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19 Cards in this Set
- Front
- Back
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Strategic Management(1 of 4) |
Overarches and Integrates Functional Goals and Strategies -Marketing, Production/Operations, Finance/Accounting |
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Strategic Management (2 of 4) |
Mission-driven with focus on the growth imperative -Long-term sustainable growth -Profits as a means to an end -Maintain access to critical resources |
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Strategic Management (3 of 4) |
Stakeholders are viewed as resource providers |
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Strategic Management (4 of 4) |
Future oriented, long-term perspective
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Elements of Strategy Making (1-4) |
-Defining Mission/Purpose -Goal Setting -Acquisition and Deployment of Resources & Capabilities -Assessment of Competitive Forces |
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Elements of Strategy Making (5-8) |
-Assessment of External Environment --Field conditions --The Terrain -Rules of the Game (Legal, Socio-cultural, and Industry Practice Constraints) -Planning Process -Execution (Implementation) |
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Functional Areas of Management (1,2 of 7) |
Financial Management -External: Investor, Creditor, and Supplier Relations -Internal: Accounting, Financial Planning, Capital Budgeting Marketing Management -External: Sales, Advertising & Promotion, Customer Support -Internal: Market Research, Product Design & Development |
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Functional Areas of Management (3 - 7) |
-Human Resources Management -Operations/Production Management --Technical Core --Transformation of inputs to outputs -Risk Management -Supply Chain Management -Information Systems Management |
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Strategic Decisions --Growth Imperative-- |
-Marketing --Target Market(s) --Product Positioning -Acquisition of a Strategic Resource -Development of a Strategic Capability -Diversification -Divestiture -Restructuring -Outsourcing |
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Model of Strategic Management |
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Strategic Management Process (Step 1 of 3) |
1. Strategic Analysis -External --General Environment --Competitive Environment --Identification of Opportunities & Threats -Internal --Resources & Capabilities --Identification of Strengths and Weakness |
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Strategic Management Process (Step 2 of 3)
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2. Strategy Formulation -Functional, Business, Corporate, and International Levels |
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Strategic Management Process (Step 3 of 3) |
3. Strategy Implementation -Action Plans and Policies |
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Strategy Formulation - Levels |
-Functional Level (Mark, Fin, Dist) -Business Level (single line, industry, comp adv) -Corporate Level (multiple lines, portfolio) -International |
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Linear Approach to Strategic Management |
Strategy Formulation 1. Analyze Environment 2. Set Goals and Objectives 3. Formulate Strategy Strategy Implementation 4. Set Policies 5. Develop Action Plans 6. Implement Action Plans |
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Incremental Approach |
Experimentation --> Incremental Change Strategic Intent is important for formal or incremental |
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Hierarchy of Strategic Intent |
Vision Mission Goals Strategic Plan Action Plans & Policies |
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Purpose of Goals |
-Guidelines for Decision Making (budg/plan, control sys) -Legitimacy (mission, purpose) -Evaluating Effectiveness (actual vs goal) -Motivation/Direction (mgr, emp) |
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Hierarchy of Goals |
-Strategic Goal ---Relates to "Mission" ------Purpose ------Strategic Intent ------Value to stakeholders -Operative Goals ---Quantifiable ------Level ------Rate |
