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Strategic Management in Action

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Rebut misconceptions about strategy and strategic management. 7. Explain who's involved with strategic management and their role in managing strategically. ... – PowerPoint PPT presentation

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Title: Strategic Management in Action


1
Strategic Management in Action
1
Introducing the Concepts
2
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 evolutio
n of strategic management. 6. Rebut misconcept
ions about strategy and strategic management.
7. Explain whos involved with strategic
management and their role in managing
strategically.
3
WHY IS STRATEGIC MANAGEMENT IMPORTANT?
  • Strategic Management
  • Gives everyone a role
  • Makes a difference in performance levels
  • Provides systematic approach to uncertainties
  • Coordinates and focuses employees

4
WHAT IS STRATEGIC MANAGEMENT?
Strategy vs. Strategic Management
5
The Basics of Strategy Strategic Management
  • Definition of Strategy
  • A series of goal-directed decisions and actions
    matching an organization's skills and resource
    with the opportunities and threats in its
    environment

6
The Basics of Strategy Strategic Management
  • Strategy Involves
  • Organizations goals
  • Goal-directed action
  • Related decisions and actions
  • Internal strengths
  • External opportunities and threats

7
The Basics of Strategy Strategic Management
  • Definition of Strategic Management
  • Decisions and actions where organizations
  • Analyze current situation
  • Develop appropriate strategies
  • Put strategies into action
  • Evaluate, modify, or change strategies

8
The Basics of Strategy Strategic Management
  • Strategic Management entails
  • Basic managerial functions
  • Planning
  • Organizing
  • Implementing
  • Controlling

9
The Basics of Strategy Strategic Management
  • Basic
  • Activities
  • of
  • Strategic
  • Management
  • Figure 1-1

Strategy Formulation
Strategy Evaluation
Strategy Implementation
10
The Basics of Strategy Strategic Management
  • Strategic Management
  • Big picture view of organization influenced by
    its external environment

Interdisciplinary
Four aspects that set apart Strategic Manageme
nt
External focus
Internal focus
Future direction
11
The Strategic Management Process
  • Strategic Management in Action Figure 1-2

Analyzing Current Situation
Deciding on Strategies
Putting Strategies in Action
Evaluating and Changing Strategies
Situation Analysis
Strategy Formulation
Strategy Implementation
Strategy Evaluation
External Analysis
Organizational Context
Functional
Competitive
Chapter 2
Chapter 3
Chapter 5
Chapter 6
Internal Analysis
Corporate
Chapter 4
Chapter 7
12
The Strategic Management Process
  • Situation Analysis
  • Scanning and evaluating context
  • External environment
  • Organizational environment

13
The Strategic Management Process
  • Strategy Formulation
  • Three organizational levels
  • Functional strategies
  • Competitive strategies
  • Corporate strategies

14
The Strategic Management Process
Strategy Implementation Process of putting stra
tegies into action Strategy Evaluation Proces
s of evaluating How the strategy has been implem
ented Outcomes of the strategy
15
The Strategic Management Process
  • Continuing Process of
  • Strategic Management in Action
  • Ongoing and continuous cycle of
  • Strategy formulation
  • Strategy implementation
  • Strategy evaluation

16
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

17
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 an
d Cases During the 1970s and 1980s Become
s distinct academic field Research focus on st
rategic decisions vs. performance

18
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

19
WHOS INVOLVED WITH STRATEGIC MANAGEMENT?
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 ev
ery decision and action of every employee
Providing effective leadership
Other Strategic Managers and Organizational
Employees Implement put the strategies into ac
tion and monitor performance Evaluatedo the ac
tual evaluations and take necessary actions
Open book management
20
The Role of the Board of Directors
Table 1-2 Typical Board Responsibilities
Review and approve strategic goals and plans
Review and approve organization's financial
standards and policies Ensure integrity of organ
ization's financial controls and reporting
systems Approve an organizational philosophy M
onitor organizational performance and regularly
review performance results Select, evaluate, and
compensate top-level managers
Develop management succession plans
Review and approve capital allocations and
expenditures Monitor relations with shareholders
and other key stakeholders Other responsibiliti
es may be assigned depending on the unique
culture and needs of the organization
21
The Role of Top Management
  • Top Management
  • CEO Chief Executive Officer
  • COO Chief Operating Officer
  • CFO Chief Financial Officer
  • CIO Chief Information Officer

22
The Role of Top Management
Determining Organizational Purpose or Vision
  • Effective
  • Strategic
  • Leadership
  • Involves
  • Figure 1-5

Establishing Appropriately Balanced Controls
Exploiting and Maintaining Core Competencies
Effective Strategic Leadership
Developing Human Capital
Emphasizing Ethical Decisions and Practices
Creating and Sustaining Strong Organizational Cu
lture
23
Chapter One
Questions
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