Knowledge & Skills • Communication • Accounting • Economics • HRM/OB • Marketing • Int’l Management • Computer skills • Finance • Statistics • Law • Systems Strategic Management
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Knowledge & Skills
• Communication
• Accounting
• Economics• HRM/OB
• Marketing
• Int’l Management
• Computer skills
• Finance
• Statistics• Law
• Systems
Strategic Management
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Strategic Management
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Strategic Management
• Adopts total enterprise perspective
• Positioning for the future
• Focus on performance• Integrates functional areas
• Leveraging resources & capabilities
• Develop skills using CASES….
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Strategy Process
• Setting Direction
• External Analysis
• Internal Analysis• Strategic Choice
• Improving Performance
• Trends & Issues in Strategic Mngt
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Skills Developed with Cases
• Analytical skills
• Decision Making skills
• Application skills• Communication skills
• Time Management skills
• Interpersonal skills
• Creative skills
8/2/2019 Strategy Oman 1 Intro
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Study Teams
• Used in class & for coursework
• 5 students in each team
• YOU choose your team THIS week• Look for compatible goals
• Need a range of skills & majors
• WE assign & finalise teams NEXTweek
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Assessment
• Strategy in Practice
• Test
• Exam
• Total
25%
25%
50%
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100%
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8/2/2019 Strategy Oman 1 Intro
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The I/O Model
• Assumptions – The external environment has a big
influence on strategies and their success
– Firms in any industry are similar
– Markets exist for resources used by firmsand allow those resources to be highly
mobile – Profit-maximization is the aim of firms
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I/O Model Process
1. Study the environment
2. Select an industry
3. Select the right strategy4. Acquire/develop appropriate
resources
5. Successfully implement thestrategy
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The Resource-Based Model
• Assumptions – The firm’s internal resources have a big
influence on strategies and their success
– Firms in any industry are different
– Markets for resources are sometimesimperfect leading to immobile resources
– Profit-maximization is the aim of firms
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Resource-Based Process
1. Study the firms resources
2. Determine the firms capabilities
3. Identify competitive advantage4. Locate and compete in an
attractive industry
5. Select the right strategy andsuccessfully implement
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Vision
• What the firm wants to be and whatit wants to achieve
– McDonald’s – to be the world’s best quick
service restaurant
– Ford (originally) – to make the automobile
accessible to every American
• Which do you think is better? Why?
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Mission
• Identifies the businesses a firm willcompete in and the customers it willserve
• Often includes values
– Walt Disney: To make people happy – Wal-Mart: To give ordinary folk the chance
to buy the same things as rich people