Strategic Management. Contents. 1. Introduction. 7. 2. The Basis of Strategy: Structure. 8. Introduction –definition 'Structure' is the allocation and control of . PDF Drive is your search engine for PDF files. As of today we have 78,, eBooks for you to download for free. No annoying ads, no download limits, enjoy . Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage. Planning involves developing business models, corporate direction, competitive tactics, international strategy, acquisitions, and.
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PDF | The main purpose of this book is to be used for the higher education of undergraduates in Business Administration and Management and other similar. Brief contents. Prologue xxi. Part I Introducing Strategic Management. 1. 1. Introducing strategy and strategy making. 4. 2. Thinking and acting strategically. 3. managers bring into the organization is clearly of importance , , . Thus, we may question whether concepts of strategy and strategic management are.
Tip The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring. Clarify Your Vision The purpose of goal-setting is to clarify the vision for your business.
This stage consists of identifying three key facets: First, define both short- and long-term objectives. Second, identify the process of how to accomplish your objective. Finally, customize the process for your staff, give each person a task with which he can succeed.
Keep in mind during this process your goals to be detailed, realistic and match the values of your vision. Typically, the final step in this stage is to write a mission statement that succinctly communicates your goals to both your shareholders and your staff.
Gather and Analyze Information Analysis is a key stage because the information gained in this stage will shape the next two stages.
In this stage, gather as much information and data relevant to accomplishing your vision.
Reference Manual on Scientific Evidence: Third Edition
The focus of the analysis should be on understanding the needs of the business as a sustainable entity, its strategic direction and identifying initiatives that will help your business grow.
Examine any external or internal issues that can affect your goals and objectives. Make sure to identify both the strengths and weaknesses of your organization as well as any threats and opportunities that may arise along the path. Figure 5: The Dutch business culturalists, G. The short-sighted Evolutionary theorists, however, view strategy as a distraction to managers who can otherwise be focusing on immediate, reactionary tasks to ensure business fit for the current market conditions.
By approaching strategy formulation in the form of the 5-Ps: His viewpoint stresses strategy to be either product related or knowledge related in order for a company to attain competitive advantage.
Figure 6: Figure 8: But the Systemic theorists are suspicious of the visionary leader whose self-interests can be dictated by his professional bias in a functional area such as finance, marketing or operations, etc. The case of a German leader comes to mind in this context. Miles and Snow stress that the top management, dominated by a leading functional group within the organization, can lead to a biased strategy leaning towards the perspective and norms of the functional group as opposed to being neutral from the business perspective.
Strategic Management Books
Yet, he questions the relevance of the military G. He identifies the following roles as pertinent to strategy leaders being successful in strategic management: In effect, for Mintzberg , just planning a strategy alone makes not a strategist. Decision-making should be a process fed by information shared across all levels of the organization. Mintzberg highlights the outdated nature of applying the detached top-down model of minds versus hands, where strategy is designed, or dictated as the case maybe, at the top-levels of management and then subsequently disseminated to the lower levels for implementation.
Referring to this as the Fallacy of Detachment , he cautions against ignoring the impact and influence of middle management in the decision-making process. The bottom up, top down approach to interactive and iterative decision making was effectively in play.
Choices for Strategic Design and Decisions As articulated in Figure 1, the core of strategy design and formulation lies in the review and analysis of external and internal factors. It determines and directs the strategy route to be undertaken based on the choices that become available as a result of this activity and the decisions made consequently. Much of the debate centres on the merits of outside-in or inside-out approach to strategy design that is carried out by the business.
In so doing, it is inevitable to acknowledge the various tools and techniques proliferated within the planning school of strategy. Figure While the Five Forces model provides a significant snapshot at a point in time, it is misleading to apply it as a predictive tool and assume that the industry landscape will remain unchanged.
Mintzberg Mintzberg et al, also challenged the single-minded focus of the planning approach to consider only the quantitative and financial elements in the context of economics. There is little consideration of the other factors which do play a part in strategy design. Political, social, cultural and other qualitative factors, as in the PEST analysis, are not taken into account by these methods of assessment. As a result, the ensuing choices and decisions available for strategy making are in fact less than optimal and more susceptible to failure upon execution.
Thus, it is questionable if these planning models will be useful when applied to dynamic markets that are in constant flux. His in-depth study and analysis of strategy formulation is exemplified by his perspective discourse about the ten schools of thought on strategy formation Mintzberg, This work by Mintzberg can easily be construed as the summary of his concerns in his investigations into the Harvard school beginnings and the idealistic world of strategic management as conceived by the Planning school of strategy in the sixties, from Chandler to Porter He critics the purely academic, detached assessment style used to predict strengths and weaknesses of an industry or market.
Mintzberg describes such a design style as something conceived and not learnt by experience.
With unreliable and too generalistic results, he highlights the tendency for biased hopes from a strategy planned and designed using theoretical and predicted value of a competence, whether it is a strength or weakness in the real world.
This leads to another concern of Mintzberg; the condoned detachment within the process of strategy design and formulation. Explaining the machine bureaucracy he points out the minds versus hands and thought versus actions processes.
For Mintzberg, strategy formation is a learning process with implicit and explicit articulation and must be flexible enough to support the organization during all periods: In effect, there should be little distinction and more integration between the strategy processes of formation and implementation.
Mintzberg is highly critical of the motorcycle market analysis by Boston Consulting Group BCG for the British government; it further removed the manufacturers from the field and detached them from the realities of the industry. The functional strategy is concerned with developing distinctive competence to provide a business unit with a competitive advantage.
Each business unit or company has its own set of departments and every department has its own functional strategy.
Functional strategies are adapted to support the competitive strategy. For example, a company following a low-cost competitive strategy needs a production strategy that emphasizes on reduction cost operation and also a human resource strategy that emphasizes on retaining the lowest possible number of employees who are highly qualified to work for the organization.
Other functional strategies such as marketing strategy, advertising strategy, and financial strategy are also to be formulated appropriately to support the business-level competitive strategy. The organizational plans become more and more detailed and specific when managers move from corporate business to functional-level strategies.
Operating strategy is formulated as the operating units of an organization. A company may develop operating strategy.
As an instance, for its sales territories. An operating strategy is formulated at the field level usually to achieve immediate objectives. In some companies, managers develop an operating strategy for each set of annual objectives in the departments or divisions.
Levels of Strategy-Making: After a short discussion of the types of strategies in strategic management here will be mentioned about the levels of strategy-making.
In a diversified company a company having different lines of business under one umbrella , strategies are initiated at four levels.An operating strategy is formulated at the field level usually to achieve immediate objectives. And competitive advantage comes from strategies that lead to some uniqueness in the marketplace.
A SYSTEMS APPROACH TO STRATEGIC MANAGEMENT
Each business unit or company has its own set of departments and every department has its own functional strategy. An operating strategy is formulated at the field level usually to achieve immediate objectives.
The overview highlights the contextual definitions of strategy and strategic management, the theoretical developments, and in particular, the debates between management theorists against the backdrop of a changing business landscape.
The business strategy covers all the activities and tactics for competing in contradiction of the competitors and the behaviors management addresses numerous strategic matters. Learning to share the vision. Interpreting Mintzberg and Waters , the following figure summarizes his viewpoint and recommendation; to adopt and to adapt strategy, its formulation and G.
In doing business , companies confront a lot of strategic issues. Why is there so much disagreement about what strategy is Chris Baird.
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