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Unformatted text preview: This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold, copied, or distributed without the prior consent of the publisher. Chapter 8 Strategy Formulation and Implementation Chapter Outline I. Thinking Strategically A. What Is Strategic Management? B. Grand Strategy C. Global Strategy D. Purpose of Strategy E. Levels of Strategy II. The Strategic Management Process A. Strategy Formulation Versus Implementation B. Situation Analysis III. Formulating Corporate-Level Strategy A. Portfolio Strategy B. The BCG Matrix IV. Formulating Business-Level Strategy A. Porter’s Competitive Forces and Strategies B. Partnership Strategies V. Formulating Functional-Level Strategy VI. Strategy Implementation and Control A. Leadership B. Structural Design C. Information and Control Systems D. Human Resources E. Implementing during Turbulent Times Annotated Learning Objectives After studying this chapter, students should be able to: 1. Define the components of strategic management. Strategic management is the set of decisions and actions used to formulate and implement strategies that will provide a competitively superior fit between the This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold, copied, or distributed without the prior consent of the publisher. 194 • PART 3 Planning organization and its environment so as to achieve organizational goals. A strategy consists of a core competence, synergy, and value creation. 2. Describe the strategic planning process and SWOT analysis. The strategic management process begins when executives evaluate their current position with respect to mission, goals, and strategies. Managers then scan the organization’s internal and external environments and identify strategic factors that may require change. Internal or external events may indicate a need to redefine the mission or goals or to formulate a new strategy at either the corporate, business, or functional level. The final stage in the strategic management process is implementation of the new strategy. The situation analysis typically includes a search for SWOT. The SWOT analysis reviews the strengths (S), weaknesses (W), opportunities (O), and threats (T) that affect organizational performance. Situation analysis is important to all companies but is crucial to those considering globalization because of the diverse environments in which they will operate. 3. Understand Grand Strategies for domestic and international operations. Grand strategy is the general plan of major action by which a firm intends to achieve its long-term goals. Grand strategies fall into three general categories: growth, stability, and retrenchment....
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This note was uploaded on 03/22/2009 for the course MANAGEMENT 5689-9856 taught by Professor Nialamnu during the Fall '08 term at Indiana State University .
- Fall '08