2eIM-LN-Chapter2 - 333 Section 6 Lecture Notes for Chapter...

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Unformatted text preview: 333 Section 6 Lecture Notes for Chapter 2 Chapter 2 Leadership and the Strategic Management Process Chapter Summary Chapter Two presents an overview of the managerial ins and outs of crafting and executing company strategies. Special attention is given to managements direction-setting responsibilities charting a strategic course, setting performance targets, and choosing a strategy capable of producing the desired outcomes. The chapter also examines which kinds of strategic decisions are made at what levels of management and the roles and responsibilities of the companys board of directors in the strategy-making, strategy-executing process. Lecture Outline I. Introduction 1. Crafting and executing a strategy are the heart and soul of managing a business enterprise. II. The Strategic Management Process 1. Crafting and executing a companys strategy is a fi ve-phase managerial process: a. Developing a strategic vision of where the company needs to head and what its future product- consumer-market-technology focus should be b. Setting objectives and using them as yardsticks for measuring the companys performance and progress c. Crafting a strategy to achieve the objectives and move the company along the strategic course that management has charted d. Implementing and executing the chosen strategy effi ciently and effectively e. Monitoring developments and initiating corrective adjustments in the companys long-term direction, objectives, strategy, or execution in light of the companys actual experience, changing conditions, new ideas, and new opportunities 2. Figure 2.1, The Strategic Management Process, displays this fi ve-stage process, and the need for management to evaluate the companys performance on an ongoing basis. 3. Table 2.1 , Factors Shaping Decisions in the Strategic Management Process , exhibits the external and internal considerations that come into play in the strategic management process. 4. The evaluation stage of the strategic management process shown in Figure 2.1 also allows for a change in the companys vision when it becomes evident to management that the industry has changed and rendered its vision obsolete. Such occasions can be referred to as strategic infl ection points . 333 Section 6 Instructors Manual for Essentials of Strategic Management 334 5. The fi rst three stages of the strategic management process make up a strategic plan. Core Concept A companys strategic plan lays out its future direction, performance targets, and strategy. III. Developing a Strategic Vision: Stage 1 of the Strategy Management Process 1. Top managements views about the companys direction and future product-customer-market- technology focus are shaped by its views of the external industry and competitive environment and the internal situation and constitute a strategic vision for the company....
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This note was uploaded on 10/28/2011 for the course BUSINESS 205 taught by Professor Lewis during the Spring '11 term at AIB College of Business.

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2eIM-LN-Chapter2 - 333 Section 6 Lecture Notes for Chapter...

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