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Strategic Management in Action: Final Analysis. Group 2: Andrew Maale, Kristy Strong, John White. Why Strategic Management is important. Ch. 1. Strategic Management. - PowerPoint PPT Presentation
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Strategic Management in Action: Final Analysis
Group 2: Andrew Maale, Kristy Strong, John White
Why Strategic Management is important
Ch. 1
Strategic Management Organizations are constantly faced with changing situations
both internally( capabilities/resources) and externally( opportunities/threats) and are still expected to meet a certain level of output.
SM process1. Situation analysis- current situation2. Strategy Formulation- designing3. Strategy Implementation- action4. Strategy Evaluation- revisit and checkWho’s involved The board of directors The top management team Other strategic managers and organizational employees
Competitive Advantage Ch.2Resource Based View
Organizational resources as competitive advantage
Does it add value?
Is it rare?
Can firm exploit it?
Is it hard to duplicate/substitute
Drivers of the new business environmentInformation revolution Technology
Globalization
Critical success factors
Ability to embrace change
Creativity and innovation capabilities
Being a world class
organization
External analysis Ch.3 Scanning and evaluating an organizations
external environment Opportunities/threats Source of information/resources Environmental uncertainty (dynamic or stable)
Specific environments General environments
Internal Analysis Process of evaluating an organization’s
resources and capabilities. It is the only way to identify organization’s
strengths and weaknesses It is needed for making good strategy decisions.
Functional Strategies Goal-directed plans and actions of the
organization’s functional areas. The Product The People The Support Processes
Corporate Strategy Strategy concerned with the choices of what
business/businesses to be in and what to do with them. Single-business organizations Multiple-business organizations
The competitive strategy and various functional strategies are aligned with the overall direction that strategic managers have chosen for the organization and are being implemented.
Importance of Competitive Planning Competitive Environments are Inevitable Creating a Blue Ocean might not always be
cost effective Sometimes forming a competitive strategy is
more efficient Battle of Thermopylae
Battle of Thermopylae Best Possible use of Forces Pass at Thermopylae was ideally suited to the
Greek style of warfare Greeks competitive strategy allowed them to
take away the Persians quantitative advantage, to allow their strength to shine through, and their weaknesses covered up.
Strategic Management: Not Just for Business Management? Good to Great touches on this in Ch. 1 Education; Politics; Not For Profits Applying these concepts and measuring
concepts in terms other than economic. Education = Graduation Rates & Test Scores Politics = ??? NFPs = Consistency of Short Term & Long Term
Goals Achieved