8 - C H A P T E R E I G H T Strategic Management Introduction The Importance of Strategic Management What Is Strategic Management Why Is Strategic

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C H A P T E R E I G H T Strategic  Management 8 Chapter Outline Introduction The Importance of Strategic Management What Is Strategic Management? Why Is Strategic Management Important? The Strategic Management Process Step 1: Identifying the Organization’s  Current Mission, Objectives, and  Strategies Step 2: External Analysis Step 3: Internal Analysis Step 4: Formulating Strategies Step 5: Implementing Strategies Step 6: Evaluating Results  Types of Organizational Strategies Corporate-Level Strategy Growth Stability  Renewal Corporate Portfolio Analysis Business-Level Strategy The Role of Competitive Advantage Competitive Strategies Functional-Level Strategy Strategic Management in Today’s  Environment The Rule of Three New Directions in Organizational  Strategies M ergers. Strategic alliances, downsizing, Spin- offs, global expansion. Today’s news is filled with examples of organizations changing their strategies. In the chapter-opening Manager’s Dilemma, Tim and Diane Mueller operate the ski resort, Okemo Mountain Resort in Southern Maine. The early years were very difficult. Ski resorts are largely dependent upon weather. Because the Mueller’s didn’t have the resources to focus on major improvements, they deployed strategies that focus on quality and execution. Carefully grooming the trails and exceeding customers’ expectations are keys to the successful operation of Okemo. They’re now considering expanding their business by purchasing other ski areas. How can the principles of strategic management guide them as they develop this new strategy? In this chapter, we examine the strategic management process as it relates to the planning function. 100
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Many PowerPoint Slides, including both original text art and newly created images, have been developed and are available for you to coordinate with Chapter 8 materials presentation. ANNOTATED OUTLINE 1. INTRODUCTION. Effective managers recognize the role that strategic management plays in their organization’s performance. An underlying theme of this chapter is that good strategies can lead to high organizational performance. 2. THE IMPORTANCE OF STRATEGIC MANAGEMENT. The role that the environment plays has influenced managers in developing a systematic means of analyzing the environment, assessing their organization’s strengths and weaknesses, identifying opportunities that would give the organization a competitive advantage, and incorporating these findings into their planning. The value of thinking strategically has an important impact on organization performance. 8.1 How is strategic management related to the planning function? A.
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This note was uploaded on 10/21/2009 for the course FSD 6789 taught by Professor Vinh during the Spring '09 term at ITT Tech Flint.

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8 - C H A P T E R E I G H T Strategic Management Introduction The Importance of Strategic Management What Is Strategic Management Why Is Strategic

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