Strategic Management Overview

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Strategic Management Overview

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Strategic Management Overview

KeyPoints to develop in your own time!

Introductory concepts in Strategic Planning @ OxfordCambridge.Org all for free and free for all.The information gathered here is under KeyPoints format and may be use:- Either to give the reader an overview before deciding for a full scale study of the subject.- Or to guide readers in expanding their knowledge on the given topic. Some recommendations, perhaps:- Identify all the KeyPoints on which you feel a need to expand your knowledge.- Choose a good book or two and/or info from Internet.- And then work towards gaining that knowledge.Please enjoy!





Aim of publicationTo give the reader a blueprint an opportunity to gain knowledge of the strategic planning process fundamentals.




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Strategic Management – Summary☺ A strategy is the pattern of approaches and

actions that managers take to achieve specific organizational goals.

☺ Core functions of management are to craft, implement, and execute strategy.

☺ Industry and competitive analysis is the assessment of all strategically important aspects of a company's macro-environment - the broader economic, technological, social, and political environment that exists outside an industry.

☺ Strategic options that can help in overcoming these challenges include developing unique product features, improving technology, developing strategic alliances, adopting new technology quickly, ensuring early industry participation, pursuing new consumer groups, and preparing for the entry of new competitors.

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Strategic Management – Summary☺ Strategy development is a market-driven

exercise, while strategy implementation is an operations-driven exercise.

☺ The same as chief strategy implementers, senior managers are responsible for communicating changes in strategy to employees, building a consensus for how to proceed, allocating resources, and establishing performance measurements and rewards.




After developing the KeyPoints outlined in this publication, you should mainly be able to:☺ Understand the strategic planning process fundamentals. ☺ Identify the core functions of management.☺ Depict the tasks of strategic management.☺ Define industry and competitive analysis.☺ Describe the factors used to profile an industry's dominant

characteristics.☺ Explain the five-forces model of competition.☺ Expound what makes an industry "attractive" or "unattractive".☺ Specify the most common potential driving forces.

Learning Objectives





☺ Define high-velocity markets and discuss their impact on strategy making.

☺ Differentiate between strategy development and strategy implementation.

☺ Outline the problems that may arise during the implementation of a new strategy.

☺ Illustrate the link between effective organizational design and profit increases.

☺ Explicate the key determinants of leadership style.☺ Explain the roles of senior and middle managers in strategy

implementation.

Learning Objectives





☺ (Section 1): Strategic Management - Planning.☺ (Section 2): Strategic Management - Analysis and Choice.☺ (Section 3): Strategic Management - Corporate

Implementation.

Strategic Management Overview- Sections list





(Section 1) Strategic Management Planning – Summary.☺ Strategic management is defined as the set

of decisions and actions that result in the formulation and implementation of plans designed to achieve a company's objectives.

☺ Strategic management is future oriented and long-term focused.

☺ The planning phase of strategic management includes defining company mission, performing internal analysis, and evaluating the external environment.




(Section 1) Strategic Management Planning – HighPoints.☺ Strategic Management Overview.☺ Defining a Company Mission.☺ Internal Analysis.☺ External Environment.




(Section 1) HighPoints: Strategic Management Overview.☺ recognize the behavioral benefits of the

strategic management in achieving the goals of an organization.

☺ identify the dimensions of strategic management activities.

☺ match the levels of strategic management with their characteristics.

☺ match the components of the strategic management planning with their descriptions.

☺ identify the implications of viewing strategic management as a process.




(Section 1) HighPoints: Defining a Company Mission.☺ recognize the significance of a well-defined

company mission.☺ select the components of a company

mission.☺ identify the steps strategic makers take to

achieve company responsibility for stakeholders.




(Section 1) HighPoints: Internal Analysis.☺ identify the importance of conducting

internal analysis.☺ identify the activities associated with

functional approach in SWOT analysis.☺ sequence the steps in conducting value

chain analysis.☺ select the comparison standard to use when

examining internal strengths and weaknesses.




(Section 1) HighPoints: External Environment.☺ identify the importance of a firm's concern

about the external environment in strategy formulation.

☺ match the remote environment factors.☺ select the forces in the industry

environment that shape strategy.☺ establish the issues to be considered in

industry analysis and competitive analysis.☺ identify the factors in the operating

environment.☺ sequence the steps in conducting

environmental forecasting.




(Section 2) Strategic ManagementAnalysis and Choice – Summary.☺ The implementation phase of strategic

management consists of two parts: analysis and choice, which are vital links in the process.

☺ When conducting analysis and making choices, one sets long-term objectives and selects generic and grand strategies that best fit the company’s mission and changing circumstances.

☺ One must grasp the basic ideas of long-term objectives, generic strategies and grand strategies.

☺ And learn how to analyze and choose strategies by using various techniques.

☺ By choosing the right strategy, an organization ought to be more effective at building sustainable competitive advantages as well as maximizing shareholder value.




(Section 2) Strategic Management Analysis and Choice – HighPoints.

☺ Long-term Objectives and Strategies.☺ Strategic Analysis and Choice.☺ Strategic Choice in Different Types of

Businesses.




(Section 2) HighPoints: Long-term Objectives and Strategies.☺ recognize the importance of long-term

objectives and grand strategies in the strategic management process.

☺ identify the qualities of good long-term objectives.

☺ fit three generic strategies with their features.

☺ check business activities with the corresponding traditional grand strategies.

☺ match business organizations with the corresponding new grand strategies.




(Section 2) HighPoints: Strategic Analysis and Choice.☺ recognize the importance of choosing

proper business strategies.☺ identify the factors that give an

organization a distinct competitive advantage.

☺ be able to match industry environments with the corresponding business strategy choices.

☺ select the behavioral factors that affect strategic choices.




(Section 2) HighPoints: Strategic Choice in Different Types of Businesses.

☺ learn the benefits of selecting appropriate strategic choices in different kinds of companies.

☺ select the grand strategies for companies in defined situations or conditions.

☺ identify the key points used to justify diversification and integration.




(Section 3) Strategic Management - Corporate Implementation – Summary.

☺ One ought to focus here on the corporate implementation phase of strategic management.

☺ There are three steps involved in corporate implementation.

☺ The first step is to develop action plans and functional tactics.

☺ Action plans guide strategic implementation by specifying an organization's given tasks for a particular period, while functional tactics are short-term activities that a firm undertakes to implement its strategies.

☺ The second step of corporate implementation is to integrate the strategies into the organization.

☺ The third and last step is made up of strategic control and continuous improvement.




(Section 3) Strategic Management - Corporate Implementation – Summary continues.

☺ Continuous improvement allows companies to respond to a rapidly changing business climate in time, and strategic control helps to: -track how strategies are implemented, -detect potential problems or changes, -make the necessary adjustments.

☺ Managers at all levels need to keep daily decisions and actions consistent with the long-term strategic process.




(Section 3) Strategic Management - Corporate Implementation – HighPoints

☺ Implementing Strategies Through Business Functions.

☺ Integrating Strategies into the Organization.☺ Strategic Control and Continuous

Improvement.




(Section 3) HighPoints: Implementing Strategies Through Business Functions.

☺ recognize the significance of implementing strategies through business functions.

☺ enumerate the benefits of action plans and short-term objectives.

☺ select the tactics that can be used in different functional areas.

☺ identify the purposes of policies empowering operational personnel.




(Section 3) HighPoints: Integrating Strategies into the Organization.

☺ recognize the benefits of institutionalizing strategy through reengineering company structure, leadership, culture and reward systems.

☺ be able to identify the types of primary organization structures based on their strategy-related pros and cons.

☺ identify the activities used to match the suitable structure to the strategy of a given company.

☺ distinguish which kind of leadership is required for different situations.

☺ select the techniques used to build an organizational culture and link it to the strategy in a given company.

☺ match guidelines for establishing reward systems with implementation examples.




(Section 3) HighPoints: Strategic Control and Continuous Improvement.

☺ learn the importance of establishing strategic control and evaluating strategic implementation.

☺ identify the functions of four types of strategic control.

☺ decide which types of operational control systems should be chosen in a defined situation.

☺ select the actions which fulfill the quality imperative.




Strategic Management – Conclusion.☺ At this point you should be able to be

familiar with the following:• have a bird’s view regarding knowledge

of the strategic planning process fundamentals.

• distinguish the dimensions of strategic management activities.

• select the components of a company mission.

• identify the importance of conducting internal analysis.

• discuss the steps in conducting environmental forecasting.

• describe the qualities of good long-term objectives.

• be able to select the behavioral factors that affect strategic choices.




Strategic Management – Conclusion.• understand the key points used to

justify diversification and integration.• tell about the significance of

implementing strategies through business functions.

• identify which kind of leadership is required for different situations.

• talk about the techniques used to build an organizational culture.

• recognize the functions of four types of strategic control.





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