STRATEGIC_MANAGEMENT - Chapter 8 STRATEGIC MANAGEMENT...

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Chapter 8 STRATEGIC MANAGEMENT
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Objectives Distinguish between strategy and strategic management. Explain the importance of strategic management. List the six steps in the strategic management process. Explain SWOT analysis. Describe different types of organizational strategies:  corporate, business, and functional-level strategies. Explain competitive advantage and it’s importance to  organizations. Describe the five competitive forces. Identify the various competitive strategies.
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STRATEGIC MANAGEMENT Perception is strong and sight is weak.  In strategy it is important to see distant  things as if they were close and to take  a distanced view of close things Miyamoto Musashi (1584-1645)  Japanese warrior, strategist
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What is strategy? Strategy refers to the decisions and actions that  determine the long-run performance of an  organization Strategy is a broad program for defining and  achieving an organization’s objectives; the  organization’s response to its environment over  time.
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What is strategic management? Strategic management What managers do to develop the  organization’s strategies Strategic management is the process  of formulating and implementing  strategies.
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Strategic management (Cont…) Business Model Is a strategic design for how a company  intends to profit from its strategies, work  process, and work activities. Focuses on two things: Whether customers will value what the  company is providing. Whether the company can make any  money doing that.
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Why strategic management is  important? It results in higher organizational  performance. It requires that managers examine and  adapt to business environment changes. It coordinates diverse organizational units,  helping them focus on organizational  goals. It is very much involved in the managerial  decision-making process.
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SWOT Analysis SWOT analysis - is a strategic management tool  that matches internal organizational strengths  and weaknesses with external opportunities and  threats. Strengths include: market leadership, high- quality products, Cost advantage, strong  research and development, etc. Weaknesses include: large inventories,  excess capacity for market, management  turnover, weak market image, lack of  management depth, etc.
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SWOT Analysis (Cont…) Opportunities include: new overseas market,  falling trade barriers, competitors failing,  diversification, etc. Threats include: market saturation, threat of 
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This note was uploaded on 04/09/2008 for the course BUS 103 taught by Professor Obiaku during the Spring '08 term at Community College of Allegheny County.

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STRATEGIC_MANAGEMENT - Chapter 8 STRATEGIC MANAGEMENT...

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