UNIT -1 INTRODUCTION OF STRATEGY AND STRATEGIC …

UNIT -1

INTRODUCTION OF

STRATEGY AND STRATEGIC

MANAGEMENT

1

Evolution of Strategy

Informally it was firstly introduced by Guru

Dronacharya in Mahabharata.

Formally Ansoff introduced it in 1965.

In India Corporate Planning term was used

by BHEL in 1974 then by Indian Telephone

Industry in around 1980.

After Liberalization in 1991 Corporate

Planning term was replaced by Strategic

Management.1-2

Meaning of Strategy

The word “strategy” is derived from the

Greek word “strategos”; stratus

(meaning army) and “ago” (meaning

leading/moving).

Strategy is an action that managers take

to attain one or more of the organization’s

goals.

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Definition Of Strategy

Strategy can be defined as “A general

direction set for the company and its

various components to achieve a desired

state in the future. Strategy results from

the detailed strategic planning process”.

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Definition Of Strategy

“The determination of the long-run goalsand objectives of an enterprise and theadoption of courses of action and theallocation of resources necessary forcarrying out these goals.’’

- Alfred Chandler

“Strategy is about being different. Itmeans deliberately choosing a different setof activities to deliver a unique mix ofvalue”

- Michael Porter 1-5

Nature and Scope of Strategy

Strategy is a major course of action through which an

organization relates itself to its environment particularly the

external factors to facilitate all actions involved in meeting

the objectives of the organization.

Strategy is the blend of internal and external factors. To

meet the opportunities and threats provided by the external

factors, internal factors are matched with them.

Strategy is the combination of actions aimed to meet a

particular condition, to solve certain problems or to achieve

a desirable end. The actions are different for different

situations.

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Due to its dependence on environmental

variables, strategy may involve a contradictory

action. For example, a firm is engaged in closing

down of some of its business and at the same

time expanding some.

Strategy is future oriented. Strategic actions are

required for new situations which have not arisen

before in the past.

Strategy requires some systems and norms for its

efficient adoption in any organization.

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Nature and Scope of Strategy

Importance of Strategy

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Strategy:

the Link between the Firm and its Environment

THE FIRMGoals & Values

Resources &

Capabilities

Structure & Systems

THE

INDUSTRY

ENVIRONMENTCompetitors

Customers

Suppliers

STRATEGYSTRATEGY

Strategic Management

Strategic management

the art and science of formulating,

implementing, and evaluating cross-

functional decisions that enable an

organization to achieve its objectives

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Defining Strategic Management

Strategic management is that set of managerial

decisions and action that determines the long run

performance of a corporation. It includes

environmental scanning, strategy formulation,

strategy implementation, evaluation and control.

The study of strategic management therefore

emphasizes monitoring and evaluating

environmental opportunities and threats in light of

a corporation’s strength and weakness (Wheelen

& Hunger, 1995).

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Defining Strategic Management

A strategic plan is a company’s game

plan.

A strategic plan results from tough

managerial choices among numerous

good alternatives, and it signals

commitment to specific markets, policies,

procedures, and operations.

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Importance of Strategic

Management

Strategic management is a combination of both strategies

and management activities in an organization. Strategies

are more important concepts to an organization, which

involves a choice of particular action or activities. An

active manager develops strategies to give order to how

an organization goes to achieve target objectives about

business. With out a strategy, there is no roadmap to

manage, coherent action plan for producing the intended

results etc. The ultimate purposes of strategic

management are to help organizations increase

performance through improved effectiveness, efficiency

and flexibility.

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Strategic Management Model

(Wheelen & Hunger 1995)

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Environmental Scanning

The total environment faced by an

organization can be divided into three

levels.

The Internal environment

The Task environment

The Macro environment

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Internal Environment

The internal environment consists of variables that

are within the organization itself but not usually

within the short run control of top management.

Firm should attempt to determine their strengths

and weakness by carefully analyzing these internal

factors. Steps can then be taken to reduce any

weakness and deploy available strengths to the

best possible advantage. Key internal factors

include the functional areas of human resources,

research and development, production, finance and

accounting, marketing and the overall organization

culture. 1-17

The Macro Environment

The macro environment shape opportunities and pose

threats to the company. The macro forces are generally

more uncontrollable than the task factors. The factors

of macro environment are economic, political and

government, socio cultural, natural, physical and

technological and international. As the task and macro

environmental factors are beyond the control of a firm,

the industry’s success will depend to a very large

extent on its adaptability to the environment i.e. its

ability to properly design and adjust the internal

variables to take advantage of the opportunities and to

combat the threats in the environment (F.Cherunilam,

1998). 1-18

Task Environment

The task environment includes those

elements or groups that directly affect and

are affected by an organization’s major

operations. It is an external factor to the firm

that determines the nature and strength of

industry competitors, buyers, supplies,

potential entrants an substitutes.

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SWOT Analysis Matrix (A Tool for

Environmental Analysis)

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Strategy Formulation

Includes developing a vision, mission, and

values, establishing long-term objectives,

generating alternative strategies, choosing

particular strategies to achieve mission and

objectives and framing broad guidelines for

decision making (Policies).

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Stages of Strategic Management

Strategy formulation

includes developing a vision and mission,

identifying an organization’s external

opportunities and threats, determining

internal strengths and weaknesses,

establishing long-term objectives, generating

alternative strategies, and choosing particular

strategies to pursue.

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Vision

A clear vision helps in developing a mission

statement, which in turn facilitates setting of

objectives of the firm after analysing external and

internal environment. Though vision, mission and

objectives together reflect the “strategic intent”

of the firm.

Vision can be defined as “a mental image of

possible and desirable future state of an

organization” (Bennis and Nanus). It is

descriptive image of what a company wants to be

in future.1-25

Examples of Vision Statement

BBC: “To be the most creative organization

in the world”

Disney: “To make people happy.”

Google: “To provide access to the world’s

information in one click”

Amazon: “Our vision is to be earth’s most

customer-centric company, where customers

can find and discover anything they might

want to buy online.”1-26

Mission

A mission statement is used by a company to explain, in

simple and concise terms, its purpose(s) for being. It is

usually one sentence or a short paragraph, explaining a

company's culture, values, and ethics.

Mission statements serve several purposes, including

motivating employees and reassuring investors of the

company's future.

Mission statements serve a dual purpose by helping

employees remain focused on the tasks at hand, and

encouraging them to find innovative ways of moving

toward increasing their productivity with the eye to

achieving company goals.

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“To connect the world’s professionals to make them

more productive and successful.”

“To make it easy to do business anywhere.”

“To give people the power to share and make the

world more open and connected.”

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Examples of Mission Statement

Establishing long term Objectives

Objectives

specific results that an organization seeks to

achieve in pursuing its basic mission.

long-term means more than one year.

should be challenging, measurable,

consistent, reasonable, and clear.

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Policies

Policy is an overall guide that governs

and controls the managerial action.

Strategic decisions are the decisions that

are concerned with whole environment in

which the firm operates the entire resources

and the people who form the company and

the interface between the two.

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Selection of Best Strategy

Strategies

the means by which long-term

objectives will be achieved

may include geographic expansion,

diversification, acquisition, product

development, market penetration,

retrenchment, divestiture, liquidation,

and joint ventures

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Strategy implementation is the process of

turning plans into action to reach a desired

outcome. Essentially, it’s the art of getting

stuff done. The success of every

organization rests on its capacity to

implement decisions and execute key

processes efficiently, effectively, and

consistently. But how do you ensure that

implementing a strategy will be successful?

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Strategy implementation

7 KEY STEPS IN THE IMPLEMENTATION

PROCESS

If you're a manager who wants to implement

strategic change within your organization,

follow these seven steps to introduce and

roll out a new strategy successfully.

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1. Set Clear Goals and Define Key Variables

The first step of the process is straightforward: You must

identify the goals that the new strategy should achieve.

Without a clear picture of what you’re trying to attain, it

can be difficult to establish a plan for getting there.

One common mistake when goal setting—whether

related to personal growth, professional development, or

business—is setting objectives that are impossible to

reach. Remember: Goals should be attainable. Setting

goals that aren’t realistic can lead you and your team to

feel overwhelmed, uninspired, deflated, and potentially

burnt out.

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2. Determine Roles, Responsibilities, and

Relationships

Once you’ve determined the goals you’re working toward

and the variables that might get in your way, you should

build a roadmap for achieving those goals, set

expectations among your team, and clearly communicate

your implementation plan, so there’s no confusion.

Implementing strategic plans requires strong

relationships and, as a manager, you’ll be in charge of

telling people not only how to interact with each other

and how often, but also who the decision-makers are,

who’s accountable for what, and what to do when an

unforeseen issue arises.

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3. Delegate the Work

Once you know what needs to be done to ensure success,

determine who needs to do what and when. Refer to your

original timeline and goal list, and delegate tasks to the

appropriate team members.

You should explain the big picture to your team so they

understand the company's vision and make sure everyone

knows their specific responsibilities. Also, set deadlines to

avoid overwhelming individuals. Remember that your job

as a manager is to achieve goals and keep your team on-

task, so try to avoid the urge to micromanage.

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4. Execute the Plan, Monitor Progress and

Performance, and Provide Continued Support

One of the most difficult skills to learn as a manager is

how to guide and support employees effectively. While

your focus will likely be on delegation much of the time,

it’s important to make yourself available to answer

questions your employees might have, or address

challenges and roadblocks they may be experiencing.

Check in with your team regularly about their progress

and listen to their feedback.

One effective strategy for monitoring progress is to use

daily, weekly, and monthly status reports and check-ins to

provide updates, re-establish due dates and milestones,

and ensure all teams are aligned.

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5. Adjust or Revise, as Necessary

Implementation is an iterative process, so the

work doesn’t stop as soon as you think you’ve

reached your goal. Processes can change mid-

course, and unforeseen issues or challenges can

arise. Sometimes, your original goals will need to

shift as the nature of the project itself changes.

It’s more important to be attentive, flexible, and

willing to change or readjust plans as you oversee

implementation than it is to blindly adhere to your

original goals.

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6. Get Closure on the Project, and Agreement

on the Output

Everyone in the team should agree on what the

final product should look like based on the goals

set at the beginning. When you’ve successfully

implemented your strategy, check in with each

team member and department to make sure they

have everything they need to finish the job and

feel like their work is complete.

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7. Conduct a Retrospective or Review of How

the Process Went

Once your strategy has been fully implemented, look back on the

process and evaluate how things went. Ask yourself questions

like:

Did we achieve our goals?

If not, why? What steps are required to get us to those goals?

What roadblocks or challenges emerged over the course of the

project that could have been anticipated? How can we avoid

these challenges in the future?

In general, what lessons can we learn from the process?

While failure is never the goal, an unsuccessful or flawed strategy

implementation can prove a valuable learning experience for an

organization, so long as time is taken to understand what went

wrong and why.1-40

Strategy evaluation

reviewing external and internal factors that

are the bases for current strategies,

measuring performance, and taking

corrective actions.

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Stages of Strategic Management

Strategy formulation, implementation, and

evaluation activities occur at three

hierarchical levels in a large organization:

corporate, divisional or strategic business

unit, and functional.

Strategic management helps a firm

function as a competitive team.

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Integrating Intuition and Analysis

Most organizations can benefit from

strategic management, which is based

upon integrating intuition and analysis in

decision making

Intuition is particularly useful for making

decisions in situations of great uncertainty

or little precedent

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Adapting to Change

The second-largest bookstore chain in the

United States, Borders Group, declared

bankruptcy in 2011 as the firm had not adapted

well to changes in book retailing from traditional

bookstore shopping to customers buying

online, preferring digital books to hard copies.

Borders was on the brink of financial collapse

before being acquired in July 2011 by Direct

Brands.

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Key Terms in Strategic Management

Competitive

advantage

anything that a

firm does

especially well

compared to rival

firms

Strategists

the individuals

who are most

responsible for the

success or failure

of an organization

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A Comprehensive Strategic-

Management Model

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Benefits of Strategic Management

Historically, the principal benefit of

strategic management has been to help

organizations formulate better strategies

through the use of a more systematic,

logical, and rational approach to strategic

choice

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Benefits of Strategic Management

Communication is a key to successful

strategic management.

Through dialogue and participation,

managers and employees become

committed to supporting the organization.

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Benefits to a Firm That Does

Strategic Planning

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Financial Benefits

Businesses using strategic-management

concepts show significant improvement in

sales, profitability, and productivity

compared to firms without systematic

planning activities

High-performing firms seem to make more

informed decisions with good anticipation of

both short- and long-term consequences

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Nonfinancial Benefits

It allows for identification, prioritization,

and exploitation of opportunities.

It provides an objective view of

management problems.

It represents a framework for improved

coordination and control of activities.

It minimizes the effects of adverse

conditions and changes.

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Nonfinancial Benefits

It allows major decisions to better support

established objectives.

It allows more effective allocation of time

and resources to identified opportunities.

It allows fewer resources and less time to be

devoted to correcting erroneous or ad hoc

decisions.

It creates a framework for internal

communication among personnel.

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Strategic Management Process

The authors get following six stages/

functions of strategic management process.

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CORPORATE GOVERNANCE

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Corporate Governance

Corporate governance relates to laws, procedures, practices

and implicit rules that determine company’s ability to take

improved managerial decisions from social point of view.

It is basically a system of making directors accountable to

shareholders for effective management of the company

along with concern for ethics and values. It is a process or

a set of systems and processes to ensure that a company is

managed to suit the best interests of all.

The systems include structural & organizational / matters. The

Stockholders may be internal stake holders (promoters,

members, employees and executives) and external stake

holders (promoters, members, customers, lenders, vendors,

bankers, community, government and regulators). 1-55

Objectives of Corporate

Governance

To enhance the long term value of the company for its

shareholders and all other parties directly a indirectly associated

with it.

To provide norms for the relationships between company

management, its board, shareholders, owners, employees,

suppliers, customers and the public.

To promote the goodwill and reputation for the company and the

esteem of its management.

To attract, employ & retain talented and motivated employees by

encouraging participative Style of Management.

To create and adopt code of conduct whole hearted commitment

and improve the moral and ethical standards to performance of

the utmost level.1-56

To have a right balance knowledge and competence, to set

strategies and lead the organisation.

To use the available resources in most economic, efficient &

productive manner for the benefit of shareholders an well as

for the society at large.

To set the high standards of business ethnics based on

humanity, honesty & hard work.

To improve the standard of living of the society.

To generate accurate & reliable information.

To make decision making process transparent.

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Objectives of Corporate

Governance

Principles of Corporate

Governance

Commonly accepted principles of corporate governance can be explained

as follows.

a. Acknowledging rights of the shareholders and ensuring equitable

treatment to them. Organizations should respect the rights shareholders

and help shareholders to exercise those rights by ensuring effective

communication of information and encouraging them to participate in

general meetings, Organizations should also accept that they have legal

and other obligations to all legitimate stakeholders.

b. Role and responsibilities of the board:

The board needs certain skills and attitudes to deal with various business

issues and the ability to review and challenge management performance. It

needs to be of sufficient size and have a commitment to fulfill its

responsibilities and duties. The issues regarding the appropriate mix of

executive and non executive directors should the tackled properly. The key

roles of chairperson and CEO should not be held by the same person.1-58

c. Integrity and Ethical Behaviour.

Ethical and responsible decision making is required for improving

public relations, managing risks of business and avoiding disputes. It

can be achieved by developing a code of conduct for the directors

and executives. In order to ensure ethical standards by individuals,

many organizations establish compliance and ethics programs.

d. Disclosure and Transparency –

Organisations should publicise the roles and responsibilities of

board and management so that they become accountable to

shareholder. They should also lay down procedures for verifying the

integrity of the company’s financial reporting. All investors should

have access to clear and factual information.

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Principles of Corporate

Governance

e. Accountability –

The Board of Directors should be accountable to the shareholders and

management to the Board of Directors. Both the Board and the management

must be accountable to the shareholders for the performance of tasks

assigned to them. It is necessary to ensure that there is an effective

management of resources and achievement of results with efficiency

coupled with empowerment.

f. Trusteeship:

Organisation should have both social & economic purpose. The Board must

ensure that the company fulfill its obligations & responsibilities to all its stake

holders.

g. Empowerment –

The management should be empowered to adopt dynamic & progressive

approach. Empowerment i.e. delegating decision making powers at the most

appropriate levels in the organizational hierarchy generates creativity and

innovation throughout the organization.1-60

Principles of Corporate

Governance

h. Ethics –

An organization must set specific standards of ethical behaviour

both within the organization & in its external relationships.

i. Oversight –

It means the existence of a system of checks & balances. It should

prevent misuse of power & facilitate timely management response

to change & risks.

j. Fairness to all Stakeholders –

It involves a fair and equitable treatment of all participants in the

corporate governance structure. There should be no discrimination

between any groups of stakeholders.

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Principles of Corporate

Governance

Corporate Governance Practices in

India:

In India, there are six mechanisms to ensure corporate governance.

a. The Company’s Act –

Companies in India are regulated by the Indian Companies Act.,

1956, as amended from time to time. To ensure corporate

governance, the Act confers legal rights to shareholders as under.

1) To vote on every resolution placed in an Annual General Meeting.

2) To elect directors who are responsible for specifying objectives

and laying down policies.

3) To determine remuneration of directors and the CEO.

4) Removal of directors and.

5) Take active part in the annual general meetings.

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b. Securities Law:

The primary securities law in our country is the SEBI Act. Since its setting up

in 1992, the board has taken a number of initiatives towards investor

protection. One such initiative is to mandate information disclosure both in

the prospectus and in the annual accounts. While the Companies Act itself

specifies certain standards of information disclosure, the SEBI Act has

added substantially to these requirements in an attempt to make these

documents more meaningful.

c. Discipline of the Capital Market.

Capital market itself has considerable impact on corporate governance. The

minority shareholders can play an effective role in this regard. They can

refuse to subscribe to the capital of a company in the primary market and in

the secondary market. They can sell their shares, thus depressing the share

prices. A depressed share price makes the company an attractive takeover

target.1-63

Corporate Governance Practices in

India:

d. Nominees on Company Boards.

Development banks hold large amount of shares in companies which have

been given long term loans. Being equity holders, these investors have

their nominees on the Board of Companies. These nominees can

effectively control resolutions, which may be detrimental to their interests.

e. Statutory Audit –

Statutory Audit is yet another mechanism directed to ensure good,

corporate governance. Auditing enhance the credibility of financial reports

prepared by any enterprise. The auditing process ensures that financial

statements are accurate and complete, thereby enhancing their reliability

and usefulness for making

Investment decisions. The above mentioned mechanisms are regulatory in

approach. They are governed by law and violation of any provision can

invite penal action. But legal provisions alone cannot ensure good

corporate governance. What is actually need is self regulation on the part of

directors. 1-64

Corporate Governance Practices in

India:

Board of Directors – Composition

The individuals at the highest level of

management are responsible for the

functioning of the company. These high-

level members of the company are called

directors. Collectively, all directors as a

group and the supreme acting authority of

the company are called ‘board of

directors’

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Section 149 of the Companies Act states that every

company’s board of directors must necessarily have a

minimum of three directors if it is a public company. two

directors if it is a private company and one director in a

one person company.

The maximum number of members a company can assign

as directors is fifteen. However, the company can pass a

special resolution in a general meeting to allow for

assigning more than fifteen members to the board of

directors.

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Board of Directors – Composition

The maximum number of companies that an individual can

become a director of, is 20 companies.

At least one director, who has lived in India for a

minimum of 182 calendar days of the previous year, shall

be appointed by every company’s board. It is a mandatory

rule.

At least, one woman director must be appointed by the

company.

All listed companies must have at least one-third

proportion of their board of directors as independent

directors.

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Board of Directors – Composition

Committees Under the Board of Directors

Audit Committee

Nomination and Remuneration Committee

Stakeholders Relationship Committee

Risk management Committee

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Role and Responsibilities of

Board of Directors

Recruit, supervise, retain, evaluate and

compensate the manager.

Provide direction for the organization

Establish a policy based governance system

Govern the organization and the relationship with

the CEO

Fiduciary duty to protect the organization’s assets

and member’s investment

Monitor and control function

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Recent Trends in Corporate

Governance

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1. Greater focus on the E&S of ESG

Beyond the global emphasis on good

governance, environmental and social issues

appear to be taking the greatest precedence for

investors, moving from being a national or

regional focus to being a truly global

phenomenon. Boards and management alike

are mostly playing catch-up on how best to

define, integrate and oversee the E&S issues

that are material to their business.

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2. Increasing importance of corporate purpose.

Corporate purpose and stakeholder considerations

have been business norms in various parts of the world

for decades. In August 2019, 181 out of 188 member

CEOs of the US Business Roundtable signed on to an

amended Statement on the Purpose of a Corporation,

putting aside the traditional view that maximizing

shareholder returns is priority one. This was followed by

a December announcement from the World Economic

Forum updating their 2020 Davos Manifesto (last

published in 1973) to center on principles that guide

companies into the Fourth Industrial Revolution.

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3. Better board oversight of

corporate culture and HCM.

Investors are asking what the board is doing to ensure

the culture is robust and can withstand transformation

and change. Investors would like more transparency on

board involvement in culture and HCM (Human Capital

Management) to determine whether boards are

providing adequate oversight. Data and analysis on

corporate culture will play a key part in this oversight by

boards. Management will need to satisfy the board that

the company has the culture and talent needed to

successfully execute on strategy.

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4. More expansive view of board diversity

that includes ethnicity and race.

Considerable strides have been made globally around

board gender diversity. As institutional investor voting

power grew dramatically, so did demands for gender

diversity. This phenomenon will vary by country. In the

United States, it will be driven by investors such as

Vanguard. In the UK, it will be as a consequence of the

Parker Review. In Japan, the push to add more

international directors will also broaden board diversity.

In Canada, it will be the Business Corporations Act

legislation that will require federally incorporated

companies to disclose detailed information on the

diversity of board directors and senior management.

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5. Companies facing wider

forms of activism

Globally, investor activism continues to evolve

and grow, creating a kaleidoscope of styles and

approaches that change year to year. What

remains constant is that directors must

maintain a degree of vigilance, ready to

respond to activists or assuage the concerns of

investors.

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Definition of CSR

Corporate Social Responsibility (CSR)

is a concept whereby organizations

consider the interests of society, based

on the impact of their activities on

customers, employees, shareholders,

communities and the environment, for all

aspects of their operations.

CSR as per World Business Council

“The continuing commitment by business

to behave ethically and contribute to

economic development, while improving

the quality of life of the workforce and

their families as well as of the local

community and society at large”.

Triple Bottom Line of CSR

People

Planet

Profit

Responsibility Pyramid in Business

Ethical Responsibilities

Social Responsibilities

Legal Responsibilities

Economic Responsibilities

CSR Prime Factors

1. Climate Change

2. Transparency in business practice

3. Fair trade and fair procurement

4. Corruption prevention

5. Labour rights

6. Health and Safety

7. Education

8. Income equality and fair wages

9. Poverty

Need of CSR

1. Reputation management /

Goodwill Creation

2. Employee attraction

3. Competition (in general)

4. Investor relations

5. Corporate liabilities /Legal

claims

6. Cost efficiency

7. Quality

Argument over CSR

Businesses do not have an unquestionedright to operate in society

Those managing business should recognizethat they depend on society

Business relies on inputs from society andon socially created institutions

There is a social contract between businessand society involving mutual obligations thatsociety and business recognize that theyhave to each other

CSR V/s Business

CSR should not be at Cost of Business

CSR should not affect Profitability of Business

CSR should be a Profit Center & not a cost component

CSR should only when business is prospering

CSR should be Meaning full

CSR is not a use as sword of ego

Top Indian Companies in CSR

- Ranking as per CII

Tata Group

BHEL

Wipro

Bajaj Auto Limited

Larson & Toubro

Otis Elevator Company

ACC

Asian Paints

SAIL

Colgate Palmolive

ITC

Sahara Group

Ashoka Leyland

CSR Activities in India

Starting social trusts

Anti pollution measures

Adopting villages

Family planning clinics

Training unemployed youth

Community development activities

Conducted social audits on a voluntary basis

Provide medical

Recreational facilities

To develop sports,

Undertake consumer education campaigns etc.

CSR Initiative is India

Tata Group – TIFR , TISS , Tata Cancer

Hospital, Ratan Tata Institute , JRD Tata

Lecture Series – Awards. Nationalization

of Tata enterprises

Ambuja Cement receives International

Reorganization for Di- Salianation Project

in Costal Gujarat

CSR Initiative is India

Wipro – Donation of 1/4th of Personal

Worth’s by Owners for Social Cause

JSW Steel in Dolvi – Pen , Maharashtra

Provides free electricity to nearby villages

through surplus of captive unit

Indian Automobile industry promotes use

of CNG for Public Transport

Solar Energy Street Lightning by various

corporate