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GROUP 1 TIMOTHY LOVELAND BRENT GAFFORD JOHN MENTH ZACHARY MAYOR Introducing the Concepts.

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Presentation on theme: "GROUP 1 TIMOTHY LOVELAND BRENT GAFFORD JOHN MENTH ZACHARY MAYOR Introducing the Concepts."— Presentation transcript:

1 GROUP 1 TIMOTHY LOVELAND BRENT GAFFORD JOHN MENTH ZACHARY MAYOR Introducing the Concepts

2 Why is Strategic Management important? What is Strategic Management? Who’s involved with Strategic Management? Three important factors impacting Strategic Managment

3 Introducing the Concepts Why is Strategic Management important? There are 4 main reasons

4 Introducing the Concepts 1 st reason Everyone in an organization plays a role It is important so you can do your job well

5 Introducing the Concepts 2nd reason You can understand why firms succeed or fail. Companies that use Strategic Management perform better Profits are related to higher levels of performance

6 Introducing the Concepts 3rd reason Organizations face changing situations both internally and externally  Deliberate structure of the strategic management process guides organizational decision makers The way strategy is developed can make a difference in performance  Better decisions were made  Outperformed other organizations

7 Introducing the Concepts 4 th reason An Organiztion’s various divisions, departments, and work activites need to be coordinated and focused on achieving the organizational goals. Such as…  Operations  Marketing  Accounting

8 Introducing the Concepts What is Strategic Management? Definition- a process of analyzing the current situation, developing appropriate strategies, putting those strategies into action, and evaluating and changing those strategies needed.  Situational Analysis  Strategy Formulation  Strategy Implementation  Strategy Evaluation

9 Introducing the Concepts Strategic Management has 4 characteristics 1) Interdisciplinary- it doesn’t focus on any on specific organizational area; instead encompasses all functional areas. 2) External Focus- involves the interactions of the organization with it’s external environment 3) Internal Focus- It involves assessing the organization’s resources and capabilities. 4) Future Direction- Can mean weekly manufacturing decisions, yearly financial planning cycles, or long term shifts in the organization’s products and markets

10 Introducing the Concepts Who’s involved with Strategic Management?  People at all organizational levels play a role in developing, implementing, and changing strategy. - The difference is the scope of the individual’s strategic actions 3 Main Groups The Board of Directors- elected group that represent a company’s shareholders. -Represents the shareholders and protect their interests

11 Introducing the Concepts Top Managers- Chief Executive Officer, (COO),(CFO),(CIO) - They are responsible for every decision and action of every organizational employee. They are the strategic leaders. Strategic Leadership- The ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the organization.

12 Introducing the Concepts Three important factors impacting Strategic Management 1 st Factor The Global Economy & Globalization  Some fear that we should be careful of becoming too global and opening boarders  When one country falters, it can have a domino effect on other countries with which it does business.

13 Introducing the Concepts 3 main global organizations  World Trade Organization (WTO)  World Bank Group  International Monetary Fund (IMF) -As taught in International Marketing by Dr. Duhan

14 Introducing the Concepts 2 nd Factor Corporate Governance- It’s the way a corporation is governed or the determination of the broad uses to which organizational resources will be deployed and the resolution of conflicts among the myriad participants in organizations.  The Role of Boards of Directors -Look out for the shareholders  Financial Reporting -Senior managers must now sign off on financial statements -Independent auditors can be very expensive -More flexible guidelines are needed to help companies and auditors interpret information that saves them time and money.

15 Introducing the Concepts 3 rd Factor E-Business World- Uses information and communication technologies to support all the activities of a business. It includes E-Commerce Retailing side of the business Companies do it for internet selling purposes.

16 Introducing the Concepts


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