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1、PowerPoint Presentation by Charlie CookCopyright 2005 Prentice Hall, Inc. All rights reserved.L E A R N I N G O U T L I N E Follow this Learning Outline as you read and study this chapter.The Importance of Strategic ManagementDefine strategic management.Explain why strategic management is important.
2、Discuss what studies of the effectiveness of strategic management have shown.The Strategic Management ProcessList six steps in the strategic management process.Explain why its important to know an organizations mission.Describe what managers do when they do external and internal analyses.Explain the
3、 role of resources, capabilities, and core competencies in the internal analysis.2Copyright 2005 Prentice Hall, Inc. All rights reserved. *L E A R N I N G O U T L I N E (contd) Follow this Learning Outline as you read and study this chapter.The Strategic Management Process (contd)Define strengths, w
4、eaknesses, opportunities, and threats.Discuss what happens during strategy formulation, implementation, and evaluation.Types of Organizational StrategiesTell what strategies each level of management is typically responsible for.Describe the three major types of corporate strategies.Explain the three
5、 growth strategies.Discuss when organizations might pursue a stability strategy.Describe two renewal strategies.3Copyright 2005 Prentice Hall, Inc. All rights reserved. *L E A R N I N G O U T L I N E (contd) Follow this Learning Outline as you read and study this chapter.Types of Organizational Stra
6、tegies (contd)Discuss the BCG matrix and how its used.Define SBUs and business-level strategies.Describe the role of competitive advantage in business-level strategies.Explain Porters five forces model.Describe three generic competitive strategies.Tell what it means to be stuck in the middle.Define
7、functional-level strategies.4Copyright 2005 Prentice Hall, Inc. All rights reserved. *L E A R N I N G O U T L I N E (contd) Follow this Learning Outline as you read and study this chapter.Strategic Management in Todays Environment (contd)Discuss the implications of dynamic and uncertain environments
8、 on organizational strategy.Explain the rule of three and its significance to strategic management.Describe strategies applying e-business techniques.Explain what strategies organization might use to become more customer oriented.Describe innovation strategies organizations might use.5Copyright 2005
9、 Prentice Hall, Inc. All rights reserved. *Strategic ManagementThe set of managerial decisions and actions that determines the long-run performance of an organization.6Copyright 2005 Prentice Hall, Inc. All rights reserved. *Why Strategic Management Is Important1.It results in higher organizational
10、performance.2.It requires that managers examine and adapt to business environment changes.3.It coordinates diverse organizational units, helping them focus on organizational goals.4.It is very much involved in the managerial decision-making process.7Copyright 2005 Prentice Hall, Inc. All rights rese
11、rved. *Strategic Management ProcessStep 1: Identifying the organizations current mission, objectives, and strategiesMission: the firms reason for beingvThe scope of its products and servicesGoals: the foundation for further planningvMeasurable performance targetsStep 2: Conducting an external analys
12、isThe environmental scanning of specific and general environmentsvFocuses on identifying opportunities and threats8Copyright 2005 Prentice Hall, Inc. All rights reserved. *Strategic Management Process (contd)Step 3: Conducting an internal analysisAssessing organizational resources, capabilities, act
13、ivities, and culture:vStrengths (core competencies) create value for the customer and strengthen the competitive position of the firm.vWeaknesses (things done poorly or not at all) can place the firm at a competitive disadvantage.Steps 2 and 3 combined are called a SWOT analysis. (Strengths, Weaknes
14、ses, Opportunities, and Threats)9Copyright 2005 Prentice Hall, Inc. All rights reserved. *Strategic Management Process (contd)Step 4: Formulating strategiesDevelop and evaluate strategic alternativesSelect appropriate strategies for all levels in the organization that provide relative advantage over
15、 competitorsMatch organizational strengths to environmental opportunitiesCorrect weaknesses and guard against threats10Copyright 2005 Prentice Hall, Inc. All rights reserved. *Strategic Management Process (contd)Step 5: Implementing strategiesImplementation: effectively fitting organizational struct
16、ure and activities to the environmentThe environment dictates the chosen strategy; effective strategy implementation requires an organizational structure matched to its requirements.Step 6: Evaluating ResultsHow effective have strategies been?What adjustments, if any, are necessary?11Copyright 2005
17、Prentice Hall, Inc. All rights reserved. *Organizational StrategiesCorporate StrategiesTop managements overall plan for the entire organization and its strategic business unitsTypes of Corporate StrategiesGrowth: expansion into new products and marketsStability: maintenance of the status quoRenewal:
18、 redirection of the firm into new markets12Copyright 2005 Prentice Hall, Inc. All rights reserved. *Corporate-Level StrategiesGrowth StrategySeeking to increase the organizations business by expansion into new products and markets.Types of Growth StrategiesConcentrationVertical integrationHorizontal
19、 integrationDiversification13Copyright 2005 Prentice Hall, Inc. All rights reserved. *Growth StrategiesConcentrationFocusing on a primary line of business and increasing the number of products offered or markets served.Vertical IntegrationBackward vertical integration: attempting to gain control of
20、inputs (become a self-supplier).Forward vertical integration: attempting to gain control of output through control of the distribution channel and/or provide customer service activities (eliminating intermediaries).14Copyright 2005 Prentice Hall, Inc. All rights reserved. *Growth Strategies (contd)H
21、orizontal IntegrationCombining operations with another competitor in the same industry to increase competitive strengths and lower competition among industry rivals.Related DiversificationExpanding by merging with or acquiring firms in different, but related industries that are “strategic fits”.Unre
22、lated DiversificationGrowing by merging with or acquiring firms in unrelated industries where higher financial returns are possible.15Copyright 2005 Prentice Hall, Inc. All rights reserved. *Growth Strategies (contd)Stability StrategyA strategy that seeks to maintain the status quo to deal with the
23、uncertainty of a dynamic environment, when the industry is experiencing slow- or no-growth conditions, or if the owners of the firm elect not to grow for personal reasons.16Copyright 2005 Prentice Hall, Inc. All rights reserved. *Growth Strategies (contd)Renewal StrategiesDeveloping strategies to co
24、unter organization weaknesses that are leading to performance declines.vRetrenchment: focusing of eliminating non-critical weaknesses and restoring strengths to overcome current performance problems.vTurnaround: addressing critical long-term performance problems through the use of strong cost elimin
25、ation measures and large-scale organizational restructuring solutions.17Copyright 2005 Prentice Hall, Inc. All rights reserved. *Corporate Portfolio AnalysisBCG Matrix Developed by the Boston Consulting GroupConsiders market share and industry growth rateClassifies firms as:vCash cows: low growth ra
26、te, high market sharevStars: high growth rate, high market sharevQuestion marks: high growth rate, low market sharevDogs: low growth rate, low market share18Copyright 2005 Prentice Hall, Inc. All rights reserved. *Business-Level StrategyBusiness-Level StrategyA strategy that seeks to determine how a
27、n organization should compete in each of its businesses (strategic business units).vLow-cost providervDifferentiationvFocus/Niche19Copyright 2005 Prentice Hall, Inc. All rights reserved. *The Role of Competitive AdvantageCompetitive AdvantageAn organizations distinctive competitive edge that is sour
28、ced and sustained in its core competencies.Quality as a Competitive AdvantageDifferentiates the firm from its competitors.Can create a sustainable competitive advantage.Represents the companys focus on quality management to achieve continuous improvement and meet customers demand for quality.20Copyr
29、ight 2005 Prentice Hall, Inc. All rights reserved. *The Role of Competitive Advantage (contd)Sustainable Competitive AdvantageContinuing over time to effectively exploit resources and develop core competencies that enable an organization to keep its edge over its industry competitors.21Copyright 200
30、5 Prentice Hall, Inc. All rights reserved. *Five Competitive ForcesThreat of New EntrantsThe ease or difficulty with which new competitors can enter an industry.Threat of SubstitutesThe extent to which switching costs and brand loyalty affect the likelihood of customers adopting substitutes products
31、 and services.Bargaining Power of BuyersThe degree to which buyers have the market strength to hold sway over and influence competitors in an industry. 22Copyright 2005 Prentice Hall, Inc. All rights reserved. *Five Competitive ForcesBargaining Power of SuppliersThe relative number of buyers to supp
32、liers and threats from substitutes and new entrants affect the buyer-supplier relationship.Current RivalryIntensity among rivals increases when industry growth rates slow, demand falls, and product prices descend.23Copyright 2005 Prentice Hall, Inc. All rights reserved. *Competitive StrategiesCost L
33、eadership StrategySeeking to attain the lowest total overall costs relative to other industry competitors.Differentiation StrategyAttempting to create a unique and distinctive product or service for which customers will pay a premium.Focus StrategyUsing a cost or differentiation advantage to exploit
34、 a particular market segment rather a larger market.24Copyright 2005 Prentice Hall, Inc. All rights reserved. *Strategic Management TodayThe Rule of ThreeThe competitive forces in an industry, if unfettered, will inevitably create a situation where three companies (full-line generalists) will domina
35、te any given marketSome firms in the same market become super niche players and while others end up as stuck-in-the-ditch dwellers.25Copyright 2005 Prentice Hall, Inc. All rights reserved. *Strategies for Applying e-Business TechniquesCost LeadershipOn-line activities: bidding, order processing, inv
36、entory control, recruitment and hiringDifferentiationInternet-based knowledge systems, on-line ordering and customer supportFocusChat rooms and discussion boards, targeted web sites26Copyright 2005 Prentice Hall, Inc. All rights reserved. *Customer Service StrategiesGiving the customers what they want.Communicating effectively with them.Providing employees with customer service training.27Copyright 2005 Prentice Hall, Inc. All rights reserved. *
