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1、Ch 1 -1,Chapter 1 The Nature of Strategic Management,Strategic Management: Concepts & Cases 11th Edition Fred David,Ch 1 -2,Origin of strategy,A strong military heritage underlies the study of strategic management A key aim of both business and military strategy is to gain “competitive advantage” Bu
2、siness strategy is based on assumption of competition whereas military strategy is based on an assumption of conflict,Ch 1 -3,Inputs,Process (Transformation Activities),Outputs,Products & services Financial results Information Human results,(A system),External Environment,Internal Environment,Corpor
3、ate & environments,Employees work activities Management activities Technology and operations methods,Human resources Nonhuman resources Raw materials Capital Technology Information,Industrial environment,Ch 1 -4,Chapter objective,Describe the strategic management process Explain the need for integra
4、ting analysis and intuition in strategic management Define key terms in strategic management,Ch 1 -5,Historical development of strategic management,Ansoff felt that management could use these strategies to systematically prepare for future opportunities and challenges.,Ch 1 -6,Historical development
5、 of strategic management,The prescriptive, deliberate or planned approach is based on long term planning which seeks to achieve a “fit” between organizational strategy and the environment in which it operates This approach views strategic management as a highly systematized and deterministic process
6、 ( Andrews, Ansoff, Argenti),Ch 1 -7,Historical development of strategic management,Criticism of the planning approach The prescriptive paradigm of strategic management has been criticized as being unrealistic, particularly in times of rapid and turbulent change. Competitive advantage can be gained
7、by being opportunistic and taking advantage of unforeseen opportunities,Ch 1 -8,1980s the development of modern strategy management,Michael Eugene Porter （MEPorter） Michael Porter is the author of 18 books and numerous articles including Competitive Strategy, Competitive Advantage, Competitive Advan
8、tage of Nations, Michael Porters core field is competition and company strategy. He is generally recognized as the father of the modern strategy field, and his ideas are taught in virtually every business school in the world.,1980s the development of modern strategy management,Porters strategic syst
9、em consists primarily of: Porters Five Forces Analysis strategic groups (also called strategic sets) the value chain the generic strategies of cost leadership, product differentiation, and focus the market positioning strategies of variety based, needs based, and access based market positions global
10、 strategy Porters clusters of competence for regional economic development Diamond model,Ch 1 -9,Historical development of strategic management,I/O View Industrial Organization View The Industrial Organization approach to competitive advantage advocates that external (industry) factors are more impo
11、rtant than internal factors in a firm achieving competitive advantage.,Ch 1 -10,Ch 1 -11,Historical development of strategic management,Competitive Positioning Approach（outside-in） The first fundamental determinant of a firms profitability is industry attractiveness. Competitive strategy must grow o
12、ut of a sophisticated understanding of the rules of competition that determine an industrys attractiveness By determining the relative power of each of five forces, an organization can identify how to position itself to take advantage of opportunities and overcome or circumvent threats,Ch 1 -12,Hist
13、orical development of strategic management,Criticisms of competitive positioning approach Michael Porters models focus on the companys external competitive environment，and do not attempt to look inside the company,Historical development of strategic management-1990s,Resource/Competence Based Approac
14、h (inside-out approach) Internal resources/competences are more important for a firm than external factors in achieving and sustaining CA Jay Barney: organizational performance will primarily be determined by internal resources : Physical resourcesplant, equipment, location, technology, raw material
15、s, etc. Human resourcesemployees, training, experience, intelligence, knowledge, skills, abilities Organizational resourcesfirm structure, planning processes, information systems, patents, trademarks, copyrights, databases, and so on,Ch 1 -13,Ch 1 -14,Historical development of strategic management-1
16、990s,Gary Hamel, C.K.Prahalad Core competence： the one or two key things that your company does better than the competition CA arises from an organizations internally developed core competence rather than from its environment John Kay Borrowing from Gary Hamel and Michael Porter, Kay claims that the
17、 role of strategic management is to identify your core competencies, and then assemble a collection of assets that will increase value added and provide a competitive advantage. He claims that there are 3 types of capabilities that can do this: innovation, reputation, and organizational structure Va
18、luable resources /competences: rare; hard to imitate; not easily substitutable,Ch 1 -15,Historical development of strategic management,Resource-based view (1995，David J. Collins ,Cynthia A. Motgomery: Resources-based view of the firm. A firms unique resources and capabilities provide the basis for a
19、 strategy) The strategy chosen should allow the firm to best exploit its core competencies relative to opportunities in the external environment,Historical development of strategic management,The evaluation of value should not be limited to the inside of a company but should put the company into its
20、 industrial environment. The valuable resources owned by an individual company can be found by comparing the companys resources with that of other companies. The resources mentioned here refer to the combination of various key factors, which can help the company realize its strategic goals during th
21、e process of the company serving the society with products or services. Companies can be regarded as different combinations of various resources. Since these combinations differ from one to another, there are NO two companies that are completely same in the world. Only when a company owns the resour
22、ces that suit its purposed businesses most can we say it has the most valuable resources. A companys competitive advantage is determined by the valuable resources it has.,Ch 1 -16,It is not a question of whether external or internal factors are more important in gaining and maintaining CA. Effective
23、 integration and understanding of both external and internal factors, especially understanding the relationships among them, will be the key to securing and keeping a competitive advantage.,Ch 1 -17,Ch 1 -18,Strategic Management achieves a firms success through integration ,Management,MIS,Production
24、/Operations,Finance/Accounting,Marketing,Research & Development,Although the strategic-management process is overseen by strategists, success requires that managers and employees from all functional areas work together to provide ideas and information.,Ch 1 -19,Ch 1 -20,External Audit,Internal Audit
25、,Long-Term Objectives,Generate, Evaluate, Select Strategies,Implement Strategies: Mgmt Issues,Implement Strategies: Marketing, Fin/Acct, R&D, CIS,Measure & Evaluate Performance Control & continuous improvement,Vision & Mission,Comprehensive strategic management model,Strategy Evaluation,Strategy Imp
26、lementation,Strategy Formulation,Copyright 2007 Prentice Hall,Ch 1 -21,Dynamic & Continuous More formal in larger organizations,Strategic Management Model,Strategic Management Process,Copyright 2007 Prentice Hall,Ch 1 -22,Vision & Mission,Strategy Formulation,External Opportunities & Threats,Interna
27、l Strengths & Weaknesses,Long-Term Objectives,Alternative Strategies,Strategy Selection,Copyright 2007 Prentice Hall,Ch 1 -23,Strategy Implementation,Annual Objectives,Policies,Employee Motivation,Resource Allocation,Copyright 2007 Prentice Hall,Ch 1 -24,Strategy Evaluation,Internal Review,External
28、Review,Performance Metrics,Corrective Actions,Copyright 2007 Prentice Hall,Ch 1 -25,The strategic management process attempts to organize quantitative and qualitative information under conditions of uncertainty,Integrating Intuition and Analysis,Copyright 2007 Prentice Hall,Ch 1 -26,Intuition is bas
29、ed on: Past experiences Judgment Feelings,Integrating Intuition and Analysis,Intuition is useful for decision making in: Conditions of great uncertainty Conditions with little precedent,Copyright 2007 Prentice Hall,Ch 1 -27,Organizations must monitor events On-going process Internal and external eve
30、nts Timely changes,Adapting to Change,Copyright 2007 Prentice Hall,Ch 1 -28,1. Adapting to change in external trends, internal capabilities and resources,Achieving Sustained Competitive Advantage,2. Effectively formulating, implementing & evaluating strategies,Copyright 2007 Prentice Hall,Ch 1 -29,K
31、ey Terms,Various Job Titles: Chief Executive Officer (CEO) Chief Strategy Officer (CSO) President Owner Board Chair Executive Director,Strategists Firms success/failure,Copyright 2007 Prentice Hall,Ch 1 -30,Vision Statement What do we want to become? Mission Statement What is our business?,Key Terms
32、,Copyright 2007 Prentice Hall,Ch 1 -31,Largely beyond the control of a single organization,Key Terms,Opportunities and Threats (External),Copyright 2007 Prentice Hall,Ch 1 -32,Process of conducting research and gathering and assimilating external information,Key Terms Opportunities & Threats,Environ
33、mental Scanning (Industry Analysis),Copyright 2007 Prentice Hall,Ch 1 -33,Basic Tenet of Strategic Management,Key Terms Opportunities & Threats,Strategy Formulation,Take advantage of External Opportunities,Avoid/minimize impact of External Threats,Copyright 2007 Prentice Hall,Ch 1 -34,Controllable a
34、ctivities performed especially well or poorly,Key Terms,Strengths & Weaknesses (Internal),Copyright 2007 Prentice Hall,Ch 1 -35,Assessing the Internal Environment,Key Terms Strengths & Weaknesses,Internal Factors,Performance Metrics,Financial Ratios,Industry Averages,Survey Data,Copyright 2007 Prent
35、ice Hall,Ch 1 -36,Mission-driven pursuit of specified results more than one year out,Key Terms,Long-term Objectives,Copyright 2007 Prentice Hall,Ch 1 -37,Long-term Objectives,Key Terms,Essential for ensuring the firms success Provide direction Aid in evaluation Create synergy Focus coordination Basi
36、s for planning, motivating, and controlling,Copyright 2007 Prentice Hall,Ch 1 -38,Means by which long-term objectives are achieved,Key Terms,Strategies,Copyright 2007 Prentice Hall,Ch 1 -39,Strategies,Key Terms,Some Examples Geographic expansion Diversification Acquisition Market penetration Retrenc
37、hment Liquidation Joint venture,Ch 1 -40,Mintzbergs five Ps,In his article Five Ps for strategy, Mintzberg argues a strategy can be: A plan- it tends to imply something that is intentionally put in train and its progress is monitored from the start to a predetermined finish. A ploy- a manoeuvre inte
38、nded to outwit an opponent or competitor. A pattern of behaviour is one in which progress is made by adopting a consistent form of behaviour. A position in respect to others in the environment A perspective changing the culture (the beliefs and the feel, the way of looking at the world) of the membe
39、rs of an organization It is important NOT to see any of these five Ps in isolations from the others,Henry Mintzberg McGill university in Montreal,Ch 1 -41,Deliberate and Emergent Strategy,Deliberate strategy (or called planned or prescriptive strategy) is preconceived, premeditated, and usually moni
40、tored and controlled from start to finish. It has a specific objective. Emergent strategy has no prior intentions or specific objective. It may be as effective as deliberate strategy . By exploring, learning and piecing together a consistent pattern of behaviour over time, an organization may arrive
41、 at the same position as if it had planned everything in detail.,Copyright 2007 Prentice Hall,Ch 1 -42,Short-term milestones that firms must achieve to attain long-term objectives,Key Terms,Annual Objectives,Copyright 2007 Prentice Hall,Ch 1 -43,Means by which annual objectives will be achieved,Key
42、Terms,Policies,Ch 1 -44,Strategic Business Unit,A strategic business unit is a semi-autonomous unit within an organization. It is usually responsible for its own budgeting, new product decisions, hiring decisions, and price setting. An SBU is treated as an internal profit centre by corporate headqua
43、rters. Each SBU is responsible for developing its business strategies, strategies that must be in tune with broader corporate strategies.,Ch 1 -45,Levels of strategy,Level of aggregation,Network Level,Corporate Level,Business Level,Functional Level,Level of organization,Alliance/ Partnership,Allianc
44、e/ Group,Operating unit,Functional department,Ch 1 -46,Network strategy,Many businesses operate within a network of suppliers, distributors, customers and sometimes, competitors Collaborative advantage through networks, strategic alliances and joint ventures can be important source of CA,Ch 1 -47,Le
45、vels of strategy,Corporate strategy applies to the whole enterprise, more value oriented, more conceptual and less concrete In multibusiness, it defines the businesses in which a company will compete and focuses resources to convert distinctive competence into competitive advantage,Ch 1 -48,Business
46、 strategy ( competitive strategy) is the determination of how a company will compete in a given business and position itself among its competitors,Ch 1 -49,Operational strategy is concerned with the shorter term objectives of the business and with its day to day management which supports business st
47、rategy and corporate strategy,Ch 1 -50,Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives,Strategic Management Defined by F.R. David,Ch 1 -51,Approaches to strategic management,Prescriptive - planning, predicti
48、ve, structured strategies must be intentionally designed and executed to deliberately fine-tune and control the organizations future behavior Emergent - rapid change, unpredictable, unstructured, trial and adaptation incrementalism：not questioning the value of planning and control as a means for man
49、aging some organizational processes, but strategy formation is not one of them, planning and control are valuable for routine activities but not suitable for doing new things, for example, innovation,Ch 1 -52,Our approach - assumptions,1: strategy is both planned and emergent. 2: competitive advantage from both internal competences & changes in business environment. 3: it is important to distinguish between industries and markets 4: competitive advantage -from organisational learning,