History and Overview of

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Presentation transcript:

History and Overview of Session 1 History and Overview of Strategic Management

Session Objectives To Develop an Understanding of the (brief) History of Strategic Management. To Develop a Conceptual Understanding of the Paradigm Shift from Business Policy to Strategic Management

Word for the Day Paradigm

Ford Foundation Study During Late 40s Need to develop a multi-disciplinary understanding of Business Ergo a capstone course that introduces accountants to marketing, marketers to operations, production managers to human resources… Efficiency oriented given pent up demand form WWII

Multi-Disciplinary Integrative with input from an understanding of the interworkings of finance, accounting, marketing, research and development, human resources, operations, information management,… These are the functional specialties that contribute to the general management of the firm. You have studied these fundamentals separately.

What’s Missing in this Paradigm? The effectiveness issue Focuses on doing things right but not whether the business is doing the right thing The entrepreneurial aspect of the business Must start with the health of the key idea

What is the First “Strategy” for any Business? It’s that Key Idea in the Entrepreneurs mind for Satisfying a societal/marketplace need by Providing/producing a product/service that will Yield an excess of price over cost of its provision that Incents the provider to continue/expand its delivery (Capitalism 101)

WHAT IS THE LIFE EXPECTANCY OF THESE KEY IDEAS? LONGER OR SHORTER TODAY THAN DURING THE MID 20TH CENTURY?

A MORE RATIONAL PARADIGM WOULD BEGIN BY CONSIDERING THE HEALTH OF THE BUSINESS’S KEY IDEA OR KEY IDEAS THAT’S STRATEGIC MANAGEMENT

What is Strategic Management? The set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives.

What is Strategy? Large-scale, future-oriented plan for interacting with competitive environment to achieve objectives Company’s “game plan” Framework for managerial decisions

SO WE WILL NOT TOTALLY ABANDON THE NOTION OF BUSINESS POLICIES – THEY ARE IMPORTANT BUT WE WILL NOT CONSIDER POLICIES (WHICH WE WILL COME TO REFER TO AS FUNCTIONAL STRATEGIES/POLICIES) UNTIL WE’VE ESTABLISHED THAT WE ARE DOING THE RIGHT THINGS EFFECTIVENESS BEFORE EFFICIENCY