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Copyright 2012 Pearson Education, Inc. Publishing as Prentice Hall,Copyright 2014 Pearson Education, Inc. publishing as Prentice Hall,9-,#,Click to edit Master text styles,Click to edit Master title style,Copyright 2012 Pearson Education, Inc. Publishing as Prentice Hall,Copyright 2014 Pearson Education, Inc. publishing as Prentice Hall,9-,#,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,January 27, 2021,Copyright 2016 Pearson Education, Inc.,#,Managing Strategy,9 -,1,9,Managing Strategy9 - 19,Learning Objectives,Define,strategic management and explain why its important.,Explain,what managers do during the six steps of the strategic management process.,Know how to identify your own personal strengths and weaknesses and deal with them.,Develop your skill at strategic planning.,Describe,the three types of corporate strategies.,Describe,competitive advantage and the competitive strategies organizations use to get it.,Discuss,current strategic management issues.,9 -,2,Learning ObjectivesDefine stra,What Is Strategic Management?,Strategic,9 -,3,management,what managers do to develop the organizations strategies.,Strategies,the plans for how the organization will do what its in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its goals.,Business model,how a company is going to make money.,What Is Strategic Management?S,Why Is Strategic ManagementImportant?,It results in higher organizational performance.,It requires that managers examine and adapt to business environment changes.,It coordinates diverse organizational units, helping them focus on organizational goals.,9 -,4,Why Is Strategic ManagementIm,The Strategic Management Process,Strategic,9 -,5,management,process,a six-step process that encompasses strategic planning, implementation, and evaluation.,The Strategic Management Proce,Exhibit 9-1Strategic Management Process,9 -,6,Exhibit 9-1Strategic Manageme,The Strategic Management Process (cont.),Step 1:,9 -,7,Identifying,the organizations current,mission, goals, and,strategies:,Mission:,a statement of the purpose of an,organization.,The scope of its products and services,Goals:,the foundation for further,planning.,Measurable performance targets,The Strategic Management Proce,Exhibit 9-2:Components of a Mission Statement,9 -,8,Exhibit 9-2:Components of a M,The Strategic Management Process (cont.),Step 2,9 -,9,:,Doing an external analysis,The environmental scanning of specific and general,environments.,Focuses on identifying opportunities and threats,The Strategic Management Proce,The Strategic Management Process (cont.),Step 3:,9 -,10,Doing,an internal,analysis,Assessing organizational resources, capabilities, and activities:,Strengths create value for the customer and strengthen the competitive position of the firm.,Weaknesses can place the firm at a competitive disadvantage.,Steps 2 and 3 combined are called a SWOT analysis. (Strengths, Weaknesses, Opportunities, and Threats,),The Strategic Management Proce,SWOT Analysis,SWOT,9 -,11,analysis, an analysis of the organizations strengths, weaknesses, opportunities, and threats.,Resources, an organizations assets that are used to develop, manufacture, and deliver a product to its customers.,Capabilities, an organizations skills and abilities in doing the work activities needed in its business.,SWOT AnalysisSWOT9 - 11,Strengths and Weaknesses,Strengths,9 -,12,- any activities the organization does well or any unique resources that it has.,Weaknesses, activities the organization does not execute well or needed resources it does not possess.,Core competencies, the organizations major value-creating capabilities that determine its competitive weapons.,Strengths and WeaknessesStreng,The Strategic Management Process (cont.),Step 4,9 -,13,:,Formulating strategies,Develop and evaluate strategic alternatives.,Select appropriate strategies for all levels in the organization that provide relative advantage over competitors.,Match organizational strengths to environmental opportunities.,Correct weaknesses and guard against threats.,The Strategic Management Proce,The Strategic Management Process (cont.),Step 5: Implementing,strategies,Implementation, effectively fitting organizational structure and activities to the environment.,The environment dictates the chosen strategy; effective strategy implementation requires an organizational structure matched to its requirements.,Step 6: Evaluating results,How effective have strategies been?,What adjustments, if any, are necessary?,9 -,14,The Strategic Management Proce,What Is Corporate Strategy?,Corporate strategy,an organizational strategy that determines what businesses a company is in or wants to be in, and what it wants to do with those,businesses.,Strategic,Business Unit (SBU), the single independent businesses of an organization that formulate their own competitive,strategies,.,9 -,15,What Is Corporate Strategy?Cor,Types of Corporate Strategies,Growth,expansion into new products and,markets.,Stability ,maintenance of the status,quo.,Renewal ,examination of organizational weaknesses that are leading to performance declines.,9 -,16,Types of Corporate StrategiesG,Exhibit 9-3,Types of Organizational Strategies,9-,17,Exhibit 9-3Types of Organizat,Growth Strategies,Growth Strategy,a corporate strategy thats used when an organization wants to expand the number of markets served or products offered, through either its current business(es) or new business(es).,9 -,18,Growth StrategiesGrowth Strate,Types of Growth Strategies,Concentration, focuses on its primary line of business and increases the number of products offered or markets served in this primary,business.,Vertical,integration,Backward vertical integration the organization becomes its own supplier.,Forward vertical integration the organization becomes its own distributor.,9 -,19,Types of Growth StrategiesConc,Types of Growth Strategies (cont.),Horizontal,integration a company grows by combining with,competitors.,Diversification,Related diversification ,when,a,company combines,with other companies in different, but related,industries.,Unrelated diversification when a company combines with firms in different and unrelated industries.,9 -,20,Types of Growth Strategies (co,Corporate Strategies (cont.),Stability Strategy,9 -,21, a corporate strategy in which an organization continues to do what it is currently doing.,Corporate Strategies (cont.)St,Corporate Strategies (cont.),Renewal Strategy,9 -,22, a,corporate strategy designed to address declining performance.,Retrenchment strategy a short-run renewal strategy used for,minor,performance problems.,Turnaround strategy when an organizations problems are more serious, more drastic action is needed.,Corporate Strategies (cont.)Re,How Are Corporate Strategies Managed?,BCG matrix, a strategy tool that guides resource allocation decisions on the basis of market share and growth rate of,SBUs.,Four,Categories,Stars,Cash Cows,Question Marks,Dogs,9 -,23,How Are Corporate Strategies,Competitive Strategies,Competitive strategy,an,organizational strategy for how an organization will compete in its business(es),.,Competitive,advantage,what,sets an organization apart; its distinctive edge.,Quality as a Competitive Advantage,Design Thinking as a Competitive Advantage,Sustaining Competitive Advantage,9 -,24,Competitive StrategiesCompetit,Five Forces Model,Five forces determine industry attractiveness and profitability:,Threat of new entrants.,H,ow likely is it that new competitors will come into the industry?,Threat of substitutes.,H,ow likely is it that other industries products can be substituted for our industrys products?,9 -,25,Five Forces ModelFive forces d,Five Forces Model (cont.),Bargaining,power of buyers. How much bargaining power do buyers (customers) have?,Bargaining power of suppliers. How much bargaining power do suppliers have?,Current rivalry. How intense is the rivalry among current industry competitors?,9 -,26,Five Forces Model (cont.)Barga,Choosing a Competitive Strategy,Cost,leadership strategy when an organization competes on the basis of having the lowest costs (costs or expenses, not prices) in its,industry.,Differentiation,strategy a company that competes by offering unique products that are widely valued by customers.,9 -,27,Choosing a Competitive Strateg,Choosing a Competitive Strategy (cont.),Focus,strategy, involves a cost advantage (cost focus) or a differentiation advantage (differentiation focus) in a narrow segment or,niche.,Stuck,in the middle,when costs are too high to compete with the low-cost leader or when its products and services arent differentiated enough to compete with the,differentiator.,9 -,28,Choosing a Competitive Strateg,Functional Strategy,Functional strategy,9 -,29,the strategies used by an organizations various functional departments to support the competitive strategy.,Functional StrategyFunctional,Current Strategic Management Issues,Strategic,leadership,the,ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the organization,.,9 -,30,Current Strategic Management I,Exhibit 9-4Effective Strategic Leadership,9 -,31,Exhibit 9-4Effective Strategi,Current Strategic Management Issues (cont.),Strategic,9 -,32,flexibility,the ability to recognize major external changes, to quickly commit resources, and to recognize when a strategic decision was a mistake.,Current Strategic Management I,Exhibit 9-5 Developing Strategic Flexibility,9 -,33,Exhibit 9-5 Developing Strate,Important Organizational Strategies for Todays Environment,e-Business strategies,Cost Leadership ,online,activities: bidding, order processing, inventory control, recruitment and hiring.,Differentiation Internet-based knowledge systems, online ordering and customer support.,Focus ,chat rooms and discussion boards, targeted Web sites.,9 -,34,Important Organizational Strat,Important Organizational Strategies for Todays Environment (cont.),Customer Service,Strategies,companies emphasizing excellent customer service need strategies that cultivate that atmosphere from top to,bottom.,Innovation Strategies,First Mover,an organization that brings a product innovation to the market or uses new process innovations.,9 -,35,Important Organizational Strat,Exhibit 9-6First-Mover Advantages and Disadvantages,9 -,36,Exhibit 9-6First-Mover Advant,Review Learning objective 9.1,Explain,strategic management and explain why its important.,Strategies are the plans for how the organization will do whatever its in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its,goals.,A business model is how a company is going to make,money.,9 -,37,Review Learning objective 9.1E,Review Learning objective 9.2,Explain,what managers do during the six steps of the strategic management,process.,Identify the current mission, goals, and,strategies.,Do an external,analysis.,Do an internal analysis (steps 2 and 3 collectively are known as SWOT analysis).,Formulate,strategies.,Implement,strategies.,Evaluate strategies.,9 -,38,Review Learning objective 9.2E,Review Learning objective 9.2 (cont.),Weaknesses,activities,the organization doesnt do well or resources it needs.,Opportunities are positive trends in the external environment.,Strengths,any,activities the organization does well or its unique resources.,Threats are negative trends.,9 -,39,Review Learning objective 9.2,Review Learning objective 9.3,Describe,the three types of corporate strategies.,Growth strategy when an organization expands the number of markets served or products offered, either through current or new businesses.,Concentration, vertical integration (backward and forward), horizontal integration, and diversification (related and unrelated).,9 -,40,Review Learning objective 9.3D,Review Learning objective 9.3 (cont.),Stability strategy, when an organization makes no significant changes in what its doing.,Renewal strategiesretrenchment and,turnaround address,organizational weaknesses leading to performance declines.,9 -,41,Review Learning objective 9.3,Review Learning objective 9.3 (cont.),The BCG,matrix is a way to analyze a companys portfolio of businesses by looking at a businesss market share and its industrys anticipated growth rate. The four categories of the BCG matrix,are:,Cash cows,Stars,Question marks,Dogs,9 -,42,Review Learning objective 9.3,Review Learning objective 9.4,Describe competitive advantage and the competitive strategies organizations use to get it.,Competitive advantage is what sets an organization apart, its distinctive,edge.,Porters five forces model assesses the five competitive forces that dictate competition in an industry:,Threat of new entrants, threat of substitutes, bargaining power of buyers, bargaining power of suppliers, and current rivalry,9 -,43,Review Learning objective 9.4D,Review Learning objective 9.4 (cont.),Porters three,competitive strategies are as follows:,Cost leadership (competing on the basis of having the lowest costs in the industry,).,Differentiation (competing on the basis of having unique products that are widely valued by customers,).,Focus (competing in a narrow segment with either a cost advantage or a differentiation advantage).,9 -,44,Review Learning objective 9.4,Review Learning objective 9.5,9 -,45,Discuss current strategic management,issues.,Strategic leadership is the ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the,organization.,Review Learning objective 9.59,Review Learning objective 9.5 (cont.),Strategic flexibility, that is, the ability to recognize major external environmental changes, to quickly commit resources, and to recognize when a strategic decision isnt working.,Managers can use e-business strategies to reduce costs, to differentiate their firms products and services, to target (focus on) specific customer groups, or to lower costs by standardizing certain office functions.,9 -,46,Review Learning objective 9.5,
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