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THE STRATEGIC MANAGEMENT PROCESS

STRATEGIC MANAGEMENT Specific way to manage the company aimed at adjusting the companys activities to future changes in the environment and taking up decisions focused on the long term.

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Managements job is not to see the company as it is.but as it can become.


John W. Teets CEO, Greyhound Corporation

Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc., 1998

To think Strategically
means:
# Strive to recognize opportunities and threats many years ahead # Apply methods of analysis and planning facilitating creation and implementation of the strategic plans

# Do not get used to the existing plans and be ready to alter the way the company acts in line with the changing vision and the changing environment
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STRATEGIC MANAGEMENT
Focus on the future Taking into account various time horizons Adjustment of the resources to the level of organizational goals Comprehensive approach to the organization integrating its functions and areas of activity Very strong consideration of external and internal conditions Taking into account various stakeholders
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Stakeholders
Individuals or groups of people having a stake in organisations actions who can affect the organisation (who make demands/file requests towards the organisation and have the means to execute them)

Mirosaw Jarosiski Katedra Zarzdzania w Gospodarce, SGH

Stakeholders
Internal
Managers Employees Committees

Mixed
Labour Unions Employees families Local environment Partners in the network

External
Consumers Buyers Suppliers Banks Shareholders Regulatory bodies Government Ministries

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Stakeholders Analysis
Identification of main stakeholders Stakeholders distance to organisation assessment Stakeholders power assessment Conclusions for the organisation: Whom to keep in touch with on everyday basis? Whom to invite to cooperate? Whom to defend against?
Mirosaw Jarosiski Katedra Zarzdzania w Gospodarce, SGH
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Stakeholders Analysis
The Minister of Health

Patients

National Health Fund

County Council

Local media

Pharmaceutical companies

HOSPITAL
Energy traders
Competitors
State Sanitary Inspection

Founding authority
Chambers of different professions

Labour Unions

Other suppliers
Mirosaw Jarosiski Katedra Zarzdzania w Gospodarce, SGH

Social Insurance Institution

Tax Office

Supreme Audit 9 Office

The Five Tasks of Strategic Management


Task 1
Develop a Strategic Vision & Mission

Task 2
Set Objectives

Task 3
Craft a Strategy to Achieve Objectives

Task 4
Implement & Execute Strategy

Task 5
Evaluate & Make Corrections

Revise as Needed

Revise as Needed

Improve/ Change

Improve/ Change

Recycle as Needed

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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Developing a Vision and Mission


The First Task of Strategic Management

Indicates the long-term course management has charted for the organization
Our future direction will be . . .

Charts a strategic path


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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Developing a Vision and Mission

A strategic vision describes the route a company intends to take in developing and strengthening its business.

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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Developing a Strategic Vision


A strategic vision reflects aspirations of managers Presents a desired future state of the company
Provides a panoramic view of where we are going Captures the emotions of employees and steers them in a common direction Is challenging and a bit beyond a companys immediate reach
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Developing a Strategic Vision


A strategic vision is a roadmap of a companys future -Charts a companys future strategic course Defines the business makeup in distant future Provides a company with its own special identity and path to follow
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Examples: Vision Statement

McDonalds Corporation
McDonalds vision is to dominate the global foodservice industry. Global dominance means setting the performance standards for customer satisfaction while increasing market share and profitability through our Convenience, Value, and Execution Strategies.
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Examples: Vision Statement

Intel
Our vision: Getting to a billion connected computers worldwide, millions of servers, and trillions of dollars of e-commerce.

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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Examples: Vision Statement

eBay
Provide a global trading platform where practically anyone can trade practically anything.

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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Examples of Strategic Visions


Wyeth
Our vision is to lead the way to a healthier world. By carrying out this vision at every level of our organization, we will be recognized by our employees, customers, and shareholders as the best pharmaceutical company in the world, resulting in value for all. We will achieve this by:
Leading the world in innovation by linking pharmaceutical, biotech, and vaccines technologies Making quality, integrity, and excellence hallmarks of the way we do business Attracting, developing, and motivating the best people Continually growing improving our business
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

SPECIFIC QUESTIONS THAT HELP FORM STRATEGIC VISION


What business are we in now? What business do we want to be in? What environmental scenarios are possible? How will technology impact our industry? What new or different customer needs should we move to satisfy? What new or different buyer segments should we concentrate on? What new geographic or product markets should we pursue? What kind of company should we try to become?
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Definitions: Broad - Narrow Scope


Broad Definition
Beverages Childrens products Furniture Global mail delivery Travel & tourism
Irwin/McGraw-Hill

Narrow Definition
Soft drinks Toys Wrought iron lawn furniture Overnight package delivery Ship cruises in the Caribbean
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The McGraw-Hill Companies, Inc.

WHAT MAKES A GOOD VISION!


A strategic vision exists only as words and has no organizational impact unless and until it wins the commitment of company personnel and energizes them to act in ways that move the company along the intended strategic path!

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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Communicating the Vision


A strategic vision should be widely shared among all employees When all employees are committed to firms long-term direction
Daily execution of strategy is improved Better choices are maid

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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

DEVELOPING MISSION An organizations MISSION Reflects managements vision of what firm seeks to do & become Provides clear view of what firm is trying to accomplish for its customers Indicates intent to stake out a particular business position
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

COMPANY'S MISSION IS ADDRESSED


INTERNALLY EXTERNALLY Clients Employees Suppliers Competitors

Managers

COMPANY'S MISSION

Directors Local Society

Investors

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Missions vs. Strategic Visions


A mission statement focuses on current business activities Business(es) company is in now Customer needs currently being served
Irwin/McGraw-Hill

A strategic vision concerns a firms future business path The kind of company it is trying to become Customer needs to be satisfied in the future
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The McGraw-Hill Companies, Inc.

Examples: Mission Statements

Otis Elevator
Our mission is to provide any customer a means of moving people and things up, down, and sideways over short distances with higher reliability than any similar enterprise in the world.

Avis Rent-a-Car
Our business is renting cars. Our mission is total customer satisfaction.
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Examples: Mission Statements

American Red Cross


The mission of the American Red Cross is to improve the quality of human life; to enhance self-reliance and concern for others; and to help people avoid, prepare for, and cope with emergencies.
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Intels Strategic Inflection Points


Prior to mid-1980s Focus on memory chips Starting in mid-1980s Abandon memory chip business and Become supplier of microprocessors to PC industry Make PC central appliance in workplace and home Be undisputed leader in driving PC technology forward 1998 Shift focus from PC technology to becoming the preeminent building block supplier to the Internet Economy
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Examples: Mission and Vision Statements


1980

Intel
To be the preeminent building block supplier to the new computing industry worldwide.

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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Examples: Mission Statement


1998

Intel

Intels core mission is being the building block supplier to the Internet economy and spurring efforts to make the Internet more useful. Being connected is now at the center of peoples computing experience. We are helping to expand the capabilities of the PC platform and the Internet.
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Strategic Inflection Point


Business goes on to new heights

New vision

Old vision Inflection point


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Business declines

Business Mission: McDonalds


Serving a limited menu of hot, tasty food quickly in a clean, friendly restaurant for a good value to a broad base of fast-food customers worldwide.

McDonalds serves approximately 30 million customers daily at 20,000-plus restaurants in over 90 countries.
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Good mission statement

A good mission statement describes a companys business makeup and purpose in language specific enough to give the company its own identity and distinguish it from other enterprises in the same or other industries!

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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Mission Statement of the Warsaw School of Economics


Warsaw School of Economics is the oldest economic school in Poland. Striving for European approach of its academic activity, it combines more than a 100-year-old tradition with todays activity and future challenges. Teaching and bringing up the School aims at transferring up-to-date knowledge, solid working skills, and social responsibility. Its scientific research is guided by the respect for truth and the benefit of the society. The School educates and makes research in the field of economy and management on the basis of the achievements in social science. Our graduates, equipped with up-to-date general and specialist knowledge, contribute substantially to economic, social and political life at home and abroad. Together with professors, administrative staff, students and the representatives of societies affiliated with the School they create its image, promoting its outputs and realising its mission.
Mirosaw Jarosiski Katedra Zarzdzania w Gospodarce, SGH

Capturing the Vision in a Slogan


FedEx
Satisfying worldwide demand for fast, time-definite, reliable distribution.

Home Depot
Helping people improve the places where they live and work.
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

The Five Tasks of Strategic Management


Task 1
Develop a Strategic Vision & Mission

Task 2
Set Objectives

Task 3
Craft a Strategy to Achieve Objectives

Task 4
Implement & Execute Strategy

Task 5
Evaluate & Make Corrections

Revise as Needed

Revise as Needed

Improve/ Change

Improve/ Change

Recycle as Needed

36

Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Setting Objectives
The Second Task of Strategic Management

Establishing OBJECTIVES Converts vision into specific performance targets Creates yardsticks to track performance Pushes firm to be inventive and focused

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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Types of Objectives Required


Financial Objectives
Outcomes focused on improving a firms financial performance

Strategic Objectives
Outcomes focused on improving a firms competitiveness and its long-term business position

$
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Example: Financial Objectives


McCormick & Company
To achieve a 20% return on equity. To achieve a net sales growth rate of 10% per year. To maintain an average earnings per share growth rate of 15% per year. To maintain total debt-to-total capital at 40% or less. To pay out 25% to 35% of net income in dividends. To make selective acquisitions which complement our current businesses and can enhance our overall returns. To dispose of those parts of our businesses which do not or cannot generate adequate returns or do not fit with our business strategy.
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Example: Financial Objectives


Increase sales to 4.2 million cars and trucks by 2008 (up from 3 million in 2003) Cut purchasing costs 20% and halve the number of suppliers Have zero net debt Maintain a return on invested capital of 20% Maintain a 10% or better operating margin
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Example: Nikes Strategic Objectives


Protect and improve Nikes position as the number one athletic brand in America. Build a strong momentum in growing fitness market. Intensify the companys effort to develop products that women need and want. Explore the market for products specifically designed for the requirements of maturing Americans. Direct and manage the companys international business as it continues to develop. Continue the drive for increased margins through proper inventory management and fewer, better products.
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Strategic or Financial Objectives -Which Take Precedence?


Pressures for better short-term financial performance become pronounced when Firm is struggling financially Resource commitments for new strategic initiatives may hurt bottom-line for several years Proposed strategic moves are risky A firm that consistently passes up opportunities to strengthen its long-term competitive position Risks diluting its competitiveness Risks losing momentum in its markets Can hurt its ability to fend off rivals challenges
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

The Concept of Strategic Intent


A company exhibits STRATEGIC INTENT when it relentlessly pursues an ambitious strategic objective and concentrates its competitive actions and energies on achieving that objective!

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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

The Concept of Strategic Intent


Indicates firms intent to stake out a particular position over the long-term Serves as a rallying cry for employees to do their very best Signals deep-seated commitment to winning
Entails sustained, aggressive actions to take market share away from rivals and achieve a much stronger market position
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Short-Term and Long-Term Objectives


Short-Term objectives
Targets to be achieved soon (1 - 2 years) Serve as stair steps for reaching longrange performance Indicate speed of progress & level of performance being aimed for

Long-Term objectives
Targets to be achieved within longer period (3 to 5 years) Calls for actions now that will permit reaching targeted long-range performance later Push managers to weigh impact of todays decisions on future performance
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

3 Rules for Establishing Objectives


Objectives should represent commitment to achieve specific performance targets stated in quantifiable terms They must contain a deadline for achievement Objectives should be challenging but attainable
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

The Home Depots Objectives


Be the number one destination for professional contractors, whose business accounted for roughly 30 percent of 2006 sales Improve in-stock positions so customers can find and buy exactly what they need Deliver differentiated customer service and the know-how that our customers have come to expect from The Home Depot Repurchase $22.5 billion of outstanding shares during 2008 Open 55 new store locations with 5 store relocations in 2008
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

The Objectives at Yum! Brands


(KFC, Pizza Hut, Taco Bell)
Open 100 KFC restaurants in Vietnam by 2010 Expand Taco Bell restaurant concept to Dubai, India, Spain and Japan during 2008 and 2009 Increase number of international restaurant locations from 12,000 in 2007 to 15,000 in 2012 Increase operating profit from international operations from $480 million in 2007 to $770 million in 2012 Expand Pizza Huts menu to include pasta and chicken dishes Decrease the number of company owned restaurant units in U.S. from 20% of units in 2007 to less than 10% of units by 2010 Increase the number of Taco Bell units in the U.S. by 2%3% annually between 2008 and 2010
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

S.M.A.R.T.

S.M.A.R.T. - Simple, Measurable, Achievable, Relevant, Timely defined. S.M.A.R.T. - Simple, Measurable, Ambitious, Realistic, Timely defined. S.M.A.R.T. - Specific, Measurable, Ambitious, Realistic, Tangible.

S.M.A.R.T.E.R.

S.M.A.R.T.E.R. - Simple, Measurable, Achievable, Relevant, Timely defined, Exciting, Recorded.

The Five Tasks of Strategic Management


Task 1
Develop a Strategic Vision & Mission

Task 2
Set Objectives

Task 3
Craft a Strategy to Achieve Objectives

Task 4
Implement & Execute Strategy

Task 5
Evaluate & Make Corrections

Revise as Needed

Revise as Needed

Improve/ Change

Improve/ Change

Recycle as Needed

53

Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Crafting a Strategy
The Third Task of Strategic Management

A companys strategy consists of combined actions management has taken & intends to take that deal with
How to make managements strategic vision a reality Achieving strategic & financial objectives
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Definitions of Strategy
1947 Von Neuman & Morgenstern
Strategy is a series of actions by a firm that are dedicated on according to the particular situation.

1969 Andrews
Strategy is the pattern of objectives, purposes or goals and major policies and plans for achieving these goals, stated in such a way as to define what business the company is in or is to be in and the kind of company it is or is to be.

1976 McCarthy
Strategy is an unified, comprehensive and integrated plan designed to assure that the basic objectives of the enterprise are achieved.

1979 Minzberg
Strategy is a mediating force between the organization and its environment: consistent patterns in streams of organizational decisions to deal with the environment.
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STRATEGIC PERSPECTIVE OF VISION


Expectations
Vision - Year t

Long-range objectives - Year t-5

Short-range objectives - Year t-8 Strategies in execution - Year t-10

Moment of planning

Time

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Strategizing Is HOW To . . .
Make the strategic vision a reality Achieve performance targets Please customers Out-compete rivals Achieve sustainable competitive advantage Strengthen firms long-term competitive position Respond to changing market conditions
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Our game plan for running the company will be . . .

Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

A Companys Strategy Is Partly Proactive and Partly Reactive

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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Why Do Strategies Evolve?


There is always an ongoing need to react to Shifting market conditions Fresh moves of competitors New technologies Evolving customer preferences Political and regulatory changes New windows of opportunity The crisis of the moment
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Levels of Strategy-Making
Corporate strategy
Corp. HQ

Business strategies

SBU

SBU

SBU

SBU

Functional strategies

Plant/ Unit

Plant/ Unit

Plant/ Unit

Plant/ Unit

Plant/ Unit

Operational strategies

Mirosaw Jarosiski Katedra Zarzdzania w Gospodarce, SGH

Corporate Strategy for a Diversified Company


Kind of Diversification How Much Diversification Responses to Changing Conditions

Approach to Capital Allocation (investment priorities) Moves to Divest Weak Units and Add New Businesses

Corporate Strategy

Efforts to Build Competitive Advantage Via Diversification Moves to Strengthen Positions and Profits in Present Businesses

Irwin/McGraw-Hill

Moves to capture synergy among business units

61

The McGraw-Hill Companies, Inc.

Strategy Components of a Single-Business Company


Responses to Changing Conditions Strategic Alliances and Collaborative Partnerships Manufacturing Strategy Marketing Strategy R&D Strategy Human Resources Strategy Finance Strategy
Irwin/McGraw-Hill

Basic Competitive Approach

Business Strategy

Moves to Secure Competitive Advantage

Geographic coverage; approach to vertical integration


62

The McGraw-Hill Companies, Inc.

Networking of Missions, Objectives, and Strategies


Level 1
Corporate-Level Managers
Overall Scope and Strategic Vision
Two-Way Influence

Corporate Level Objectives


Two-Way Influence

Corporate Level Strategy


Two-Way Influence

Level 2
Business-Level Managers

Business Level Strategic Vision

Business Level Objectives


Two-Way Influence

Business Level Strategies


Two-Way Influence

Level 3
Functional Managers

Functional Objectives
Two-Way Influence

Functional Strategies
Two-Way Influence

Level 4
Plant Managers, Lower-Level Supervisors
Irwin/McGraw-Hill

Operating Objectives

Operating Strategies
63

The McGraw-Hill Companies, Inc.

What Is a Strategic Plan?

Its strategic vision and business mission

A Companys Strategic Plan Consists of


Its strategy
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Its strategic and financial objectives

Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

What is a Business Model?


A companys business model addresses How do we make money in this business? Is the strategy that management is pursuing capable of delivering good bottom-line results? Do the revenue-cost-profit economics of the companys strategy make good business sense? Look at the revenue streams the strategy is expected to produce Look at the associated cost structure and potential profit margins Do the resulting earnings streams and ROI indicate the strategy makes sense and that the company has a viable business model?
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Microsofts Business Model


Employ a cadre of highly skilled programmers to develop proprietary code; keep source code hidden from users Sell resulting OS and software packages to PC makers and users at relatively attractive prices to achieve a 90% or more market share Most costs in developing software are fixed; variable costs are small; once break-even volume is reached, revenues from additional sales are almost pure profit Provide technical support to users at no cost Rejuvenate revenues by periodically introducing next-generation software with features inducing PC users to upgrade their operating systems
Irwin/McGraw-Hill

66

The McGraw-Hill Companies, Inc.

Redhat Linuxs Business Model


Rely on collaborative efforts of volunteer programmers to create the software Collect and test enhancements and new applications submitted by volunteer programmers for evaluation and inclusion in new releases of Linux Market upgraded and tested family of Red Hat products to large companies, charging a subscription fee that includes 24/7 support within 1 hour in 7 languages Make source code open and available to all users Make money by providing fee-based training, consulting, software customization, and client-directed engineering to Linux users
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

The Five Tasks of Strategic Management


Task 1
Develop a Strategic Vision & Mission

Task 2
Set Objectives

Task 3
Craft a Strategy to Achieve Objectives

Task 4
Implement & Execute Strategy

Task 5
Evaluate & Make Corrections

Revise as Needed

Revise as Needed

Improve/ Change

Improve/ Change

Recycle as Needed

68

Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Implementing and Executing Strategy


The Fourth Task of Strategic Management

Creating fits between way things are done and what it takes for effective strategy execution Producing excellent results in a timely manner
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Strategy Implementation

Strategy implementation is an internal, operations-driven activity involving organizing, budgeting, motivating, culture-building, supervising, and leading to make the strategy work as intended!
70

Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

What Does Strategy Implementation Involve?


Building a capable organization Allocating resources to strategy-critical activities Establishing strategy-supportive policies Instituting best practices and programs for continuous improvement Installing information, communication, and operating systems Motivating people to pursue the target objectives Tying rewards to achievement of results Creating a strategy-supportive corporate culture Exerting the leadership necessary to drive the process forward and keep improving
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Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

The Five Tasks of Strategic Management


Task 1
Develop a Strategic Vision & Mission

Task 2
Set Objectives

Task 3
Craft a Strategy to Achieve Objectives

Task 4
Implement & Execute Strategy

Task 5
Evaluate & Make Corrections

Revise as Needed

Revise as Needed

Improve/ Change

Improve/ Change

Recycle as Needed

72

Irwin/McGraw-Hill

The McGraw-Hill Companies, Inc.

Evaluating Performance
The Fifth Task of Strategic Management

Constant checking of strategic plans and their implementation to see if they are up-to-date in order to foresee the need for change of strategic direction

rdo: H. Steinmann, G. Schreygg, Zarzdzanie, podstawy kierowania przedsibiorstwem, Oficyna wydawnicza Politechniki Wrocawskiej, Wrocaw 1995.

Mirosaw Jarosiski Katedra Zarzdzania w Gospodarce, SGH

Strategic Management Process


Analysis

Vision & Mission

Objectives

Strategy

Strategy Execution

Revise as needed

Revise as needed

Improve/ change

Improve/ change

Strategic Control

Mirosaw Jarosiski Katedra Zarzdzania w Gospodarce, SGH

Strategic Management
To reduce risks companies should perform strategic analysis and prepare strategies for growth and competitive strategies

Mirosaw Jarosiski Katedra Zarzdzania w Gospodarce, SGH

Strategic Management
Even a deficient strategic plan or a strategic plan which has not been executed properly is better than being unaware of the direction the company should take

Prof. Maria Romanowska


Mirosaw Jarosiski Katedra Zarzdzania w Gospodarce, SGH