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  • The Nature of Strategic Management

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    Strategic Management is the art and science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives. Strategic Management achieves a firm's success through integration -- Management Finance / Accounting Research and Development Marketing Production / Operations MIS Strategy Formulation Vision and Mission External Opportunities and Threats Internal Strengths and Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection Strategy Implementation Annual Objectives Policies Employee Motivation Resource Allocation Strategy Evaluation Internal Review External Review Performance Metrics Corrective

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    David Ch1 Revised

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    Strategic Management is the art and science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives. Strategic Management achieves a firm's success through integration -- Management Finance / Accounting Research and Development Marketing Production / Operations MIS Strategy Formulation Vision and Mission External Opportunities and Threats Internal Strengths and Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection Strategy Implementation Annual Objectives Policies Employee Motivation Resource Allocation Strategy Evaluation Internal Review External Review Performance Metrics Corrective

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    62 visualizzazioni18 pagine

    The Nature of Strategic Management

    Caricato da

    Sialhai
    Strategic Management is the art and science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives. Strategic Management achieves a firm's success through integration -- Management Finance / Accounting Research and Development Marketing Production / Operations MIS Strategy Formulation Vision and Mission External Opportunities and Threats Internal Strengths and Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection Strategy Implementation Annual Objectives Policies Employee Motivation Resource Allocation Strategy Evaluation Internal Review External Review Performance Metrics Corrective

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    di 18

    Chapter 1 The Nature of Strategic Management

    Strategic Management: Concepts & Cases 11th Edition Fred David


    PowerPoint Slides by Anthony F. Chelte Western New England College

    Ch 1 -1

    Strategic Management Defined

    Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives.

    Ch 1 -2

    Strategic Management achieves a firms success through integration --

    Management Finance/Accounting Research & Development

    Marketing Production/Operations MIS

    Ch 1 -3

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

    Strategy Selection

    Ch 1 -4

    Strategy Implementation

    Annual Objectives Policies Employee Motivation Resource Allocation

    Ch 1 -5

    Strategy Evaluation

    Internal Review External Review Performance Metrics Corrective Actions

    Ch 1 -6

    Adapting to Change Key Strategic Management Questions


    What kind of business should we become? Are we in the right fields Are there new competitors What strategies should we pursue? How are our customers changing?
    Ch 1 -7

    Key Terms
    Strategists Firms success/failure
    Various Job Titles:

    Chief Executive Officer (CEO) Chief Strategy Officer (CSO) President Owner Board Chair Executive Director
    Ch 1 -8

    Key Terms Vision Statement What do we want to become?


    Mission Statement What is our business?

    Ch 1 -9

    Key Terms
    Opportunities & Threats (External)
    Analysis of Trends:
    Economic Social Cultural Demographic/Environmental Political, Legal, Governmental Technological Competitors

    Ch 1 -10

    Key Terms
    Strengths & Weaknesses (Internal)
    Typically located in functional areas of the firm Management Marketing Finance/Accounting Production/Operations Research & Development

    Computer Information Systems

    Ch 1 -11

    Key Terms
    Long-term Objectives: Mission-driven pursuit of
    specified results more than one year out
    Essential for ensuring the firms success Provide direction Aid in evaluation Create synergy Focus coordination Basis for planning, motivating, and controlling

    Ch 1 -12

    Key Terms
    Strategies: Means by which long-term objectives
    are achieved
    Some Examples Geographic expansion Diversification

    Acquisition
    Market penetration Retrenchment Liquidation Joint venture
    Ch 1 -13

    Strategic Management Model


    External Audit

    Vision & Mission

    Long-Term Objectives

    Generate, Evaluate, Select Strategies

    Implement Strategies: Mgmt Issues

    Implement Strategies: Marketing, Fin/Acct, R&D, CIS

    Measure & Evaluate Performance

    Internal Audit

    Ch 1 -14

    Benefits of Strategic Management

    Proactive in shaping firms future

    Initiate and influence firms activities

    Formulate better strategies


    Systematic, logical, rational

    Ch 1 -15

    Benefits of Strategic Management


    Financial Benefits

    Well informed decisions will lead to increased


    Sales Productivity Returns

    Ch 1 -16

    Benefits of Strategic Management


    Non Financial Benefits

    Identification, prioritization & exploitation of opportunities Objective view of problems Framework to coordinate & control of activities Minimizes the impact of change Affective allocation of resources Encourage forward thinking Favorable attitude towards change

    Ch 1 -17

    Why Firms Do No Strategic Planning


    Poor reward structure Fire fighting Waste of time Too expensive Content with success Fear of failure Self interest Overconfidence Prior bad experience Fear of unknown Honest difference of opinion

    Ch 1 -18

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