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,Chap Info,Title,(Exhibit x.x),Prentice Hall,2002,End Show,1-,*,1,Strategic Management in Action,Introducing the Concepts,Learning Objectives,1.,Discuss why strategic management is important.,2.,Define strategy and strategic management.,3.,Describe the strategic management process.,4.,Describe the three levels of organizational strategies.,5.,Explain the historical evolution of strategic management.,6.,Rebut misconceptions about strategy and strategic management.,7.,Explain whos involved with strategic management and their role in managing strategically.,W,HY,I,S,S,TRATEGIC,M,ANAGEMENT,I,MPORTANT,?,Strategic Management,Gives everyone a role,Makes a difference in performance levels,Provides systematic approach to uncertainties,Coordinates and focuses employees,W,HAT,I,S,S,TRATEGIC,M,ANAGEMENT,?,Strategy,vs.,Strategic Management,T,he,B,asics,of,S,trategy,&,S,trategic,M,anagement,Definition of Strategy,A series of goal-directed decisions and actions,matching an organizations skills and resources,with the opportunities and threats in its environment,T,he,B,asics,of,S,trategy,&,S,trategic,M,anagement,Strategy Involves:,Organizations goals,Goal-directed action,Related decisions and actions,Internal strengths,External opportunities and threats,T,he,B,asics,of,S,trategy,&,S,trategic,M,anagement,Definition of Strategic Management,Decisions and actions where organizations,Analyze current situation,Develop appropriate strategies,Put strategies into action,Evaluate,modify,or change strategies,T,he,B,asics,of,S,trategy,&,S,trategic,M,anagement,Strategic Management entails:,Basic managerial functions,Planning,Organizing,Implementing,Controlling,Basic,Activities,of,Strategic,Management,Figure 1-1,T,he,B,asics,of,S,trategy,&,S,trategic,M,anagement,Strategy Formulation,Strategy Implementation,Strategy Evaluation,T,he,B,asics,of,S,trategy,&,S,trategic,M,anagement,Strategic Management,“Big picture”view of organization,influenced by its external environment,Four aspects that set apart,Strategic Management,Interdisciplinary,External focus,Internal focus,Future direction,The Strategic Management Process,Analyzing,Current,Situation,Deciding,on,Strategies,Putting,Strategies,in Action,Evaluating and,Changing Strategies,Situation,Analysis,Strategy,Formulation,Strategy,Implementation,Strategy,Evaluation,Chapter,2,Chapter,3,Chapter,4,External,Analysis,Internal,Analysis,Organizational,Context,Chapter,5,Chapter,6,Chapter,7,Functional,Competitive,Corporate,Strategic Management in Action Figure 1-2,The Strategic Management Process,Situation Analysis,Scanning and evaluating context,External environment,Organizational environment,The Strategic Management Process,Strategy Formulation,Three organizational levels,Functional strategies,Competitive strategies,Corporate strategies,The Strategic Management Process,Strategy Implementation,Process of putting strategies into action,Strategy Evaluation,Process of evaluating,:,How the strategy has been implemented,Outcomes of the strategy,The Strategic Management Process,Continuing Process of,Strategic Management in Action,Ongoing and continuous cycle of,Strategy formulation,Strategy implementation,Strategy evaluation,Looking at Strategic Managements Past,Strategys Military Roots,Battlefield strategies to gain an edge,Exploit weak spots,Academic Origins of Strategic Management,Economic theory,Early organizational studies,Looking at Strategic Managements Past,Strategic Planning&Strategic Management Emerge,Before 1960,Not an area of study,During the 1960s,Strategy and Structure,Corporate Strategy,Business Policy:Text and Cases,During the 1970s and 1980s,Becomes distinct academic field,Research focus on strategic decisions vs.performance,Misconceptions AboutStrategy and Strategic Management,Misconceptions,Strategy and strategic planning are dead,Strategy is strictly for top management,Strategy is about planning,Strategy is stable and constant,Strategic management outlines ultimate destination&route,W,HOS,I,NVOLVED WITH,S,TRATEGIC,M,ANAGEMENT,?,The Role of the Board of Directors,Elected representatives of the companys stockholders,Legally obligated to represent and protect stockholders interest,The Role of Top Management,Responsible for every decision and action of every employee,Providing effective leadership,Other Strategic Managers and Organizational Employees,Implement put the strategies into action and monitor performance,Evaluatedo the actual evaluations and take necessary actions,Open book management,The Role of the Board of Directors,Table 1-2 Typical Board Responsibilities,Review and approve strategic goals and plans,Review and approve organizations financial standards and policies,Ensure integrity of organizations financial controls and reporting systems,Approve an organizational philosophy,Monitor organizational performance and regularly review performance results,Select,evaluate,and compensate top-level managers,Develop management succession plans,Review and approve capital allocations and expe
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