),Growth strategy - a corporate strategy thats used when an organization wants to expand the number of markets served or products offered, through either its current business(es) or new business(es).,Corporate Strategies (cont.),Stability strategy - a
15、 corporate strategy in which an organization continues to do what it is currently doing.Renewal strategy - a corporate strategy designed to address declining performance.,Exhibit 9-3: Types of Organizational Strategies,How Are Corporate Strategies Managed?,Strategic Business Unit (SBU) - the single
16、independent businesses of an organization that formulate their own competitive strategies.BCG matrix - a strategy tool that guides resource allocation decisions on the basis of market share and growth rate of SBUs.,Exhibit 9-4: BCG Matrix,The Role of Competitive Advantage,Competitive strategy - an o
17、rganizational strategy for how an organization will compete in its business(es).Competitive advantage - what sets an organization apart; its distinctive edge.,What is a Functional Strategy?,Functional strategy - the strategies used by an organizations various functional departments to support the co
18、mpetitive strategy.,Five Competitive Forces,Threat of New EntrantsThe ease or difficulty with which new competitors can enter an industryThreat of SubstitutesThe extent to which switching costs and brand loyalty affect the likelihood of customers adopting substitute products and servicesBargaining P
19、ower of BuyersThe degree to which buyers have the market strength to hold sway over and influence competitors in an industry,Five Competitive Forces,Bargaining Power of SuppliersThe relative number of buyers to suppliers and threats from substitutes and new entrants affect the buyer-supplier relatio
20、nship.Current RivalryIntensity among rivals increases when industry growth rates slow, demand falls, and product prices descend.,Exhibit 9-5: Five Forces Model,The Need for Strategic Leadership,Strategic leadership - the ability to anticipate, envision, maintain flexibility, think strategically, and
21、 work with others in the organization to initiate changes that will create a viable and valuable future for the organization.,Exhibit 9-6: Effective Strategic Leadership,Types of Competitive Strategies,Cost Leadership StrategySeeking to attain the lowest total overall costs relative to other industr
22、y competitorsDifferentiation StrategyAttempting to create a unique and distinctive product or service for which customers will pay a premiumFocus StrategyUsing a cost or differentiation advantage to exploit a particular market segment as opposed to a larger market,The Need for Strategic Flexibility,
23、Strategic flexibility - the ability to recognize major external changes, to quickly commit resources, and to recognize when a strategic decision was a mistake.,Exhibit 9-7: Developing Strategic Flexibility,Strategies for Applying e-Business Techniques,Cost LeadershipOn-line activities: bidding, orde
24、r processing, inventory control, recruitment and hiringDifferentiationInternet-based knowledge systems, online ordering and customer supportFocusChat rooms and discussion boards, targeted Web sites,Customer Service Strategies,Giving the customers what they wantCommunicating effectively with themProv
25、iding employees with customer service training,Innovation Strategies,Possible EventsRadical breakthroughs in productsApplication of existing technology to new usesStrategic Decisions about InnovationBasic researchProduct developmentProcess innovationFirst Mover - an organization that brings a produc
26、t innovation to the market or uses new process innovations.,Exhibit 9-8: First-Mover Advantagesand Disadvantages,Terms to Know,strategic managementstrategiesbusiness modelstrategic management processmissionopportunitiesthreatsresourcescapabilitiescore competenciesstrengthsweaknesses,SWOT analysiscorporate strategygrowth strategystability strategyrenewal strategyBCG matrixcompetitive strategystrategic business unitscompetitive advantagefunctional strategies strategic flexibility first mover,
