Lecture_1_Strategy_and_Strategic_Management

Lecture_1_Strategy_and_Strategic_Management - BU35035...

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  1 BU35035  e-Business Models and  Strategies Boon Tan [email protected] Yi Wu [email protected]
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  2 Lecture 1 Strategies and Strategic Management
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  3 Learning Outcomes At the end of the session, students should be  able to: Define strategy and strategic management Appreciate the different levels of strategy Formulate successful business strategies  Understand the 4 basic concepts of strategies  Know how businesses can gain competitive  advantages
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  4 What is strategy ?
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  5 Strategy is about winning Winning at football Winning at chess Winning at business What do we do to win?
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    WHAT IS STRATEGIC  MANAGEMENT? Strategic management is concerned with the  organisation obtaining a sustainable long-term  excellent fit with its environment This is sometimes known as ‘the search for  strategic fit’ Strategic management is essentially about  obtaining long-term competitive advantage
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    MISSION, OBJECTIVES, STRATEGY,  TACTICS -  THE DIFFERENCES mission objectives strategy tactics Strategic choiceStrategic options Implementation
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  8 AOL MISSION ‘To  build a global medium as central to people’s  lives as the telephone or television and even  more valuable.’
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  9 SOME KEY TERMS Vision: Desired Future State of the Organisation TERM DEFINITION A PERSONAL EXAMPLE Mission Overriding premise in line Be healthy and look good with the values or expectations of stakeholders Goal General statement of aim or purpose Lose weight Objective Quantification (if possible) or more Lose 10 pounds by 1 September precise statement of the goal Strategies Broad categories or types of action Diet and exercise to achieve objectives Actions/tasks Individual steps to implement strategies Eliminate desserts/snacks/butter (perhaps related to operational issues Limit alcohol to 1 drink/day or identified individuals) Swim every day Control The monitoring of action steps to: Weigh first thing every morning: if reinforce objectives satisfactory progress, do nothing if not, Hopefully leading to: consider other strategies and actions assess effectiveness of strategies and actions modify strategies and/or actions as necessary Rewards A payoff for reaching the objective Buy a new suite
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    LEVELS OF STRATEGY Strategy exists at a number of levels. The  levels are not separate but interrelated - corporate level    corporate strategy - strategic business unit (SBU) level    competitive/business strategy - operational level    operational (functional) strategy
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      D I S T I N C T I O N B E T W E E N C O R P O R A T E A N D B U S I N E S S S T R A T E G I E S S B U 1 b u s i n e s s s t r a t e g y P r o d u c t s / m a r k e t s / s e c t o r s s u b - s t r a t e g i e s S B U 2 b u s i n e s s s t r a t e g y S B U 2 b u s i n e s s s t r a t e g y C O R P
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