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  • Man 007 - Business Policy Week 2: The Nature of Strategic Management

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    Mariene Landero
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    This document discusses strategic management. It defines business as satisfying customer needs through value creation. Strategy is defined as steps to reduce costs while increasing value for customers. The strategic management process involves analyzing external and internal factors, setting long-term objectives, evaluating alternative strategies, implementing strategies across functions, and measuring performance. The role of managers is to accomplish objectives through planning, organizing, staffing, directing, and controlling. Strategic management aims to achieve integration across the business to accomplish its mission.

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    Introduction

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    This document discusses strategic management. It defines business as satisfying customer needs through value creation. Strategy is defined as steps to reduce costs while increasing value for customers. The strategic management process involves analyzing external and internal factors, setting long-term objectives, evaluating alternative strategies, implementing strategies across functions, and measuring performance. The role of managers is to accomplish objectives through planning, organizing, staffing, directing, and controlling. Strategic management aims to achieve integration across the business to accomplish its mission.

    Copyright:

    © All Rights Reserved
    Markieren Sie unangemessene Inhalte
    32 Ansichten28 Seiten

    Man 007 - Business Policy Week 2: The Nature of Strategic Management

    Hochgeladen von

    Mariene Landero
    This document discusses strategic management. It defines business as satisfying customer needs through value creation. Strategy is defined as steps to reduce costs while increasing value for customers. The strategic management process involves analyzing external and internal factors, setting long-term objectives, evaluating alternative strategies, implementing strategies across functions, and measuring performance. The role of managers is to accomplish objectives through planning, organizing, staffing, directing, and controlling. Strategic management aims to achieve integration across the business to accomplish its mission.

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    © All Rights Reserved
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    von 28

    MAN 007 – BUSINESS POLICY

    WEEK 2
    The Nature of Strategic Management

    COLLEGE OF BUSINESS EDUCATION


    Definition
    •Business is simply the
    creation of a truly
    satisfied customer.

    COLLEGE OF BUSINESS EDUCATION


    DEFINING YOUR BUSINESS
    • Business is defined in terms of 3 dimensions
    – Who is being satisfied? CUSTOMER GROUP
    – What is being satisfied? CUSTOMER NEEDS
    – How are customer needs being satisfied?
    TECHNOLOGIES

    COLLEGE OF BUSINESS EDUCATION


    BUSINESS AS VALUE CREATION

    Underlying business is a
    VALUE CREATION process

    COLLEGE OF BUSINESS EDUCATION


    TO BE EFFECTIVE IN BUSINESS,
    CREATE MORE VALUE FOR CUSTOMERS

    AT THE SAME TIME, REDUCE THE


    COST OF YOUR VALUE CREATION
    PROCESS

    COLLEGE OF BUSINESS EDUCATION


    ROLE OF STRATEGY

    Strategy can be defined as steps necessary


    to REDUCE cost of value creation at the
    same time INCREASE value of its products
    by better serving customer needs

    COLLEGE OF BUSINESS EDUCATION


    KENICHI OHMAE’S STRATEGIC
    TRIAD

    CUSTOMER

    Cost
    COMPANY COMPETITION

    COLLEGE OF BUSINESS EDUCATION


    POWER OF INNOVATION

    It is necessary to purposely search for sources of


    innovation in order to improve the chances of
    business success

    COLLEGE OF BUSINESS EDUCATION


    Ipod FAMILY by Apple Inc.

    COLLEGE OF BUSINESS EDUCATION


    • WHAT IS STRATEGY?
    • WHAT IS MANAGEMENT?
    • WHAT IS STRATEGIC MANAGEMENT?

    COLLEGE OF BUSINESS EDUCATION


    Strategies

    Means by which long-term objectives are achieved.

    COLLEGE OF BUSINESS EDUCATION


    Strategies
    Some Examples
    • Geographic expansion
    • Diversification
    • Acquisition
    • Market penetration
    • Retrenchment
    • Liquidation
    • Joint venture
    COLLEGE OF BUSINESS EDUCATION
    WHAT IS MANAGING?

    Managing is accomplishing planned results


    thru other people

    COLLEGE OF BUSINESS EDUCATION


    5 MANAGERIAL FUNCTIONS
    • Planning
    • Organizing
    • Staffing
    • Directing
    • Controlling

    COLLEGE OF BUSINESS EDUCATION


    PLANNING concerns activities related to
    preparing for the future

    SET SMART OBJECTIVES


    Specific, Measurable, Attainable, Relevant
    and Time-Bounded

    COLLEGE OF BUSINESS EDUCATION


    ORGANIZING concerns activities related to
    structure of the task and authority
    relationship

    ORGANIZE
    Design your organization, describe
    your job & coordinate activities

    COLLEGE OF BUSINESS EDUCATION


    STAFFING concerns activities related to
    personnel or human resource management

    STAFF
    Recruit, select, train and develop
    others including yourself

    COLLEGE OF BUSINESS EDUCATION


    DIRECTING concerns activities related to
    shaping human behavior

    DIRECT
    Motivate, communicate, lead and inspire your
    group

    COLLEGE OF BUSINESS EDUCATION


    CONTROLLING concerns activities that assure
    actual results are consistent with what was
    planned
    CONTROL
    Measure quality, finances, sales, inventory, expense,
    rewards and sanctions

    COLLEGE OF BUSINESS EDUCATION


    Strategic Management – Defined

    Art & science of formulating,


    implementing, and evaluating,
    cross-functional decisions that enable
    an organization to achieve its
    objectives

    COLLEGE OF BUSINESS EDUCATION


    Prime Task of
    Strategic Management

    Peter Drucker: -- Think through the overall


    mission of a business. Ask the key question:
    “What is our Business?”

    COLLEGE OF BUSINESS EDUCATION


    Strategic Management achieves a firm’s success
    through integration ––

    Management Marketing
    Finance/Accounting Production/Operations

    Research & Development MIS

    COLLEGE OF BUSINESS EDUCATION


    Strategy Formulation

    Vision & Mission

    External Opportunities & Threats

    Internal Strengths & Weaknesses

    Long-Term Objectives

    Alternative Strategies

    Strategy Selection

    COLLEGE OF BUSINESS EDUCATION


    Issues in Strategy
    Formulation
    New business
    opportunities
    Businesses to abandon
    Allocation of resources
    Expansion or
    diversification
    International markets
    Mergers or joint ventures
    Avoidance of hostile
    takeover

    COLLEGE OF BUSINESS EDUCATION


    Strategy Implementation

    Annual Objectives

    Policies

    Employee Motivation

    Resource Allocation

    COLLEGE OF BUSINESS EDUCATION


    Strategy Evaluation

    Internal Review

    External Review

    Performance Metrics

    Corrective Actions

    COLLEGE OF BUSINESS EDUCATION


    Key Terms

    Strategists – Firm’s success/failure

    Various Job Titles:


    •Chief Executive Officer (CEO)
    •Chief Strategy Officer (CSO)
    •President
    •Owner
    •Board Chair
    •Executive Director

    COLLEGE OF BUSINESS EDUCATION


    Comprehensive strategic management model
    External
    Audit

    Chapter 3

    Long-Term Generate, Implement Implement Measure &


    Vision
    Objectives Evaluate, Strategies: Strategies: Evaluate
    &
    Select Mgmt Issues Marketing, Performance
    Mission
    Strategies Fin/Acct,
    R&D, CIS
    Chapter 2 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9

    Internal
    Audit

    Chapter 4

    COLLEGE OF BUSINESS EDUCATION

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