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Strategic Management Concepts and the Strategic Planning Process

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Noel Buensuceso
Noel Buensuceso

The document provides an overview of key concepts in strategic management, including: 1. Strategic management involves formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. 2. The strategic management process includes developing a vision/mission, assessing external opportunities/threats and internal strengths/weaknesses, setting long-term objectives, and selecting/implementing strategies. 3. Benefits of strategic management include improved financial performance, enhanced problem solving, and better coordination.

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Chapter 1 The Nature of Strategic Management ,[object Object],[object Object],[object Object],[object Object],[object Object]
Themes in the Text ,[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],Strategic Management – Defined
[object Object],Strategic Management
Strategic Management achieves a firm’s success through integration -- Management MIS Production/Operations Finance/Accounting Marketing Research & Development
Vision & Mission Strategy Formulation External Opportunities & Threats Internal Strengths & Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection
Issues in Strategy Formulation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Strategy Implementation Annual Objectives Policies Employee Motivation Resource Allocation
Strategy Implementation ,[object Object],[object Object],[object Object],[object Object],[object Object]
Strategy Evaluation Internal Review External Review Performance Metrics Corrective Actions
Strategy Evaluation ,[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],Prime Task of Strategic Management
[object Object],Integrating Intuition and Analysis
[object Object],[object Object],[object Object],[object Object],Integrating Intuition and Analysis ,[object Object],[object Object],[object Object]
Involve Management at all levels Intuition & Judgment Influence all Analyses Integrating Intuition & Analysis
Analytical Thinking Integrating Intuition & Analysis Intuitive Thinking
[object Object],[object Object],[object Object],[object Object],Adapting to Change
[object Object],Strategic Management is Gaining and Maintaining Competitive Advantage
[object Object],Achieving Sustained Competitive Advantage 2. Effectively formulating, implementing & evaluating strategies
[object Object],Adapting to Change E-commerce Demographics Technology
[object Object],Adapting to Change Requires long-term focus
[object Object],[object Object],[object Object],[object Object],[object Object],Adapting to Change – Key Strategic Management Questions
Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Strategists – Firm’s success/failure
[object Object],[object Object],[object Object],[object Object],Key Terms
[object Object],Key Terms Opportunities and Threats (External)
[object Object],Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],Key Terms Opportunities & Threats Environmental Scanning (Industry Analysis)
[object Object],Key Terms Opportunities & Threats Strategy Formulation Take advantage of External Opportunities Avoid/minimize impact of External Threats
[object Object],Key Terms Strengths & Weaknesses (Internal)
[object Object],Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],Key Terms Strengths & Weaknesses Internal Factors Performance Metrics Financial Ratios Industry Averages Survey Data
[object Object],Key Terms Long-term Objectives
[object Object],Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],Key Terms Strategies
[object Object],Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],Key Terms Annual Objectives
[object Object],Key Terms Policies
Comprehensive strategic management model External Audit Chapter 3 Internal Audit Chapter 4 Long-Term Objectives Chapter 5 Generate, Evaluate, Select Strategies Chapter 6 Implement Strategies: Mgmt Issues Chapter 7 Implement Strategies: Marketing, Fin/Acct, R&D, CIS Chapter 8 Measure & Evaluate Performance Chapter 9 Vision & Mission Chapter 2
[object Object],[object Object],Strategic Management Model Strategic Management Process
[object Object],Strategic Management Model ,[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Strategic Management Model
Benefits of Strategic Management ,[object Object],[object Object],[object Object],[object Object]
Benefits of Strategic Management Financial Benefits ,[object Object],[object Object],[object Object]
Benefits of Strategic Management Non- Financial Benefits ,[object Object],[object Object],[object Object],[object Object]
Benefits of Strategic Management (Greenley) ,[object Object],[object Object],[object Object],[object Object],[object Object]
Benefits of Strategic Management (Greenley – cont’d ) ,[object Object],[object Object],[object Object],[object Object],[object Object]
Benefits of Strategic Management (Greenley – cont’d ) ,[object Object],[object Object]
Why Some Firms Do No Strategic Planning ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Why Some Firms Do No Strategic Planning ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],Business Ethics & Strategic Management Business Ethics defined --
[object Object],Business Ethics & Strategic Management Good business ethics –
[object Object],Business Ethics & Strategic Management Code of business ethics –
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Business Ethics & Strategic Management Business practices always considered unethical –
[object Object],[object Object],Natural Environment Perspective ISO used to gain strategic advantage
[object Object],[object Object],[object Object],Natural Environment Perspective ISO 14000 standards
[object Object],[object Object],The Nature of Global Competition International/multinational corporations
[object Object],[object Object],[object Object],[object Object],The Nature of Global Competition Strategy implementation may be difficult
Advantages of International Operations ,[object Object],[object Object],[object Object],[object Object]
Advantages of International Operations ( cont’d ) ,[object Object],[object Object],[object Object]
Disadvantages of International Operations ,[object Object],[object Object],[object Object],[object Object]

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Strategic Management Concepts and the Strategic Planning Process

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  • 5. Strategic Management achieves a firm’s success through integration -- Management MIS Production/Operations Finance/Accounting Marketing Research & Development
  • 6. Vision & Mission Strategy Formulation External Opportunities & Threats Internal Strengths & Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection
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  • 8. Strategy Implementation Annual Objectives Policies Employee Motivation Resource Allocation
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  • 10. Strategy Evaluation Internal Review External Review Performance Metrics Corrective Actions
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  • 15. Involve Management at all levels Intuition & Judgment Influence all Analyses Integrating Intuition & Analysis
  • 16. Analytical Thinking Integrating Intuition & Analysis Intuitive Thinking
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  • 38. Comprehensive strategic management model External Audit Chapter 3 Internal Audit Chapter 4 Long-Term Objectives Chapter 5 Generate, Evaluate, Select Strategies Chapter 6 Implement Strategies: Mgmt Issues Chapter 7 Implement Strategies: Marketing, Fin/Acct, R&D, CIS Chapter 8 Measure & Evaluate Performance Chapter 9 Vision & Mission Chapter 2
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