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Strategic
Management:
Creating
Competitive
Advantages
McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
What is MANAGEMENT?
Is the process of
planning, leading, organizing
and controlling the work of
organization members and of
using all available
organizational resources to
reach stated organizational
goals.
Management functions:
1. Planning
the process of establishing objectives
and suitable courses of action before
taking any action.
2. Organizing
the process of arranging an
organization’s structure and coordinating
its managerial practices and use of
resources to achieve its goals.
Management functions:
3. Leading
the process of directing and
motivating workers, influence organization
members to perform in ways that
accomplish the organizational objectives.
4. Controlling
the process of monitoring actual
organizational activities to see that they
conform to planned activities and correcting
flaws or deviations.
Management resources
1. Manpower
2. Materials
3. Machinery
4. Money
5. Methods/management
6. Mother nature
7. Information
ECONOMIC ENVIRONMENT
1-10
1.10 Environmental Variables (Fig. 1.3)
Environmental Variables
Societal Environment
Shareholders Suppliers
Governments
Internal Employees/
Environment
Special Labor Unions
Interest Structure
Groups Culture
Resources
Competitors
Customers
Trade Associations
Creditors
Political-Legal Communities Technological
Forces Forces
What is a Strategy?
GOALS
POLICIES
Intended Strategy
PLANS
GOALS
What the organization seeks
to accomplish
POLICIES
“Rules” Intended to shape organizational actions & it will provide
guidelines for how an organization will work towards its goals.
- we will not be undersold
- we will fund future growth through retained earnings
PLANS
A statement of organizational actions managers
hope will take place or it will deal with the means to
pursue certain ends.
- to maintain our desired growth rate, we will open 4 new
stores in the next 2 years
Timing
is often a critical elements of plans,
and is therefore explicitly stated or implied.
- to increase demand for our products, we
will spend heavily on advertising to establish brand
recognition.
Chapter 2 Chapter 3
Analyzing the Analyzing the
External Environment Internal Environment
Chapter 4
Assessing Intellectual
Capital
Strategy Analysis
Chapter 5 Chapter 9
Formulating Business-Level Strategic Control and
Strategies Corporate Governance
Chapter 12
Chapter 8
Fostering Entrepreneurship
Formulating Internet
Strategies
Chapter 13
STRATEGIC MANAGEMENT CHAPTER 1 Case Analysis Gregory G. Dess and G. T. Lumpkin
1-28
The Strategic Management Perspective
1. Globalization
2. Technology
3. Intellectual Capital