The Nature of Strategic Management

Chapter 1 The Nature of Strategic Management ,[object Object],[object Object],[object Object],[object Object],[object Object]

Themes in the Text ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],Strategic Management – Defined

[object Object],Strategic Management

Strategic Management achieves a firm’s success through integration -- Management MIS Production/Operations Finance/Accounting Marketing Research & Development

Vision & Mission Strategy Formulation External Opportunities & Threats Internal Strengths & Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection

Issues in Strategy Formulation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Strategy Implementation Annual Objectives Policies Employee Motivation Resource Allocation

Strategy Implementation ,[object Object],[object Object],[object Object],[object Object],[object Object]

Strategy Evaluation Internal Review External Review Performance Metrics Corrective Actions

Strategy Evaluation ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],Prime Task of Strategic Management

[object Object],Integrating Intuition and Analysis

[object Object],[object Object],[object Object],[object Object],Integrating Intuition and Analysis ,[object Object],[object Object],[object Object]

Involve Management at all levels Intuition & Judgment Influence all Analyses Integrating Intuition & Analysis

Analytical Thinking Integrating Intuition & Analysis Intuitive Thinking

[object Object],[object Object],[object Object],[object Object],Adapting to Change

[object Object],Strategic Management is Gaining and Maintaining Competitive Advantage

[object Object],Achieving Sustained Competitive Advantage 2. Effectively formulating, implementing & evaluating strategies

[object Object],Adapting to Change E-commerce Demographics Technology

[object Object],Adapting to Change Requires long-term focus

[object Object],[object Object],[object Object],[object Object],[object Object],Adapting to Change – Key Strategic Management Questions

Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Strategists – Firm’s success/failure

[object Object],[object Object],[object Object],[object Object],Key Terms

[object Object],Key Terms Opportunities and Threats (External)

[object Object],Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],Key Terms Opportunities & Threats Environmental Scanning (Industry Analysis)

[object Object],Key Terms Opportunities & Threats Strategy Formulation Take advantage of External Opportunities Avoid/minimize impact of External Threats

[object Object],Key Terms Strengths & Weaknesses (Internal)

[object Object],Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],Key Terms Strengths & Weaknesses Internal Factors Performance Metrics Financial Ratios Industry Averages Survey Data

[object Object],Key Terms Long-term Objectives

[object Object],Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],Key Terms Strategies

[object Object],Key Terms Annual Objectives

[object Object],Key Terms Policies

Comprehensive strategic management model External Audit Chapter 3 Internal Audit Chapter 4 Long-Term Objectives Chapter 5 Generate, Evaluate, Select Strategies Chapter 6 Implement Strategies: Mgmt Issues Chapter 7 Implement Strategies: Marketing, Fin/Acct, R&D, CIS Chapter 8 Measure & Evaluate Performance Chapter 9 Vision & Mission Chapter 2

[object Object],[object Object],Strategic Management Model Strategic Management Process

[object Object],Strategic Management Model ,[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Strategic Management Model

Benefits of Strategic Management ,[object Object],[object Object],[object Object],[object Object]

Benefits of Strategic Management Financial Benefits ,[object Object],[object Object],[object Object]

Benefits of Strategic Management Non- Financial Benefits ,[object Object],[object Object],[object Object],[object Object]

Benefits of Strategic Management (Greenley) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Benefits of Strategic Management (Greenley – cont’d ) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Benefits of Strategic Management (Greenley – cont’d ) ,[object Object],[object Object]

Why Some Firms Do No Strategic Planning ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],Business Ethics & Strategic Management Business Ethics defined --

[object Object],Business Ethics & Strategic Management Good business ethics –

[object Object],Business Ethics & Strategic Management Code of business ethics –

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Business Ethics & Strategic Management Business practices always considered unethical –

[object Object],[object Object],Natural Environment Perspective ISO used to gain strategic advantage

[object Object],[object Object],[object Object],Natural Environment Perspective ISO 14000 standards

[object Object],[object Object],The Nature of Global Competition International/multinational corporations

[object Object],[object Object],[object Object],[object Object],The Nature of Global Competition Strategy implementation may be difficult

Advantages of International Operations ,[object Object],[object Object],[object Object],[object Object]

Advantages of International Operations ( cont’d ) ,[object Object],[object Object],[object Object]

Disadvantages of International Operations ,[object Object],[object Object],[object Object],[object Object]

The Nature of Strategic Management

The Nature of Strategic Management

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The Nature of Strategic Management