Lecture Notes Exam 2 - MAN320F 10.03.06 Lecture Notes...

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MAN320F 10.03.06 Lecture Notes Chapter 8- Strategic Management Where are we going and why ? Set of managerial decisions and actions that determines long-run performance of an organization o Careful plan/method for achieving goals o Competitor o Regulatory Determine how we perceive Why strategic management is important? o Result in higher org performance o Requires man examine and adapt to bus environment changes Force man to reevaluate o Coordinates diverse org units, helping them focus on organizational goals Diversity might mean geographic differences o Very much involved in managerial decision-making process Empowerment type process Get them to buy and own decisions Strategic Man Process o Step 1: identify org. current mission, objectives, and strategies Mission- firms reason for being Scope of its products and services Heaven or Hell? o List stakeholders o Rank stakeholders o List key words that describe your business values o Build your mission statement Elevator pitch- state who we are “in an elevator ride’s” time—the value proposition Get them to understand or be interested enough to learn more Goals- foundation for further planning Measurable performance targets o Step 2: conducting an external analysis Environmental scanning of specific and general environments Focuses of identifying opportunities and threats o Step 3: Conducting an internal analysis What are OUR strengths/weaknesses? Where your organization overlays external? Assessing organization resources, capabilities, activities, and culture: Strengths create value for customer and strengthen competitive position Weaknesses (done poorly or not at all) can place firm at competitive disadvantage Step 2 and 3 combined are called a SWOT analysis (strength, weakness, opportunity, threat) o Step 4: Formulating strategies Develop and evaluate strat alliances Select approp strat for all levels in org that provide relative adv over competitors Match strengths to envir opportunities Correct weakness and guard against threats o Step 5: implementing strategies Implementation: effectively fitting org structures and activities to evir
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Environment dictates chosen strategy; effective strat implementation requires org structure matched to its requirements o Step 6: Evaluate Results How effective have strategies been? What adjustments need to be made, if any? Corporate level strategies o Growth strategy- seek to incr org bus by expansion into new products and markets o Types Concentration: Focus on prim line of business and incr number of prod offered or mkts served Vertical integration: backward vertical integration- attempt to gain control on inputs (become self supplier) Forward vert integration- attempt to gain control of output through control of distribution channel and/or provide customer service activities (eliminate intermediaries) o Take another capability and bringing it in
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Lecture Notes Exam 2 - MAN320F 10.03.06 Lecture Notes...

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