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bus490_w6_ch5 - BUS 490 Week 6 Strategies in Action Slide...

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BUS 490 Week 6: Strategies in Action Slide # Topic Narration Slide 1 Intro Welcome to Business Policy. This lesson will focus on strategies in action. Please go to slide # 2 Slide 2 Objectives Upon completion of this lesson you will be able to: Discuss the value of establishing long-term objectives; Identify sixteen types of business strategies; Identify numerous examples of organizations pursuing different types of strategies; Explain Porter’s generic strategies; Describe strategic management in nonprofit, governmental, and small organizations; Compare and contrast financial with strategic objectives; Discuss the levels of strategies in large versus small firms; Explain the First Mover Advantages concept; and Summarize recent trends in outsourcing. Please go to slide # 3 Slide 3 Overview This lesson brings strategic management to life with many contemporary examples. We will look at several types of strategies, as well as guidelines for determining when it is most appropriate to pursue the different types of strategies. Please go to slide # 4 Slide 4 Long-Term Objectives Long-term objectives represent the results expected from pursuing certain strategies. The time frame for objectives and strategies should be consistent, usually from two to five years. Objectives should be quantitative, measurable, realistic, understandable, challenging, hierarchical, obtainable, and congruent among organizational units. Each objective should also be associated with a time line.
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Long-term objectives are needed at the corporate, divisional, and functional levels of an organization. Two types of objectives are especially common in organizations: financial and strategic. Strategy making is not just a task for top executives. In large firms, there are actually four levels of strategies: corporate, divisional, functional, and operational. In small firms, there are actually three levels of strategies: company, functional, and operational. It is important to note that all persons responsible for strategic planning at the various levels ideally participate and understand the strategies at the other organizational levels to help assure coordination, facilitation, and commitment. Please go to slide # 5 Slide 5 Types of Strategies Alternative strategies that an enterprise could pursue can be categorized into eleven actions: Forward integration, Backward integration, Horizontal integration, Market penetration, Market development, Product development, Related Diversification, Unrelated Diversification, Retrenchment, Divestiture, and Liquidation. Each alternative has countless variations. Many organizations pursue a combination of two or more strategies simultaneously. However, a combination strategy can be exceptionally risky if carried too far.
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