Strategic Mgmt Unit 1

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Understanding strategy :-

the term strategy is derived from the greek word strategos which means

generalshipthe actual direction of military force as a distinct from the

policy governing its deployment . therefore the word strategy litteraly meansthe art of gernal .

definition of strategy

a plan or course of action or a set of decision rules forming a pattern or

creating a common thread

a pattern or common thread related to organisations activities which

are derived from its policies , objective and goals ,

related to persuing those activities which move an organisation from itscurrent position to desired future state .

concerning with the resources necessary for implementing a plan or

following a course of action and

connected with the strategic positioning of a firm , making trade offs

between its different activities and creating a fit among these activities .

LEVEL AT WHICH STRATEGY OPERATES

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STRATEGIC DECISION MAKING :-

Decision making is the process of selecting a course of action from among

many alternative . the process works somewhat like this :

objective to be achieved are determined

alternative ways of achieving the objective are identified

each alternative is evaluated in terms of its objective achieving ability,

and

the best alternative is choosen

ISSUES IN STRATEGIC DECISION MAKING :-

1. criteria for decision making :- different or has different objective so

they adopt diff. Criteria for decision making

2. rationality in decision making :-rationality means exercising a choice

from among various alternative course of action in such a way that it lead

to the achievement of the objective in the best possible manner.

3. Creativity in decision making :-the creative desion must be original and

different .

4. Variability in decision making :-two decision maker reach at totallydifferent conclusion and its depend upon the individual perception .

5. Person related factor in decision making :-there are host of person

related factor in decision making .some of these are age , education

intelligence , personnel values , risk taking ability

6. Individual versus group decision making :- owing to person related

factors, there are individual difference among decision makers these

difference matter in strategic decision making .

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PHASES IN STRATEGIC MANAGEMENT PROCSS :

ELEMENTS IN THE STRATEGIC MANAGEMENT PROCESS :-

1. ESTABLISHING THE HIERARCHY OF STRATEGIC INTENT :-

I. Creating and communicating vision

II. Designing a mission statement

III. Defining the business

IV. Setting objectives

2. FORMULATION OF STRATEGIES

I. PERFORMING ENV. APPRAISAL

II. Doing org. Appraisal

III. Considering corporate level strategies

IV. Considering business level strategies

V. Undertaking strategic analysis

VI. Exercising strategic choice

VII. Formulating strategies

VIII. Preparing a strategic plan

3. IMPLEMENTATION OF STRATEGIES :-

I. Activating strategies

II. Designing structure and system

III. Managing behavioural implementation

IV. Managing functional implementation

V. Operationalising strategies

4. PERFORMING STRATEGIC EVALUATION AND CONTROL

I. Performing strategic evaluation

II. Exercising strategic control

III. Reformulating strategies

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Working model of strategic management process :

STRATEGIST AND THEIR ROLE IN STRATEGIC MGMT:-

Role of board of director :- the ultimate legal authority of an organisation vests in the board of

director the owner of the organisation shareholders, controlling agencies, the govt.Financial

institution , the holding company and parent company elect and appoint the director on the board .

the board is responsible to them for the governance of the org. As directors the member of the

board are responsible for providing guidance and establishing the directive according to the policies

Statement

Formulation & Characteristics

Mission Statement

While the essence of vision is a forward-looking view of what an organisation wishes to

become, mission is what an organisation is and why it exists.

Mission is a statement, which defines the role that an organisation plays in a society. It

refers to the particular needs of that society, for instance, its information needs. A book

publisher and a magazine editor are both engaged in satisfying the information

needs of society but they do it through different means. A book publisher may aim atproducing excellent reading material while a magazine editor may strive to present news

analysis in a balanced and unbiased manner. Both have different objectives but an

identical mission.

A mission was earlier considered as the scope of the business activities a firm pursues.

The definition of mission has gradually expanded to represent a concept that embodies

the purpose behind the existence of an organisation. Thompson (1997) defines mission

as the "essential purpose of the organisation, concerning particularly why it is in

existence, the nature of the businesses it is in, and the customers it seeks to serve and

satisfy" Hunger and Wheelen (1999) say that mission is the "purpose or reason for the

organization's existence". Now there is not much difference of opinion about the

definition of mission. Yet, there are instances of organisations confusing mission withvision or objectives. In strategic management literature, mission occupies a definite

place as a part of strategic intent.

A mission statement, once formulated, should serve an

organisation for many years. But a mission may become unclear as the organisation

grows and adds new products, markets and technologies to it activities. Then the

mission has to be reconsidered and reexamined to either change or discard it, and

evolve a fresh statement of organisational mission.

Formulation of Mission Statement

Truly speaking, an organisation's mission statement lies in the basic philosophy of those

who create and manage the organisation as shown in figureMost organisations derive their mission statements from a particular set of tasks they

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are called upon to perform in the light of their individual, national or global priorities.

Several public sector organisations, set up in India during the 1950s and 60s owe their

existence to the vision of Jawaharlal Nehru, the first prime minister, who worked for the

national aim of building a strong basic infrastructural independence.

Role of Entrepreneur

Usually, entrepreneurs lay down the corporate philosophy which an organisation followsin its strategic and operational activities. Such a philosophy may not be consciously and

formally stated but may gradually evolve due to the entrepreneur's actions.

Generally an entrepreneur has a perception of the type of organisation that he, wants his

company to be. Mission statements could be formulated on the basis of e vision that an

entrepreneur decides on in the initial stages of an organisation's, growth.

Role of Strategists and Executives

Major strategists could also contribute to the development of a mission statement. They

do this informally by lending a hand in the creation of a particular corporate identity or

formally through discussions and the writing down of a mission statement.

Chief executives plan a major role in formulating a mission statement both formally and

informally. They may set up executive committees to formally discuss and decide on amission statement or enunciate a corporate philosophy to be followed for strategic

management. Consultants may also be called upon to make an in-depth analysis of the

organisation to suggest an appropriate mission statement.

Characteristics of a Mission Statement

A mission statement defines the basic reason for the existence of that organisation. Such

a statement reflects the corporate philosophy, identity, character,

and image of an organisation. It may be defined explicitly or could be deduced from the

management's actions, decisions, or the chief executive's press statements. When

explicitly defined it provides enlightenment to the insiders and outsiders on what theorganisation stands for. In order to be effective, a mission statement should possess the

following seven characteristics.

1. It should be feasible. A mission should always aim high but it should not be an

impossible statement. It should be realistic and achievableits followers must find it to be

credible. But feasibility depends on the resources available to work towards a mission.

2. It should be precise. A mission statement should not be so narrow as to restrict the

organisation's activities nor should it be too broad to make itself meaningless. For

instance, 'Manufacturing bicycles' is a narrow mission statement since it severely limits

the organisation's activities, while mobility business' is too broad a term as it does not

define the reasonable contour within which the organisation could operate.

3. It should be clear. A mission should be clear enough to lead to action. It should notbe a high sounding set of platitudes meant for publicity purposes. Many organisations do

adopt such statements but probably they do so for emphasizing their identity and

character. For example, Asian Paints stresses 'leadership through excellence', while India

Today sees itself as 'the complete news magazine'. The Administrative Staff College of

India considers itself as 'the college for practicing managers' and Bajaj Auto believes in

'Providing, value for money, for years'. To be useful, a mission statement should be clear

enough to lead to action.

4. It should be motivating. A mission statement should be motivating for members of

the organisation and of society, and they should feel it worthwhile working for such an

organisation or being its customers. A bank, which lays great emphasis on customer

service is likely to motivate its employees to serve its customers well and to attractclients. Customer service, therefore is an important purpose for a banking institution.

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5. It should be distinctive. A mission statement, which is indiscriminate, is likely to

have little impact. If all scooter manufacturers defined their mission in a similar

fashion,there would not be much of a difference among them. But if one defines it as

providing scooters that would provide 'value for money, for years',like Bajaj, it will

create an important distinction in the public mind.

6. It should indicate major components of strategy.A mission statement along with the organisational purpose should indicate the major

components of the strategy to be adopted.

The chief executive of Indal expressed his intentions by saying that his company "begins

its fifth decade of committed entrepreneurship with the promise of a highly diversified

company retaining aluminum as its mainline business, but with an active presence in the

chemical, electronics and industrial equipment business". This statement indicates that

the company is likely to follow a combination of stability, growth and diversification

strategies in the future.

7. It should indicate how objectives are to be

accomplished. Besides indicating the broad strategies to be adopted a mission

statement should also provide clues regarding the manner in which the objectives are tobe accomplished.

COMPONENTS OF AN EFFECTIVE MISSION STATEMENT

Mission statements can and do vary in length, content, format and specificity. Most

practitioners and academicians of strategic management consider an effectively written

mission statement to exhibit nine characteristics or mission statement components.

Since a mission statement is often the most visible and public part of the strategicmanagement process, it is important that it include most, if not all, of these essential

components. Components and corresponding questions that a mission statement should

answer are given here.

1. Customers: Who are the enterprise's customers?

2. Products or services: What are the firm's major products or services?

3. Markets: Where does the firm compete?

4. Technology: What is the firm's basic technology?

5. Concern for survival, growth, and profitability: What is the firm's commitment towards

economic objectives?6. Philosophy: What are the basic beliefs, core values, aspirations and philosophical

priorities of the firm?

7. Self-concept: What are the firm's major strengths and competitive advantages?

8. Concern for public image: What is the firm's public image?

9. Concern for employees: What is the firm's attitude/orientation towards employees?

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Definition:

A mission statement is a brief description of a company's fundamental purpose. It

answers the question, "Why do we exist?"

The mission statement articulates the company's purpose both for those in the

organization and for the public.

For instance, the mission statement of Canadian Tire reads (in part): Canadian Tire is a

growing network of interrelated businesses... Canadian Tire continuously strives to meet

the needs of its customers for total value by offering a unique package of location, price,

service and assortment.

The mission statement of Rivercorp, business development consultants in Campbell

River, B.C., is: To provide one stop progressive economic development services through

partnerships on behalf of shareholders and the community.

As you see from these two examples, mission statements are as varied as the companies

they describe. However, all mission statements will "broadly describe an organization's

present capabilities, customer focus, activities, and business makeup"

(Glossary, Strategic Management: Concepts and Cases by Fred David).

The difference between a mission statement and avision statementis that a mission

statement focuses on a companys present state while a vision statement focuses on acompanys future.

Every business should have a mission statement, both as a way of ensuring that

everyone in the organization is "on the same page" and to serve as a baseline for

effective business planning. SeeHow to Write a Mission Statementto learn how to write one of

your own.

Mission statements often include the following information:

aim(s) of the organization

The organization's primary stakeholders: clients/customers, shareholders, congregation,

etc.

How the organization provides value to these stakeholders, for example by offering

specific types of products and/or services

A declaration of an organization's sole core purpose. A mission statement answers the

question, "Why do we exist?"

According to Bart[2], the commercial mission statement consists of 3 essential components:

1. Key market who is your target client/customer? (generalize if needed)

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2. Contribution what product or service do you provide to that client?

3. Distinction what makes your product or service unique, so that the client would

choose you?

Examples of mission statements that clearly include the 3 essential components:

For example:

McDonalds - "To provide the fast food customer food prepared in the same high-quality

manner world-wide that is tasty, reasonably-priced & delivered consistently in a low-key

dcor and friendly atmosphere."[citation needed]

Key Market: The fast food customer world-wide

Contribution: tasty and reasonably-priced food prepared in a high-quality manner

Distinction: delivered consistently (world-wide) in a low-key dcor and friendly

atmosphere.

Courtyard by Marriott - "To provide economy and quality minded travelers with a

premier, moderate priced lodging facility which is consistently perceived as clean,

comfortable, well-maintained, and attractive, staffed by friendly, attentive and efficient

people"

Key Market: economy and quality minded travelers

Contribution: moderate priced lodging

Distinction: consistently perceived as clean, comfortable, well-maintained, and

attractive, staffed by friendly, attentive and efficient people

The mission statement can be used to resolve trade-offs between different

business stakeholders. Stakeholders include: managers & executives, non-management

employees, shareholders, board of directors, customers, suppliers, distributors,

creditors/bankers, governments (local, state, federal, etc.), labour unions,

competitors, NGOs, and the community or general public. By definition, stakeholders affect

or are affected by the organization's decisions

What's the difference between a tagline, slogan, and mission

statement?A mission statement is a short written statement (paragraph) that describes the purpose of

the company. Although it needs to be crafted with a marketing mind set, it is rarely intended

for the general public. A good mission statement will succinctly rally the troops and make

clear an organization's purpose and ultimate goal.

A tagline and slogan can often be the same. A tagline is a formal line of "copy" often used

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in advertising and frequently placed below the logo. Taglines should evoke emotion

or compel an action, whenever possible, and go beyond mere description.

A slogan is less formal than a tagline and can be a frequently used line or a motto to

describe the company or its mindset.

"We create happiness by providing the finest in entertainment for people of allages, everywhere."

Mission Statement ExamplesSome most highly effective Mission Statement Examples include thefollowing - can you guess which companies these Mission Statement

Examples came from?

Example 1

"To experience the joy of advancing and applying technology for thebenefit of the public"

Example 2

"To build a place where people can come to find and discover

anything they might want to buy online."

Example 3

"To produce high-quality, low cost, easy to use products thatincorporate high technology for the individual. We are proving thathigh technology does not have to be intimidating for non-computer

experts."

"We create happiness by providing the finest in entertainment for people of allages, everywhere."

Mission Statement ExamplesSome most highly effective Mission Statement Examples include thefollowing - can you guess which companies these Mission StatementExamples came from?

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Example 1

"To experience the joy of advancing and applying technology for thebenefit of the public"

Example 2

"To build a place where people can come to find and discoveranything they might want to buy online."

Example 3

"To produce high-quality, low cost, easy to use products thatincorporate high technology for the individual. We are proving thathigh technology does not have to be intimidating for non-computer

experts."

Goal vs Objective

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The words Goal and Objective are often confused with each other. They both describe things that a

person may want to achieve or attain but in relative terms may mean different things. Both are desired

outcomes of work done by a person but what sets them apart is the time frame, attributes they're set

for and the effect they inflict.

Comparison chart

Improve this chart Goal Objective

Meaning: The purpose toward which an

endeavor (effort ) is directed.

Something that one's efforts or actions

are intended to attain or accomplish;

purpose; target.

Example: I want to achieve success in the field

of genetic research and do what no onehas ever done.

I want to complete this thesis on

genetic research by the end of thismonth.

Measure: Goals may not be strictly measurable

or tangible.

Must be measurable and tangible.

Time frame: Longer term Mid to short term

Difference Between Vision and Goals:

Generally people get confused between goals and vision but both are verydifferent. Here are some important differences

1. In order to achieve your vision you have to set goals. It means vision is theinspiration that inspires you to set your goals. For example if your vision is tochange the world than you have to set the goals to achieve your vision.If you have not set your goals yet than please read the simplest processof goalsetting. And if you have not set your vision or you are confused about setting yourvision than answer this question why do you want to achieve your goals? The

answer of this question will let you know your vision.

2. Goals are specific but vision is foresight and vision is a big picture that howyou or your organization will look like.

3 Goals are measurable but it is very difficult to measure vision because vision isrelated with dreams and long term view. It means your goals can be short termand long term goals but vision only focuses on long term view.

4. Goals have specific deadline but vision does not have any specific deadline.

5. Usually goals are achievable or should be achievable. But vision should becomplex. Here is a great quote about vision

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If you can reach your vision with your current resources, you need a biggervision! Dan Rockwell

6. Goals are realistic and should be realistic but vision should be futuristic.

7. Goals are mostly tangible and tangible goals can be traced but vison isintangible and you can not trace the intangible vision.

mpact of Internet and E-

Commerce

The impact of

e-commerceon business activity

Selling through websites is the fastest growing method of trading worldwide. There are two main forms of e-commerce:

o Business to business (B2B) trading where companies trade and exchange information using the World Wide Web.

o Business to consumer (B2C) trading where companies deal directly with customers through web pages, and ordering is carried out online.

There are many different types of products and services that are traded on line including books, CDs, cars, holidays, and insurance.In response to e-tailing and e-trading, most businesses have now set up their own websites.

Trading online

Trading online enables businesses to reach much wider audiences while cutting the costs of traditional retailing methods. For example, an e-tailer does not have to spend so

much on an expensive High Street presence.

Until recently The Times 100 was a paper based resource that was used by every school in the United Kingdom. Now the resource appears in two formats - in a

photocopiable folder of materials, and online. The online presence has opened up viewing of The Times 100 to a globa lmarket and a large number of hits are recorded from

students in almost every country in the world. Existing users are able to benefit from the convenience of quickly accessing case studies online and a range of additional online

features have been added such as a theory section, and a range of tests and questions for students.

Although the outlay on developing a good website is substantial the potential benefits are enormous in providing most types of business with a competitive advantage. One

group of businesses that have been particularly successful as a result of the development of the web are specialist suppliers of items such as paintings, photographs,

confectionery, and other items. An individual working from home can now advertise and sell their produce worldwide.

A web page is a single document. A website is a collection of related documents. The World Wide Web consists of graphic and text documents that can be connected

together through clickable 'hypertext' links.

Source / Further Readings: http://www.thetimes100.co.uk/theory/theory--the-impact-e-commerce-on-business-activity--171.php

Impact of Internet and E-Commerce on Strategy

There is a positive relationship between e-commerce and firm strategy. Companies that

incorporate e-commerce with strategy will implement firm strategy effectively.

Matching e-commerce with internal and external situation

The choice of e-commerce model is one of many strategic decisions that organisations make when

conducting business activities in the e-commerce environment. Current literature on both strategic decision

making and the development of e-commerce models does not adequately address. In developing the framework,

organisations need to have a good understanding on the types of models available for adoption. While there is

no single unique classification system for the types of e -commerce models available. For example, B2B

e-commerce models are generally classified into four generic categories: merchant models; manufacturer

models; the buy-side model; and brokerage models. Each of these models has different functional characteristics

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resulting in different models being more applicable or suitable to particular industries, markets or situations. In

addition, the focus of these models varies from buyer centric (such as the buy-side model) to supplier centric

(such as the manufacturer model) with some being neutral (such as the mega-exchange model). Based on these

four categories, a recent study has identified 10 specific e-commerce models as being used for conducting B2B

e-commerce in the agribusiness(marketing of agriculture product ) industry. In addition to the complexity of the models, many factors are known to

influence the strategic decision making process of organisations, which are also likely to impact on the choice of

e-commerce models. The choice of e-commerce model is a strategic decision as the model chosen will form the

framework for the organisation to pursue its business activities in the e -commerce environment and will also

affect an organisations overall strategic direction.

E-commerce is generally less complex than any IT solution, so a firm must start with normal IT initiatives

before creating e-commerce tasks (John A. Rodgers, David C. Yen and David C. Chou, 2002). E-commerce

inludes two basic types, business to consumer (B2C) and business to business (B2B), that are two separate

concepts. The former refers primarily to the buying and selling activities over the Internet, including such

transactions as placing orders, making payments, and tracking delivery of orders on the Internet. So, the focus of

B2C is typically on the customer side as well. All other stakeholders of the organization, including employees

and suppliers, are generally not the main concern for B2C. It relies on client-to-server or port-to-port data flow

(Moltzen, E, 2000). B2B generally refers to the use of the web and Internet-related technology to connect the

extended organization, including such entities as suppliers, employees, and regulatory authorities.

In general, expectations of B2B are high and in most cases justified. However, B2B is not just an

application program and thus not a plug and play solution. B2B is a contingency approach, meaning that there is

no one best way for the B2B transformation. Each case needs separate evaluation. It takes a conscious, thorough

and extensive internal and external analysis of the organization, clear and appropriate goals, a deliberate

strategic concept and change management at its best, to turn an organization into an successful e-company and

hence to be able to leverage the opportunities of e-commerce in an optimal way. Therefore, we propose that

e-commerce matched with internal and external situation would be a great benefit to the implementation of

strategy.

Matching e-commerce with internal and external situation of firm will bring positive impact on implementation of firm strategy.

Optimizing value chain by e-commerce

The process of forming a corporation strategy is to respond to the challenges of environmental change.

Normative thinking requires that a firm should analyze its industry forces and value-chain activities in order to

identify opportunities for business innovation. Furthermore, it should examine assets, resources, and

competency of the staff and identify those mechanisms that confer a distinctive advantage over their rivals.

Choice of appropriate strategy could then lead to superior performance. With the help of e-comerce, firms

implementing such initiatives should carefully analyze external forces, internal resources and their core

competencies.

From the IS perspective, the value chain model highlights interdependence activities in businesses where

competitive strategies can be best applied and where IS are most likely to have strategic impact. As information

technologies developed, novel ways of business process redesign emerged. Most organizations today use

Internet technology to redesign their processes in ways that provide new competitive advantage. For example,

through the infrastructure of existing B2B exchanges in the e-marketplaces, many organizations will eventually

be able to integrate activities of their value chain encompassing suppliers, customers, and distribution channels

within an industry or across industries. B2B is not limited to the externalities of a firm. A company that wants to

leverage the promising opportunities of B2B has to focus not only on its external relationships with channel

partners along the value system. It also needs to adopt its value chain internally, to an appropriate extend. B2B,

in a broad sense, offers solutions to both, the external as well as the internal challenge. Moreover, it gives an

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organization the possibility to redefine itself, its strategic position within its industry and its relations with its

business and non-business environment. This leads to Proposition 3:

Proposition 3. Optimizing value chains by e-commerce will bring positive impact on implementation of

firm strategy. Companies that optimize their value chains by e-commerce will achieve their stategic objectives

easily.

CONCLUSION

The use of e-commerce has played a major role in many strategic initiatives. But, organizations still are

unsure how e-commerce system would be developed to support firm strategy. This study sought to investigate

how e-commerce impact firm strategy and examine the fit between e-commerce development method and

corporation strategy. We tested for the effect of three types of e-commerce development methods on strategy

and found significant effects of e-commerce on strategy implementation. The findings from our study suggest

that while firms face many challenges in crafting strategies, it is critical to think of the role of e -commerce. The

greater the impact of e-commerce on f irm strategy, the more significant is application of e-commerce.

SMART

Characteristics of Good Objectives

byPhil Bartle, PhD

Workshop Handout

An objective is more specific than a goal; in what ways? A Good Objective is SMART

In preparing a project design, and when writing a proposal (forapproval or for requesting funds), the goals of the project are

stated. The goal is easily defined as the solution to the problem that

has been identified. The problem with such a "goal" is that it is too

general; it is not easy to obtain consensus as to when it has been

reached.

That is why, when preparing project documents, a distinction is made

between a "goal" and an "objective." An objective is derived from agoal, has the same intention as a goal, but it is more specific,

quantifiable and verifiable than the goal.

Let us say that the problem identified by community members is

"Lack of clean drinking water." The solution to that problem, the goal,

then is "To bring clean drinking water to the community." You can

demonstrate to the group the vagueness of this goal by going out of

the room and returning with a single glass of water, showing it to

them. "OK, here is some water. I have brought it to the community.

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Now, is the project complete? Have we achieved the goal?"

Of course they might laugh or say that it was obvious that they did

not mean only a glass of water when they said, "To bring clean

drinking water to the community." Your reply is then that the project

design or proposal must be very specific about each objective, so

that there can be no room for different interpretations.

Remember, every objective must start with the word , "To." An easy

way to remember the characteristics of a good objective, is the

acronym, "SMART." It stands for "Specific, Measurable, Achievable,

Realistic and Time-Bound."

S pecific

M easurable

A chievable

R ealistic

Time-Bound

When identifying objectives as part of an exercise in preparing a

project design or proposal, use the SMART acronym as a check list,

to see if the objective is a good objective. (Making sure each

objective begins with the word, "To.") The objectives must be

derived from, and consistent with, the intention of the identified

goals.

The objectives of a project should be "SMART." They should be:

S pecific: clear about what, where, when, and how the situation

will be changed;

M easurable: able to quantify the targets and benefits;

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A chievable: able to attain the objectives

(knowing the resources and capacities at the disposal

of the community);

R ealistic: able to obtain the level of change reflected in the

objective; and

Time bound: stating the time period in which they will each be

accomplished.