Strategic Management u What is strategic management? u Strategic planning u Strategic implementation u Strategic control.

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Presentation transcript:

Strategic Management u What is strategic management? u Strategic planning u Strategic implementation u Strategic control

What is strategy?

What is strategic management? u Strategic management involves strategic planning, strategic implementation, and strategic control. u Compare to traditional model of management.

Strategic planning u Anticipating the future, assessing present conditions, and making decisions concerning organizational directions, programs, and resource deployment.

Levels of planning u Corporate u Business u Operational/Functional

Steps in Strategic Planning u Mission u Formulating objectives u Strategic assessment u Strategy choice

Mission

Formulating objectives u Results the HCO seeks to accomplish. u They are derived and reflect the mission.

Strategic assessment u SWOT analysis u External environmental analysis u Internal analysis

Strategy choice u Formulation and evaluation of alternative strategies. u Strategies u Ultimate goal: achieve competitive advantage over rivals (gain market power).

Types of strategies to achieve competitive advantage u Position u Power u David versus Goliath

Position strategies u Business level. u Position the organization vis-à-vis other organizations within the market. u Low cost u Differentiation u Specialization/niche

Power strategies u Corporate level u Related to size u To achieve synergies

Types of power strategies u Vertical integration u Horizontal integration u Diversification

Methods to implement power strategies u Internal development u Purchase/Acquisition. u Cooperation

Strategy implementation u Organization structure u Culture u Leadership

Strategic control u Performance evaluation and feedback u Budgeting u Compensation systems