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21download_doc-1.php - 1 Strategy J370 Exam#1 Book Review...

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Strategy J370 Exam #1 Book Review Strategic Management Process Strategy is a pattern in a stream of decisions or actions Intended strategies are planned Emergent strategies are unplanned, and may often be more successful and more appropriate than intended strategies. Successful strategies that emerge within an organization without prior planning are often the response to unforeseen circumstances. I. Model of the Strategic Management Process: each cycle of strategic management begins with a statement of the organization’s corporate goals; external analysis; internal analysis; and strategic choice. The strategy making ends with the design of the organizational structure and control system needed to implement the organization’s chosen strategy. A. Mission and Major Goals: provides a context within which intended strategies are formulated and a criteria against which emergent strategies are evaluated 1. Missions : why the organization exists and what it should be doing 2. Major Goals : what the organization hope to fulfill in the long-term i. Secondary goals : objectives that are necessary for a company to achieve in order to maximize stockholder wealth. B. External Analysis : identifies strategic opportunities and threats in the operational environment. They should examine the following 1. Industry environment : assessment of the competitive structure of the organization’s industry i. Competitive position ii. Major rivals iii. Stage of industry development 2. National environment: assessment of whether or not the national context facilitates the attainment of a competitive advantage in the global marketplace 3. Macroenvironment: examining macroeconomic, social, government, legal, and technological factors that affect an organization C. Internal Analysis: finds an organization’s strengths and weaknesses , by identifying the quantity and quality of resources available 1. Building and maintaining a successful competitive advantage requires superior efficiency, quality, innovation, and customer responsiveness. D. Strategic Choice: generating a series of strategic alternatives based on a company’s internal strengths and weaknesses and its external opportunities and threats (SWOT analysis). Should build on strengths to exploit opportunities and counter threats and correct weaknesses. 1. Functional-Level Strategy: aims at improving the effectiveness of functional operations within a company, like manufacturing, marketing, human resources, and materials management 2. Business-Level Strategy: encompasses the overall competitive theme that a company chooses to stress, the way it positions itself in order to gain a 1
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competitive advantage, and the different positioning strategies that can be used in different industry settings 3. Global Strategies: there are various global strategies that a company can pursue in order to achieve a competitive advantage and maximize performance in today’s global markets 4. Corporate-Level Strategy: What business should we be in to maximize long- run profitability of the organization?
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