MGT 300 Spring 2010 Week 06

MGT 300 Spring 2010 Week 06 - The External Environment...

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The External Environment (Dess-Lumpkin-Eisner Chapter 2) MGT 300 Week 6 February 24
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10 - 2 Strategic Management Strategic management is the study of why some firms outperform others How to compete in order to create competitive advantages in the marketplace How to create competitive advantages in the market place o Unique and valuable o Difficult for competitors to copy or substitute
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10 - 3 Analysis Strategic goals (vision, mission, strategic objectives) Internal and external environment of the firm Strategic decisions What industries should we compete in? How should we compete in those industries? Actions Allocate necessary resources Design the organization to bring intended strategies to reality Strategic Management
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10 - 4 Key Attributes Key Attributes of strategic management: Directs the organization toward overall goals and objectives Includes multiple stakeholders in decision making Needs to incorporate short-term and long-term perspectives Recognizes trade-offs between efficiency and effectiveness
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10 - 5 Strategic Management Process Adapted from Exhibit 1.2 Realized Strategy and Intended Strategy: Usually Not the Same Source: H. Mintzberg and J. A. Waters, “Of Strategies, Deliberate and Emergent,” Strategic Management Journal 6 (1985), pp. 257-72.
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10 - 6 Strategic Analysis (cont.) Clear goals and objectives permit effective allocation of resources Hierarchy of goals - Vision - Mission - Strategic objectives Analyzing external environments - Managers must scan the environment and analyze competitors - General environment - Industry environment
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10 - 7 Strategic Analysis (cont.) Frameworks for analyzing a firm’s internal environment - Strengths - Weaknesses Analyzing strengths can uncover potential sources of competitive advantage
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10 - 8 Strategic Management Perspective Integrative view of the organization Assess how functional areas and activities “fit together” to achieve goals and objectives All managers and employees must take and integrative, strategic perspective of issues facing the organization
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10 - 9 Coherence in Strategic Direction Company vision - Massively inspiring - Overarching - Long-term - Driven by and evokes passion - Fundamental statement of the organization’s Values Aspiration Goals Hierarchy of Goals Company vision Company vision http://mynew.asu.edu/
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10 - 10 Coherence in Strategic Direction Mission statements - Purpose of the company - Basis of competition and competitive advantages - More specific than vision - Focused on the means by which the firm will compete Hierarchy of Goals Company vision Company vision Mission statements Mission statements
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10 - 11 Coherence in Strategic Direction Strategic objectives - Operationalize the mission statement - Provide guidance on how the organization can fulfill or move toward the “higher goals” - More specific - Cover a more well-defined time frame Hierarchy of Goals Company vision Company vision Mission statements Mission statements Strategic objectives Strategic objectives
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MGT 300 Spring 2010 Week 06 - The External Environment...

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