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Books and Readings

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Competitive Outcomes Firm A s Actions Firm B s Actions Rivalry Industry Characteristics Organizational Characteristics – PowerPoint PPT presentation

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Title: Books and Readings


1
Competitive Outcomes
Firm As Actions
Firm Bs Actions
Rivalry
Industry Characteristics
Organizational Characteristics
2
What Is Strategy?
  • Plan/course of action...to achieve favorable
    position
  • Alignment of course of action with long-run goals
  • A plan that integrates the goal, action
    pattern/sequence, and resources into a cohesive
    whole
  • Steps taken to achieve competitive
    advantagesustainable edge over competitors

3
Why Strategy? Action that Creates Value
Lynaghs
Two Keys Tavern
Two Keys Tavern
4
Is Strategy Important?
  • Execs, consultants, and B-school professors
    ...strategy is the single most important
    management issue and will remain so for many
    years. Business Week, Aug. 1996
  • Companies that now rely on strategy groups
  • UPS
  • Applied Materials
  • H-P
  • Smuckers
  • Sears
  • Nokia
  • EDS

5
Beyond SWOT
Environment Outside-in (I/O)
Firm Inside-out (RBV)
Strategy
6
Destroying Strategic Management Myths Fortune,
June 1997
  • Life is easy as king of the hill
  • ? Hypercompetition erodes advantages
  • Industry analysis is the key to strategy
  • ? Difficult to define industry
  • Focus on your direct competitors
  • ? Potential competitors greater threat
  • For CEOs, its you against the world
  • ? Savvy CEO involve more people

7
What Makes Shareholders Rich? ...Create New Wealth
  • Vision looks beyond current boundaries
  • Strategy as continuous process
  • New perspectives, voices, conversations
  • Change rules of game
  • Experimentation, surprise

8
New Strategy Glossary
  • value migration movement of growth and profit
    opportunities from one industry player to another
  • co-evolution by working with direct competitors,
    customers, and suppliers, a company can create
    new businesses, markets, and industries
  • white-space opportunity overlooked areas of
    growth possibilities that don't exactly match
    existing skills
  • strategic intent corporate goal or destiny that
    represents a stretch for the organization, a
    point of view about the competitive position a
    company hopes to build over the coming decade

9
Breaking the Rules...
SOUTHWEST
10
Dynamic Strategy Reborn...
August 1996
June 1997
11
Where Does Strategy Occur?
Top Management
Functional Management
12
What do strategists do?
  • Strive for competitiveness / above-average
    returns
  • Assess external factors causing change
  • Develop internal factors that create advantage
  • Navigate stakeholder landscape
  • Strategic management process Five Stages

13
What else..?
  • External Stuff
  • Globalization
  • Technological change
  • Diverse and increasingly vociferous stakeholders
  • Wall Street
  • Environment
  • Internal Stuff
  • Building capabilities core competence
  • Organizational culture
  • Leadership
  • Strategic HR
  • Board of Directors

14
1. Articulate Mission / Intent
  • Sense of purpose, direction
  • In which industries does firm compete?
  • How does firm compete?
  • Who are customers?
  • Who are competitors?

15
2. Set Objectives Performance Targets
  • Financial 10 ROI and 1.55 EPS by YE99
  • Strategic Achieve lowest prices and enter 5 new
    country markets by 2001

16
3. Craft Strategy
  • How to compete
  • Differentiated innovator
  • Multinational markets
  • Market-push

17
4. Implement Strategy
  • Delegate responsibility to functional mgt.
  • Develop action plan
  • Establish European distribution center
  • Create new ad campaign for 2004 Olympics
  • Launch new version of product
  • Cut prices on older version by 33

18
5. Evaluation and Adjustment
  • Assess results relative to goals
  • Identify new opportunities / constraints
  • Change strategy / implementation (as needed)

19
Planning vs. Strategy Process Whats the
Difference?
Intended Strategy
Strategy Carried Out
Dropped Strategic Actions
Emergent Strategic Actions
20
Competitive Interaction in Chess
8 7 6 5 4 3 2 1
This Sequence Black Knight b4 White Pawn
c3 Black Bishop g4 White Queen b5 Black
Pawn c5
  • Named Sequences
  • Epaulettes Mate
  • Sicilian Defense

a b c d e f
g h
21
Different Approaches to Strategy
  • Blueprint
  • Structural Equation
  • Drama
  • Journey
  • Conversation
  • Stimuli-Responses
  • Conversation

22
Competitive Outcomes
Firm As Actions
Firm Bs Actions
Rivalry
Industry Characteristics
Organizational Characteristics
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