西交大MBA战略管理讲义1

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,STRATEGIC MANAGEMENT:,Concepts and Cases,for MBA Class 131-132,Zhang Yong,Xian Jiaotong,University,Main Issues to be Covered:,Strategic management-concept,environment analysis-external and internal,strategies at different levels,strategy formulation,strategy implementation,strategy evaluation,cases,Chapter 1,Strategic Management and introductory remarks,Chapter Outline,Five Tasks of Strategic Management,Developing a Strategic Vision and Mission,Setting Objectives,Crafting a Strategy,Implementing the Strategy,Evaluating Performance and Initiating Corrective Adjustments,Why Strategic Management Is a Process,Who Performs the Tasks of Strategy?,Benefits of “Managing Strategically”,Terms to Remember,Thinking Strategically:The Three Big Strategic Questions,1.,Where are we now - what is our situation?,2.,Where do we want to go?,Business(,es,) we want to be in and market positions we want to stake out,Buyer needs and groups we want to serve,Outcomes we want to achieve,3.,How will we get there?,What Is Strategy?,Competitive moves and business approaches management employs in running a company,Managements,“game plan”,to,Please customers,Position a company in its chosen market,Compete successfully,Achieve good business performance,Craft a,Strategy,to Achieve,Objectives,Set,Objectives,Develop a,Strategic,Vision,& Mission,Implement,& Execute,Strategy,Evaluate & Make Corrections,Improve/,Change,Revise as,Needed,Revise as,Needed,Improve/,Change,Recycle,as Needed,Task 1,Task 2,Task 3,Task 4,Task 5,The Five Tasksof Strategic Management,Developing a Vision and Mission,Begins with thinking strategically about,The firms future business makeup,Where to take the firm,The task is to,Create a roadmap of a companys future,Decide what future business position to stake out,Provide,long-term direction,Give the firm a,strong identity,Missions,vs,. Strategic Visions,A,mission,statement focuses on,current (and permanent),business activities,Business(,es,) company is in now,Customer needs currently being served,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,Sample Mission Statement,Southwest Airlines:,The mission of Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit.,Setting Objectives,Establishing,OBJECTIVES,Converts vision into,specific performance targets,Creates yardsticks to track,performance,Pushes firm to be,inventive,and,focused,Helps prevent coasting and complacency(self-satisfied and not aggressive) if targets require,stretch,The Second Task of Strategic Management,Types of Objectives Required,Outcomes focused on improving a firms,financial,performance,Outcomes focused on improving a firms,competitiveness,and its,long-term business position,Financial Objectives,Strategic Objectives,$,Examples: Financial Objectives,Grow earnings per share 15% annually,Boost annual return on investment from 15% to 20%,Increase annual dividends per share to stockholders by 5% each year,Strive for stock price appreciation equal to or above the 500 average,Maintain a positive cash flow,Achieve and maintain a AA bond rating,Examples: Strategic Objectives,Increase firms market share,Overtake key rivals on quality or customer service or product performance,Attain lower overall costs than rivals,Boost firms reputation with customers,Attain stronger foothold in international markets,Achieve technological superiority,Become leader in new product introductions,Capture attractive growth opportunities,Crafting a Strategy,Strategy involves determining,whether to,Concentrate on a single business or several businesses (diversification),Cater to a broad range of customers or focus on a particular niche,Develop a wide or narrow product line,Pursue a competitive advantage based on,Low cost,or,Product superiority,or,Unique organizational capabilities,The Third Task of Strategic Management,Involves deciding,how,to,Respond to changing buyer preferences,Outcompete,rivals,Respond to new market conditions,Grow the business over the long-term,Achieve performance targets,Our strategy will be . . .,Crafting a Strategy,Strategy Is Both,Planned,and,Reactive,to Changing Circumstances,Actual,Strategy,Planned (or Intended),Strategy,Adaptive,Reactions,The,Hows,ThatDefine a Firms Strategy,How,to grow the business,How,to please customers,How,to,outcompete,rivals,How,to respond to changing market conditions,How,to manage each functional piece of the business and develop needed organizational capabilities,How,to achieve strategic and financial objectives,Strategy is,HOW,to . . .,Understanding Company Strategy - What to Look For,Pattern,of Actions,That Define,Strategy,Actions to Strengthen Resources & Capabilities,Diversification,Responses to,Changing Conditions,Offensive Moves to Gain Edge,Changes in Product Line,Quality, or Service,Geographic,Coverage,Forward or,Backward Integration, Collaboration,How Functional Activities Are Managed,Defensive Moves,Pursuing New,Opportunities,Strategy Example: McDonalds,Strategic priorities,Continued growth,Providing exceptional customer care,Remaining an efficient and quality producer,Offering high value and tasting products,Effectively marketing McDonalds brand on a global scale,Core Elements ofMcDonalds Strategy,Add 2500 restaurants annually,Promote frequent customer visits via attractive menu items, low-price specials, and Extra Value Meals,Be highly selective in granting franchises,Locate on sites offering convenience to customers and profitable growth potential,Focus on limited menu and consistent quality,Careful attention to store efficiency,Extensive advertising and use of,Mc,prefix,Hire courteous (polite) personnel; pay an equitable wage; provide good training,Crafting Strategy Is anExercise in,Entrepreneurship,Strategy-making is a,market-driven,and,customer-driven,activity that involves,Risk-taking and,venturesomeness,Innovation and business creativity,Keen eye for spotting market opportunities,Keen observation of customer needs,Choosing among alternatives,Characteristics ofEntrepreneurial Managers,Boldly pursue new strategic opportunities,Emphasize out-innovating the competition,Lead the way to improve firm performance,Willing to be a first-mover and take risks,Respond quickly and opportunistically to new developments,Devise leading strategies,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,What Is a Strategic Plan?,Where firm is headed -,Strategic vision and business mission,Action approaches to achieve targeted results - A comprehensive,strategy,Short and long term performance targets -,Strategic and financial objectives,Implementing Strategy,Creating,fits,between way things are done and what it takes for effective strategy execution,Getting the organization to execute strategy,proficiently,and,efficiently,Producing,excellent,results,in a timely manner,The Fourth Task of Strategic Management,Strategy,implementation,is an,internal, operations-driven activity,involving organizing, budgeting,motivating, culture-building,supervising, and leading to,“make the strategy work”,as intended,!,Strategy Implementation,What Does StrategyImplementation Include?,Building a capable organization,Allocating resources to strategy-critical activities,Establishing strategy-supportive policies,Motivating people to pursue objectives,Tying rewards to achievement of results,Creating a strategy-supportive corporate culture,Installing needed information, communication, and operating systems,Instituting best practices for continuous improvement,Exerting strategic leadership,Evaluating Performance,The,tasks,of strategy are,not,a one-time only exercise,Times and conditions change,Events unfold,Better ways to do things emerge,New managers with different ideas take over,The Fifth Task of Strategic Management,Evaluating Performance,Corrective adjustments,Alter long-term direction,Redefine the business,Raise or lower performance objectives,Modify the strategy,Improve strategy execution,Characteristics of the Strategic Management Process,Need to perform tasks,never,goes away,Boundaries among tasks are blurry,Strategizing is not isolated from other managerial activities,Time required comes in lumps and spurts,The big challenge is to get the best strategy-supportive performance from employees, perfect current strategy, and improve strategy execution,Craft a,Strategy,to Achieve,Objectives,Set,Objectives,Develop a,Strategic,Vision,& Mission,Implement,& Execute,Strategy,Evaluate & Make Corrections,Improve/,Change,Revise as,Needed,Revise as,Needed,Improve/,Change,Recycle,as Needed,Task 1,Task 2,Task 3,Task 4,Task 5,The Five Tasksof Strategic Management,Strategy Is Both,Planned,and,Reactive,to Changing Circumstances,Actual,Strategy,Planned (or Intended),Strategy,Adaptive,Reactions,Understanding Company Strategy - What to Look For,Pattern,of Actions,That Define,Strategy,Actions to Strengthen Resources & Capabilities,Diversification,Responses to,Changing Conditions,Offensive Moves to Gain Edge,Changes in Product Line,Quality, or Service,Geographic,Coverage,Forward or,Backward Integration, Collaboration,How Functional Activities Are Managed,Defensive Moves,Pursuing New,Opportunities,Strategic Management Principle,Strategy-making is a job for line managers,not,a staff of planners - doers should be the strategy-makers!,Strategic Role of aBoard of Directors,Continuously audit validity of a companys long-term direction and strategy,Evaluate strategic leadership skills of the CEO and candidates to succeed the CEO,Strategic Management Principle,A board of directors role in the strategic management process is to critically appraise and ultimately approve strategic action plans, but,rarely, if ever, to develop the details!,Levels of Strategy-Making,Corporate,Strategy,Business Strategies (Competitive Strategy),Functional Strategies,Operating Strategies,Two-Way Influence,Two-Way Influence,Two-Way Influence,Corporate-Level Managers,Business-Level Managers,Operating,Managers,Functional Managers,Main issues of Corporate Strategy,Moves to achieve,diversification,Actions to,boost performance,of individual businesses,Capturing,synergy,among business units,2 + 2 = 5,effects!,Establishing,investment priorities,and steering corporate resources into the most attractive business units,Main Issues of Business Strategy,Forming,responses,to changes in,industry and competitive conditions, buyer needs and preferences, economy, regulations, etc.,Crafting,competitive moves,leading to sustainable,competitive advantage,Building competitively valuable,competencies,and,capabilities,COMPETITIVE STRATEGY,Uniting,strategic initiatives of functional areas,Addressing,strategic issues,facing the company,Functional Strategies,Game plan,for a strategically-relevant function, activity, or business process,Details,how,key activities will be managed,Provide,support,for business strategy,Specify,how,functional objectives are to be achieved,Operating Strategies,Concern narrower strategies for managing grassroots activities and strategically-relevant,operating units,Add,detail,to business and functional strategies but of lesser scope,Strategic Management Principle,To be a real winner, a strategy must,(1),Fit the enterprises situation,(2),Build sustainable competitive advantage,(3),Improve company performance,Factors Shaping theChoice of Company Strategy,Competitive,Conditions &,Industry,Attractiveness,Societal,Political,Regulatory,Factors,Company,Opportunities,&,Threats,Companys Strategic Situation,Influences,of Key,Executives,Resource,Strengths,&,Weaknesses,Shared Values,&,Culture,Determine,Relevance,of Internal,&,External,Factors,Identify,&,Evaluate,Alterna,-,tives,Craft,the,Strategy,External Factors,Internal Factors,Recap of Important Terms,A view of an organizations future direction and business course; a guiding concept for what the organization is trying to do and to become.,Represents managements customized answer to the question “what is our business and what will it be.” A mission statement broadly outlines the organizations future direction and serves as a guiding concept for what the organization is to do and to become.,Strategic Vision,Organization Mission,Recap of Important Terms,Organizations targets for achievement; both short and long range objectives are needed.,Financial performance targets a company wants to achieve.,Targets relating to strengthening a companys overall market position and competitive viability.,Performance Objectives,Financial Objectives,Strategic Objectives,Recap of Important Terms,Achievement levels to be reached within the next three to five years.,Near-term performance targets; they establish the pace for achieving the long-range objectives.,Long-Range Objectives,Short-Range Objectives,Recap of Important Terms,Managerial action plan for achieving organizational objectives; strategy is mirrored in the,pattern,of moves and approaches devised by management to produce the desired performance. Strategy is the,how,of pursuing an organizations mission and reaching target objectives.,Statement outlining an organizations mission and future direction, near-term and long-term performance targets, and strategy, in light of organizations external and internal situation.,Strategy,Strategic Plan,Recap of Important Terms,Includes the full range of managerial activities associated with putting the chosen strategy into place, supervising its pursuit, and achieving the targeted results.,Strategy Implementation,