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Strategic
Management
Lecture Outline
107
E I G H T
Introduction
The Importance of Strategic
Management
What Is Strategic Management?
Why Is Strategic Management
Important?
The Strategic Management Process
Step 1: Identifying the Organizations
Current Mission, Goals, and
Strategies
Step 2: Doing an External Analysis
Step 3: Doing an Internal Analysis
Step 4: Formulating Strategies
Step 5: Implementing Strategies
Step 6: Evaluating Results
Types of Organizational Strategies
Corporate Strategy
Growth
Stability
Renewal
Corporate Portfolio Analysis
Business or Competitive Strategy
The Role of Competitive
Advantage
Quality As a Competitive
Advantage
Sustaining Competitive
Advantage
Competitive Strategies
The Rule of Three
Functional Strategy
Strategic Management in Todays
Environment
Strategic Flexibility
New Directions in Organizational
Strategies
Mergers.
Strategic
alliances.
Downsizing. Spin-offs. Global expansion.
Todays news is filled with examples of
changing organizational strategies. In
the chapter-opening A
Managers
Dilemma, students learn about the
important
challenge
facing
Kevin
Planks company, Under Armour. Filling
the need for light, comfortable clothing
for male athletes in a variety of sports,
Under Armour now offers not only
clothing, but also equipment for
different climates and environments.
With the companys success comes the
opportunity to expand its products to
women and children.
In this chapter, we examine the strategic
management process as it relates to the
planning function. Kevin Plank must
design effective strategies to attract an
expanding customer base and to
compete successfully with larger, wellestablished companies in the athletic
wear industry. In this opening case,
students
are
asked
to
imagine
themselves in Kevins role and to
consider the value of using SWOT
analysis in planning effective strategies
that will lead to high performance and
continued success for Under Armour.
How can the principles of strategic
management guide Kevin Plank as he
develops this new strategy?
108
Many PowerPoint Slides, including both original text art and newly
created images,
have been developed and are available for you to coordinate with
Chapter Eight materials presentation.
ANNOTATED OUTLINE
1.
INTRODUCTION
Effective managers recognize the role that strategic
management plays in their organizations performance.
Throughout this chapter, students discover that good strategies
can lead to high organizational performance.
NOTES
2.
Q&A
NOTES
A.
NOTES
109
B.
NOTES
Self-Assessment Library
Managers have always had to deal with changes taking place inside
and outside of their organizations. Often, complete information is not
available. Self-Assessment #I.A.4 How Well Do I Handle Ambiguity?
will contribute to students understanding of their own personal
characteristics.
Students may want to reflect on the following
questions:
n
n
n
3.
What did you discover about yourself in doing this exercise? Did
anything surprise you about your assessment?
How can you use this information in helping you to strategically
plan your career?
How do you think this information will help you as a manager?
THE STRATEGIC MANAGEMENT PROCESS
The strategic management process is a six-step process that
encompasses
strategic
planning,
implementation,
and
evaluation. (See Exhibit 8-1 and PowerPoint slide 8-8.)
A.
Step 1: Identifying the Organizations Current Mission,
Objectives, and Strategies
1. Every organization needs a mission, which is a
statement of the purpose of an organization. The
mission statement addresses the question: What is the
organizations reason for being in business? (See
Exhibit 8-2 and PowerPoint slide 8-10.)
NOTES
110
Q&A
2.
NOTES
B.
NOTES
its
current
PRISM #3
8.3 Where can you get information on whats happening in the various
components of the external environment?
C.
111
3.
4.
NOTES
Q&A
4.
NOTES
Q&A
5.
NOTES
D.
NOTES
Self-Assessment Library
Exercise in Creativity
112
Q&A
What did you discover about yourself in doing this exercise? Did
anything surprise you about your assessment?
How can you use this information in helping you in generating
alternative career paths?
How do you think this information will help you as a manager?
2.
NOTES
Conducting a personal SWOT analysis can be a valuable tool to help students assess
their own skills and preferences in preparation for the job search process. In fact,
doing an individual SWOT analysis is an excellent introduction to SWOT, since
students will be familiar with the subject of the analysis and the process will be
personalized.
After your class has studied and discussed Managing Your Career: Doing a Personal
SWOT Analysis in the text, talk with your students about developing their own
personal SWOT analysis. Devote a portion of this class period to giving students an
opportunity to consider and write about their own personal strengths and weaknesses.
In order to encourage their critical thinking and writing, you will want to assure
students that they will have discretion about whether or not their SWOT analysis will
be shared with anyone else. You may want to allow some time during subsequent
class sessions for students to work on their personal SWOT analysis and to ask
questions about the process.
E.
NOTES
Q&A
NOTES
8.7 I understand how strategies are formulated, but how are they
implemented?
F.
Q&A
Managing IT
114
Are
4.
B.
NOTES
Passport
3.
NOTES
Sustaining
Competitive
Advantage.
An
organization must be able to sustain its competitive
advantage; it must keep its edge despite
competitors action and regardless of major
changes in the organizations industry.
4.
a.
NOTES
5.
c.
NOTES
6.
7.
NOTES
C.
NOTES
5.
Functional Strategy
Functional strategy is the strategies used by an
organizations various functional departments to support
the business or competitive strategy.
Materials I Plan to Use:
NOTES
118
Self-Assessment Library
n
n
n
B.
NOTES
Focus on Leadership
119
After you and your students have discussed the six responsibilities of an
effective strategic leader, give your students an opportunity to consider the
importance of the first responsibility listed in the text: An effective strategic
leader determines the organizations purpose or vision. Ask students for other
words that come to mind when they hear the word vision. Provide a dictionary
and ask one student to look up and read the appropriate definition of vision to
the class.
Lead a discussion in which you ask your students to describe the difference
between the terms mission and vision. You may want to pose the following
questions for further discussion:
2.
NOTES
3.
NOTES
120
1.
2.
How
might
the
processes
of
strategy
formulation,
implementation, and evaluation differ for (a) large businesses,
(b) small businesses, (c) not-for-profit organizations, and (d)
global businesses?
After studying this chapter, students should recognize that the
processes of strategy formulation, implementation, and
evaluation do not differ significantly among these different types
of organizations; rather, the content of the processes is likely to
differ.
3.
The concept of competitive advantage is as important for notfor-profit organizations as it is for for-profit organizations. Do
you agree or disagree with this statement? Explain, using
examples to make your case.
In their study of Chapter Eight, students should learn that
although not-for-profit organizations do not attempt to make a
profit, they must be highly motivated to achieve their goals and
to remain productive. The appropriate strategy is as crucial to
accomplishing the objectives and mission of a not-for-profit
organization as it is in a for-profit company. In fact, not-for-profit
organizations face major challenges as the number of worthy
causes and competitors increases.
4.
5.
WORKING
Exercise
TOGETHERTeam-Based
122
2.
5.
123