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Generate, Generate, Evaluate, Evaluate, and and Select Select Strategies Strategies
Establish Establish Policies and Policies and Annual Annual Objectives Objectives
Strategy Formulation
Strategy Implementation
Mahesh P. Joshi: Strategy and HR
Strategy Evaluation
C u sto m e rs
P e r fo r m S it u a t io n A n a ly s is
V a lu e C r e a t io n
O w n e rs
S et O b je c t iv e s & C r a ft S tr a t e g y
E m p lo y e e s
I m p le m e n t S tr a t e g y
E ffe c tiv e s tr a te g ic m a n a g e m e n t c r e a te s v a lu e
Activities
Integrate intuition with analysis Make decisions
Strategy implementation
Allocate resources
Take corrective action
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Strategy evaluation
Management Styles
Policy maker Democratic-permissive Authoritarian Day-to-day operational thinker Intuitive thinker Experienced in planning Inexperienced in planning
Mahesh P. Joshi: Strategy and HR
Business Level
How to compete in a chosen Business
Functional Level
Support at each function
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Deliberate Deliberate
Strategy
Unrealized Strategy
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Product Development
New Products Present Markets
Market Extension
Present Products New Markets
Diversification
New Products New Markets
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Expansion Strategies
Market Penetration Seeking Increased Market Share For Present Products or Services in Present Markets Market Development Introducing Present Products or Services into New Geographic Areas Product Development Seeking Increased Sales by Improving Present Products/Services or Developing New Ones
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Expansion Strategies
Unrelated Diversification
Adding New, Unrelated Products or Services
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Retrenchment Strategies
Cost-Cutting
Reducing the use of allocation of resources for a specific function
Liquidation
Closing all operations
Divestment
Selling a Division or Part of an Organization
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Manufacturing
Distribution
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SOCIETAL (MACRO)
TECHNOLOGICAL TASK (MICRO)
Suppliers, Competitors, Customers
ECONOMIC
POLITICAL/ LEGAL
Industry Analysis
Market Share Analysis
Definition of market Definition of competitors
Financial Analysis
Sales Net Income Other Indicators Ratios
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Competitor Analysis
Who are the existing and potential competitors? What strategic groups can be identified? What are their levels of sales, share and profits? What are their growth trends? What are their strengths, weaknesses, strategies?
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OPPORTUNITIES - O
SO STRATEGIES
WO STRATEGIES
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So What Matters?
Idea of SWOT analysis Just a basic tool This is a starting point for strategic analysis Identifying long term and Short term trends in macro environment economic, socio-cultural, legal-political and knowledge-technology in task environment customers, competition, and suppliers
Mahesh P. Joshi: Strategy and HR
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Differentiation Strategies
Characteristics: Provide Customer Value Be Difficult to Copy
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Approaches to Differentiation
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Scale Economies
Natural Efficiencies Associated With Size -Can Spread Fixed Costs -Can Support Specialized Assets and/or Activities
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Focus Strategies
Product and or Market Concentration Benefits: Avoids Strategy Dilution, Distraction Minimizes Impact of Limited Resources Potential to Bypass Competitor Assets/Skills e.g.. Private Label Producers Niche Strategy
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Cross-Functional Integration
Level III Functional
Marketing/ Sales Strategy
Operational Operational Strategy Strategy
SBU Strategy
R&D Strategy
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Barriers to Implementation
Reasons for Resistance Unclear strategy loss of control management style fear of the unknown lack of coordination lack of confidence to learn resistance to change increasing workload
past resentment or distrust loss of status or security and others
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Overcoming Resistance
Establish a sense of urgency Communicate and involve Create a shared vision Anticipate and remove barriers Reinforce and institutionalize new approaches
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A Case Study
Using Internet: an Indian Firm In a very unlikely industry Innovative marketing tool Use of HRM
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WWW.SURATDIAMOND.COM
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Comments
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Customer Value
Benefits derived from solving the customers problem, a function of product service quality . Relative to . The total cost of the acquisition and use of the product, including out of pocket expense, time, effort, etc.
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Customer Value
Operational Excellence Customer Intimacy Product Leadership People in the organization
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