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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

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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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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