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Management%20strategies

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MANAGEMENT STRATEGIES Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm ... – PowerPoint PPT presentation

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Title: Management%20strategies


1
Management strategies
2
The roots of strategy
  • 2000 year history strategy derived from the
    Greek word stratcgos stratus (meaning army) and
    ago (meaning leading/moving). The Greeks first
    used the word to describe managing military
    forces.
  • Today
  • Strategy refers to the steps a manager must take
    to reach objectives or to accomplish plans.

3
Strategic management
  • Defined Strategic management consists of the
    analysis, decisions, and actions an organization
    undertakes in order to create and sustain
    competitive advantages.

4
Three Levels of Strategy
  • 1st level - Corporate Strategies - address the
    broad needs of the industry and are generally
    tied to the mission statement of the company.
  • What is a Mission Statement?
  • Mission Statement Describes why an organization
    is operating. Usually business oriented but may
    also take on a social responsibility as well.
  • Vision identifies where the organization wants
    or intends to be in the future.

5
Mission Statements
  • NBA Mission Statement
  • The Mission of the Pro Football Hall of Fame is
  • To honor, preserve, educate and promote. . .
  • NBA Mission Statement
  • To honor individuals who have made outstanding
    contributions to professional football  To
    preserve professional footballs historic
    documents and artifacts  To educate the public
    regarding the origin, development and growth of
    professional football as an important part of
    American culture To promote the positive values
    of the sport

6
VS
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9
Assess
  • You are Senior Management within a recovery
    organization that has been established to address
    the recovery efforts of the Jersey Shore after
    Hurricane Sandy.
  • Write a Mission Statement that describes the
    purpose and vision of your organization.
  • Features of a Mission Statement
  • Mission must be feasible and attainable. It
    should be possible to achieve it.
  • Mission should be clear enough so that any action
    can be taken.
  • It should be inspiring for the management, staff
    and society at large.
  • It should be precise enough, i.e., it should be
    neither too broad nor too narrow.
  • It should be unique and distinctive to leave an
    impact in everyones mind.
  • It should be analytical, it should analyze the
    key components of the strategy.
  • It should be credible, i.e., all stakeholders
    should be able to believe it.
  • What type of Corporate Strategy would your
    organization use. Reference your Mission
    Statement.

10
Corporate Strategies
  • 4 specific corporate strategies
  • Growth help the organization decide the amount
    and direction of growth.
  • Stability these strategies are used when an
    organization is satisfied with their performance
  • Defensive retreat to what you know best.
  • Combination

11
Business Strategies
  • Narrower in scope than corporate strategies.
    Focus on a specific business (Food venues at
    sports arenas)
  • Examples of business strategies
  • Cost Leadership deliver the product or service
    more cheaply than competitors
  • Differentiation Be unique in product or service
    delivery
  • Focus Concentrate on a particular market
    segment and surround it with a quality product or
    service
  • A year after the storm

12
Assignment
  • Check out the Disney Web site and search for
    answers to the following questions.
  • As a teenager who grew up watching Disney shows,
    what do you think of the animation graphics?
    When answering reference works of other animation
    companies.
  • What interactive features are on the website?
    (list 3)
  • Mission Statement of Disney
  • "The mission of The Walt Disney Company is to be
    one of the world's leading producers and
    providers of entertainment and information. Using
    our portfolio of brands to differentiate our
    content, services and consumer products, we seek
    to develop the most creative, innovative and
    profitable entertainment experiences and related
    products in the world."
  • Based on the Mission Statement above what
    Corporate Strategy do you think Disney is using?
    Support your answer by referencing segments of
    their Mission Statement.
  • Describe the business strategy or strategies you
    think Disney uses to reach the childrens market.
  • Describe the business strategy or strategies
    Disney uses to reach the parents market.

13
Extreme Sports
  • Bossaball
  • Crashed Ice
  • Kronum

14
Functional strategies
  • Govern an organizations day-to-day operations.
    Relate to the functions of a business, such as
    marketing, production, and finance. This type of
    strategy is directly tied to the strategies
    constructed at the corporate and business levels.
  • Short-term in nature less than one year
  • Known as the most important strategies because of
    their need for timeliness and flexibility.

15
Strategy Formulation vs Strategy Implementation
Strategy Formulation Strategy Implementation
Strategy Formulation includes planning and decision-making involved in developing organizations strategic goals and plans. Strategy implementation involves all those means related to executing the strategic plans.
In short, Strategy Formulation is placing the Forces before the action. In short, Strategy Implementation is managing forces during the action.
Strategy Formulation is an Entrepreneurial Activity based on strategic decision-making. Strategic Implementation is mainly an Administrative Task based on strategic and operational decisions.
Strategy Formulation emphasizes on effectiveness Strategy Implementation emphasizes on efficiency.
Strategy Formulation is a rational process. Strategy Implementation is basically an operational process.
Strategy Formulation requires co-ordination amoung few individuals. Strategy Implementation requires co-ordination among many individuals.
Strategy Formulation requires a great deal of initiative and logical skills. Strategy Implementation requires specific motivational and leadership traits.
Strategic Formulation precedes Strategy Implementation. Strategy Implementation follows Strategy Formulation.
16
Strategic management process
  • Development corporate and business strategies
    are developed
  • Policies and Rules
  • Policies guidelines to make decisions regarding
    specific recurring situations (doping, specific
    wear)
  • Rules direction for conduct leave little room
    for imagination (rules governing your game)

17
Strategic management process
  • Environmental Analysis
  • External Environment everything that lies
    outside of an organizations control.
  • Government regulations, economy, competition,
    technology, global affairs and society
  • Internal Environment factors that are under the
    control of the organization
  • Collection of data, completion of reports,
    employees not care, falsification of reports
  • BMX Extreme Sport

18
Strategic planning tools
  • Environmental Scanning a planning tool that
    helps managers identify critical events from the
    external environment that will have a direct
    impact on decision making. (events may be known
    or unknown)
  • SEM has 6 major external environments
  • Demographic trends
  • Economic trends
  • Political trends
  • Competitive Trends
  • Technological Trends
  • Cultural and lifestyle Trends

19
Strategic management tools
  • SWOT Analysis
  • Strengths
  • Weaknesses
  • Opportunities
  • Threats
  • Benchmarking

20
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21
Action and review
  • Action Phase
  • Organizational Structure must be in place
  • Short-range goals must be constructed and
    implemented
  • Construction of Functional strategies
  • Review Phase
  • Key to accomplishing strategies
  • Good managers anticipate problems, develop
    contingency plans, and meet obstacles head on.

22
Assignment
  • Situation You and your partner have followed
    and completed the strategic management process in
    the development of your new extreme sport.
    Explain how you would complete the final 2 phases
    of the strategic management process.
  • Implement How will you introduce your sport to
    the world? What channels will you follow to get
    the sport out to the target audience of
    participants and viewers? What are your short
    range financial goals? How will you market the
    extreme sport?
  • Contingency Plan 6 months after you have
    introduced your sport you are falling short in
    your financial goals, number of participants and
    viewers. Write a contingency plan that will
    address these issues.

23
Review of Strategic management process
  • 5 steps
  • Formulate the organizations mission or purpose
  • Describe the business market that the
    organization will pursue
  • Set objectives for meeting the needs of this
    market.
  • Create and implement strategies to address market
    needs better than competitors.
  • Develop contingency (backup) plans for any needed
    adjustments.

24
Assignment
  • Create a collage with pictures and explanatory
    text that displays an environmental scan of
    positive and negative forces that might impact
    your favorite bands admission into a Music Hall
    of Fame.
  • Requirements
  • Minimum of 8 pictures in collage
  • Minimum of 4 external environments
  • Text explaining external environments used
  • Demographic trends
  • Economic trends
  • Political trends
  • Competitive Trends
  • Technological Trends
  • Cultural and lifestyle Trends

25
Do Now
  • Contingency Plan 6 months after you have
    introduced your sport you are falling short in
    your financial goals, number of participants and
    viewers. Write a contingency plan that will
    address these issues.

26
Advantages of strategic management
  1. Prevents problems before they happen
  2. Reinforces the strength of group decision making
  3. Managers and employees tend to become empowered
    with decision-making opportunities
  4. Strategically managed firms usually do not have
    glaring weaknesses
  5. The entire organization tends to react more
    rapidly to new opportunities and environmental
    changes.

27
Risks of strategic management
  1. Discipline needed in implementing strategic
    management may not be easy to accomplish
  2. Strategic managers must be cautious o f making
    extravagant promises
  3. Managers and employees may expect immediate
    rewards for their roles in the strategic
    management process
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