Introduction to Strategic Management

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Presentation transcript:

Introduction to Strategic Management BM499 Strategic Management David J. Bryce September 3, 2002

Case Analysis Most effective answers are Data-driven (supported by data analyzed from the case) Theory-driven (supported by a theory that fits the situation and may suggest alternative solutions)

Strategic Management Issues What does it mean to have a strategy? What is the “goal” of strategic management? How can you evaluate a “good” or “bad” strategy?

Mini-Case: Marketing Strategy at Delta In the mid 1980s Delta’s market researchers found that customers (particularly business customers) were strongly influenced to choose a particular airline by the airline’s frequent flyer program. Consequently, to motivate customers to choose Delta, they teamed up with American Express (an exclusive arrangement) to offer a special program: customers could receive triple miles if they would fly on Delta and purchase the tickets using the American Express card. How would you evaluate Delta’s strategy? (Good or bad?)

History of Strategic Management Pre-1850, small, individual companies could do little to effect competition Second Industrial Revolution and mass markets created need for explicit strategizing (post-1850) M-form corporations set competitive standards in their markets (early 1900s) Technological advance created the environment for intense competition (post 1950s)

History of Strategic Management Evolution of Strategy in Business Alignment among departments, policies and competitive situation (1900-1950s) Identification of ‘distinctive competence’ (1957) Consideration of the firm in its environment—strengths, weaknesses, opportunities, threats (SWOT) (1960s) Discovering quantitative relationships that matter (e.g. performance metrics, experience curve) (1960s-70s)

History of Strategic Management Evolution of Strategy in Business Industry structure as driver of profitability and performance (1950s-1970s) Positioning within Industries (1980s) Dissecting the business into ‘value chain’ components to discover or create sources of cost, value, and differentiation (1980s-1990s) Identifying and leveraging the valuable resources of the firm (1980s-1990s) Developing the capacity to continually create and deploy unique capabilities (199s)

SWOT