0324302592_62399 - Chapter 4: Strategic Management and...

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Chapter 4: Strategic Management and Planning in a Global Environment CHAPTER 4 STRATEGIC MANAGEMENT AND PLANNING IN A GLOBAL ENVIRONMENT LEARNING OBJECTIVES 1. Define strategic management and describe its purpose. 2. Explain the four stages of the strategic management process. 3. Identify and explain the components of strategic analysis, as well as explain the value of conducting this analysis. 4. Explain how an organization can develop a competitive advantage. 5. Explain the purpose of strategy implementation describe the two levels of strategic alternatives. 6. Explain the role of strategy implementation. 7. Explain the importance of evaluation and control of strategy and its implementation. 8. Discuss the importance of strategic planning. CHAPTER OVERVIEW This chapter focuses on overall, or strategic, planning. The process of strategic planning includes strategic analysis, strategy formulation, strategy implementation, and strategic control, representing the essential steps that a firm must take to maintain a sustainable competitive advantage. Special emphasis is placed on the benefits of strategic planning and how the strategic planning process facilitates organizational success. PEDAGOGY GRID Chapter Boxes Main Points Facing the Challenge/Meeting the Challenge: Changes at Hewlett-Packard / Focus and Implementation at HP Former CEO Carly Fiorina’s strategy for HP may have been too broad. New CEO Mark Hurd has implemented a much more focused strategy. At the Forefront: Avis: A Progressive Mission Statement A detailed mission statement helps employees understand who their customers are, what their customers want, and how they are to provide their products and services to customers. Leaders in Action: Andrew Grove of Intel Facing strong competition in the memory chip industry, Andrew Grove literally fired himself and re-entered the company with a substantial change of direction. As Chairman of Intel’s Board of Directors, 48
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Chapter 4: Strategic Management and Planning in a Global Environment he developed a board that truly governs the company. Now Apply It: Setting Mission and Strategic Goals Writing a personal mission statement and identifying personal strategic goals helps make people more effective as individuals. LECTURE NOTES I. Strategic Management and Strategic Planning Refer to Figure 4.1 A. Strategic management refers to overall, long-term management. 1. This includes planning, organizing, leading, and controlling effectively and efficiently over the long run. B. Strategic planning deals with the planning function of management. 1. It is the process of making decisions and take action that are focused on long-term performance. It deals with the planning and organizing functions. a.
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0324302592_62399 - Chapter 4: Strategic Management and...

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