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1、STRATEGIC MANAGEMENT:Concepts and Casesfor MBA Class 131-132Zhang YongXian Jiaotong UniversityMain Issues to be Covered:Strategic management-conceptenvironment analysis-external and internalstrategies at different levelsstrategy formulationstrategy implementationstrategy evaluationcasesChapter 1Stra
2、tegic Management and introductory remarksChapter OutlineFive Tasks of Strategic ManagementDeveloping a Strategic Vision and MissionSetting ObjectivesCrafting a StrategyImplementing the StrategyEvaluating Performance and Initiating Corrective AdjustmentsWhy Strategic Management Is a ProcessWho Perfor
3、ms the Tasks of Strategy?Benefits of“Managing Strategically”Terms to RememberThinking Strategically:The Three Big Strategic Questions1.Where are we now-what is our situation?2.Where do we want to go?Business(es)we want to be in and market positions we want to stake outBuyer needs and groups we want
4、to serveOutcomes we want to achieve3.How will we get there?What Is Strategy?Competitive moves and business approaches management employs in running a companyManagements“game plan”toPlease customers Position a company in its chosen marketCompete successfullyAchieve good business performanceCraft aStr
5、ategyto AchieveObjectivesSetObjectivesDevelop aStrategicVision&MissionImplement&ExecuteStrategyEvaluate&Make CorrectionsImprove/ChangeRevise asNeededRevise asNeededImprove/ChangeRecycleas NeededTask 1Task 2Task 3Task 4Task 5The Five Tasksof Strategic ManagementDeveloping a Vision and MissionBegins w
6、ith thinking strategically aboutThe firms future business makeup Where to take the firm The task is toCreate a roadmap of a companys futureDecide what future business position to stake outProvide long-term directionGive the firm a strong identityMissions vs.Strategic VisionsA mission statement focus
7、es on current(and permanent)business activitiesBusiness(es)company is in nowCustomer needs currently being servedA strategic vision concerns a firms future business path The kind of company it is trying to becomeCustomer needs to be satisfied in the future Sample Mission StatementSouthwest Airlines:
8、The mission of Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth,friendliness,individual pride,and Company Spirit.Setting ObjectivesEstablishing OBJECTIVESConverts vision into specific performance targetsCreates yardsticks to track performan
9、cePushes firm to be inventive and focusedHelps prevent coasting and complacency(self-satisfied and not aggressive)if targets require stretchThe Second Task of Strategic ManagementTypes of Objectives RequiredOutcomes focused on improving a firms financial performanceOutcomes focused on improving a fi
10、rms competitiveness and its long-term business positionFinancial Objectives Strategic Objectives$Examples:Financial ObjectivesGrow earnings per share 15%annuallyBoost annual return on investment from 15%to 20%Increase annual dividends per share to stockholders by 5%each yearStrive for stock price ap
11、preciation equal to or above the 500 averageMaintain a positive cash flowAchieve and maintain a AA bond ratingExamples:Strategic ObjectivesIncrease firms market share Overtake key rivals on quality or customer service or product performanceAttain lower overall costs than rivalsBoost firms reputation
12、 with customersAttain stronger foothold in international marketsAchieve technological superiorityBecome leader in new product introductionsCapture attractive growth opportunitiesCrafting a StrategyStrategy involves determining whether toConcentrate on a single business or several businesses(diversif
13、ication)Cater to a broad range of customers or focus on a particular nicheDevelop a wide or narrow product linePursue a competitive advantage based onLow cost orProduct superiority orUnique organizational capabilitiesThe Third Task of Strategic ManagementInvolves deciding how toRespond to changing b
14、uyer preferencesOutcompete rivalsRespond to new market conditionsGrow the business over the long-termAchieve performance targetsOur strategy will be.Crafting a StrategyStrategy Is Both Planned and Reactive to Changing CircumstancesActualStrategyPlanned(or Intended)StrategyAdaptiveReactionsThe Hows T
15、hatDefine a Firms Strategy How to grow the businessHow to please customersHow to outcompete rivalsHow to respond to changing market conditionsHow to manage each functional piece of the business and develop needed organizational capabilitiesHow to achieve strategic and financial objectivesStrategy is
16、 HOW to.Understanding Company Strategy-What to Look ForPatternof ActionsThat DefineStrategyActions to Strengthen Resources&CapabilitiesDiversificationResponses toChanging ConditionsOffensive Moves to Gain EdgeChanges in Product Line,Quality,or ServiceGeographicCoverageForward orBackward Integration,
17、CollaborationHow Functional Activities Are ManagedDefensive MovesPursuing New OpportunitiesStrategy Example:McDonaldsStrategic prioritiesContinued growthProviding exceptional customer careRemaining an efficient and quality producerOffering high value and tasting productsEffectively marketing McDonal
18、ds brand on a global scaleCore Elements ofMcDonalds StrategyAdd 2500 restaurants annuallyPromote frequent customer visits via attractive menu items,low-price specials,and Extra Value MealsBe highly selective in granting franchisesLocate on sites offering convenience to customers and profitable growt
19、h potentialFocus on limited menu and consistent qualityCareful attention to store efficiencyExtensive advertising and use of Mc prefixHire courteous(polite)personnel;pay an equitable wage;provide good trainingCrafting Strategy Is anExercise in EntrepreneurshipStrategy-making is a market-driven and c
20、ustomer-driven activity that involvesRisk-taking and venturesomenessInnovation and business creativityKeen eye for spotting market opportunitiesKeen observation of customer needsChoosing among alternativesCharacteristics ofEntrepreneurial ManagersBoldly pursue new strategic opportunitiesEmphasize ou
21、t-innovating the competitionLead the way to improve firm performanceWilling to be a first-mover and take risksRespond quickly and opportunistically to new developmentsDevise leading strategiesWhy Do Strategies Evolve?There is always an ongoing need to react toShifting market conditionsFresh moves of
22、 competitorsNew technologiesEvolving customer preferencesPolitical and regulatory changesNew windows of opportunityThe crisis of the momentWhat Is a Strategic Plan?Where firm is headed-Strategic vision and business missionAction approaches to achieve targeted results-A comprehensive strategy Short a
23、nd long term performance targets-Strategic and financial objectivesImplementing StrategyCreating fits between way things are done and what it takes for effective strategy executionGetting the organization to execute strategy proficiently and efficientlyProducing excellent results in a timely mannerT
24、he Fourth Task of Strategic ManagementStrategy implementation is aninternal,operations-driven activityinvolving organizing,budgeting,motivating,culture-building,supervising,and leading to“make the strategy work”as intended!Strategy ImplementationWhat Does StrategyImplementation Include?Building a ca
25、pable organizationAllocating resources to strategy-critical activitiesEstablishing strategy-supportive policiesMotivating people to pursue objectivesTying rewards to achievement of resultsCreating a strategy-supportive corporate cultureInstalling needed information,communication,and operating system
26、sInstituting best practices for continuous improvementExerting strategic leadership Evaluating PerformanceThe tasks of strategy are not a one-time only exerciseTimes and conditions changeEvents unfoldBetter ways to do things emergeNew managers with different ideas take over The Fifth Task of Strateg
27、ic ManagementEvaluating PerformanceCorrective adjustmentsAlter long-term directionRedefine the businessRaise or lower performance objectivesModify the strategyImprove strategy executionCharacteristics of the Strategic Management ProcessNeed to perform tasks never goes awayBoundaries among tasks are
28、blurryStrategizing is not isolated from other managerial activitiesTime required comes in lumps and spurtsThe big challenge is to get the best strategy-supportive performance from employees,perfect current strategy,and improve strategy executionCraft aStrategyto AchieveObjectivesSetObjectivesDevelop
29、 aStrategicVision&MissionImplement&ExecuteStrategyEvaluate&Make CorrectionsImprove/ChangeRevise asNeededRevise asNeededImprove/ChangeRecycleas NeededTask 1Task 2Task 3Task 4Task 5The Five Tasksof Strategic ManagementStrategy Is Both Planned and Reactive to Changing CircumstancesActualStrategyPlanned
30、(or Intended)StrategyAdaptiveReactionsUnderstanding Company Strategy-What to Look ForPatternof ActionsThat DefineStrategyActions to Strengthen Resources&CapabilitiesDiversificationResponses toChanging ConditionsOffensive Moves to Gain EdgeChanges in Product Line,Quality,or ServiceGeographicCoverageF
31、orward orBackward Integration,CollaborationHow Functional Activities Are ManagedDefensive MovesPursuing New OpportunitiesStrategic Management PrincipleStrategy-making is a job for line managers,not a staff of planners-doers should be the strategy-makers!Strategic Role of aBoard of DirectorsContinuou
32、sly audit validity of a companys long-term direction and strategyEvaluate strategic leadership skills of the CEO and candidates to succeed the CEOStrategic Management PrincipleA board of directors role in the strategic management process is to critically appraise and ultimately approve strategic act
33、ion plans,but rarely,if ever,to develop the details!Levels of Strategy-MakingCorporate StrategyBusiness Strategies(Competitive Strategy)Functional StrategiesOperating StrategiesTwo-Way InfluenceTwo-Way InfluenceTwo-Way InfluenceCorporate-Level ManagersBusiness-Level ManagersOperatingManagersFunction
34、al ManagersMain issues of Corporate StrategyMoves to achieve diversificationActions to boost performance of individual businessesCapturing synergy among business units 2+2=5 effects!Establishing investment priorities and steering corporate resources into the most attractive business unitsMain Issues
35、 of Business StrategyForming responses to changes in industry and competitive conditions,buyer needs and preferences,economy,regulations,etc.Crafting competitive moves leading to sustainable competitive advantageBuilding competitively valuable competencies and capabilitiesCOMPETITIVE STRATEGYUniting
36、 strategic initiatives of functional areasAddressing strategic issues facing the companyFunctional StrategiesGame plan for a strategically-relevant function,activity,or business processDetails how key activities will be managedProvide support for business strategySpecify how functional objectives ar
37、e to be achievedOperating StrategiesConcern narrower strategies for managing grassroots activities and strategically-relevant operating unitsAdd detail to business and functional strategies but of lesser scopeStrategic Management PrincipleTo be a real winner,a strategy must(1)Fit the enterprises sit
38、uation(2)Build sustainable competitive advantage(3)Improve company performance Factors Shaping theChoice of Company StrategyCompetitiveConditions&IndustryAttractivenessSocietal,Political,RegulatoryFactorsCompanyOpportunities&ThreatsCompanys Strategic SituationInfluencesof KeyExecutivesResourceStreng
39、ths&WeaknessesShared Values&CultureDetermineRelevanceof Internal&External FactorsIdentify&Evaluate Alterna-tivesCrafttheStrategyExternal FactorsInternal FactorsRecap of Important TermsA view of an organizations future direction and business course;a guiding concept for what the organization is tryin
40、g to do and to become.Represents managements customized answer to the question“what is our business and what will it be.”A mission statement broadly outlines the organizations future direction and serves as a guiding concept for what the organization is to do and to become.Strategic VisionOrganizati
41、on MissionRecap of Important TermsOrganizations targets for achievement;both short and long range objectives are needed.Financial performance targets a company wants to achieve.Targets relating to strengthening a companys overall market position and competitive viability.Performance ObjectivesFinanc
42、ial ObjectivesStrategic ObjectivesRecap of Important TermsAchievement levels to be reached within the next three to five years.Near-term performance targets;they establish the pace for achieving the long-range objectives.Long-Range ObjectivesShort-Range ObjectivesRecap of Important TermsManagerial a
43、ction plan for achieving organizational objectives;strategy is mirrored in the pattern of moves and approaches devised by management to produce the desired performance.Strategy is the how of pursuing an organizations mission and reaching target objectives.Statement outlining an organizations mission
44、 and future direction,near-term and long-term performance targets,and strategy,in light of organizations external and internal situation.StrategyStrategic PlanRecap of Important TermsIncludes the full range of managerial activities associated with putting the chosen strategy into place,supervising its pursuit,and achieving the targeted results.Strategy Implementation