C1 : Defining Strategic Management

Defining Strategic Management, 3 stages of SM and Integrating Intuition and Analysis

C1 : Defining Strategic Management

53問 • 1年前Defining Strategic Management, 3 stages of SM and Integrating Intuition and Analysis

問題一覧

art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. As this definition implies, strategic focuses on integrating management, marketing, finance and accounting, production and operations, research and development (R&D), and information systems to achieve organizational success.

Strategic Management

used synonymously with the term strategic planning

Strategic Management

refer to strategy formulation, implementation, and evaluation

Strategic Management

referring only to strategy formulation.

Strategic Planning

The purpose of strategic management is to exploit and create new and different opportunities for tomorrow; _______ in contrast, tries to optimize for tomorrow the trends of today.

long range planning

A ______ is, in essence, a company’s game plan.

Strategic Plan

signals commitment to specific markets, policies, pro- cedures, and operations in lieu of other, “less desirable” courses of action.

Strategic Planning

used at many colleges and universities as the title for the capstone course in business administration. This course integrates material from all business courses, and, in addition, introduces new strategic-management concepts and techniques being widely used by firms in strategic planning.

Strategic Management

Stages of Strategic Management

formulation, implementation, evaluation

Strategy-formulation issues include deciding what new businesses to ______ what businesses to _____, whether to expand operations or diversify, whether to enter international markets, whether to merge or form a joint venture, and how to avoid a hostile takeover. www

enter, abandon

art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. As this definition implies, strategic focuses on ______, ______, _______, ________ , _______ , and _______ to achieve organizational success.

integrating management, marketing, finance and accounting, production and operations, research and development and information systems

Strategic planning is a _____ of companies

game plan

CSO

Chief Strategic Officer

decisions commit an organiza- tion to specific products, markets, resources, and technologies over an extended period of time. Strategies determine long-term competitive advantages. For better or worse, strategic decisions have major multifunctional consequences and enduring effects on an organization. Top managers have the best perspective to understand fully the ramifications of strategy-formulation decisions; they have the authority to commit the resources necessary for implementation.

Strategy formulation

Stages of Strategic Management

formulation, implementation, evaluation

Stages of Strategic Management

strategy formulation, strategy implementation, strategy evaluation

Stages of Strategic Management

strategy formulation, strategy implementation, strategy evaluation

CSO

Chief Strategic Officer

is a financial ratio that measures the percentage of profit earned by a company in relation to its revenue. Expressed as a percentage, it indicates how much profit the company makes for every dollar of revenue generated. Profit margin is important because this percentage provides a comprehensive picture of the operating efficiency of a business or an industry. All margin changes provide useful indicators for assessing growth potential, investment viability and the financial stability of a company relative to its competitors. Maintaining a healthy profit margin will help to ensure the financial success of a business, which will improve its ability to obtain loans.

Profit Margin

is a financial ratio that measures the percentage of profit earned by a company in relation to its revenue. Expressed as a percentage, it indicates how much profit the company makes for every dollar of revenue generated. is important because this percentage provides a comprehensive picture of the operating efficiency of a business or an industry. All margin changes provide useful indicators for assessing growth potential, investment viability and the financial stability of a company relative to its competitors. maintaining ______ will help to ensure the financial success of a business, which will improve its ability to obtain loans.

profit margin

The term strategic management is used at many colleges and universities as the title for the capstone course in ________.

business administration

developing a vision and a mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue. _______ issues include deciding what new businesses to enter, what businesses to abandon, whether to expand operations or diversify, whether to enter international markets, whether to merge or form a joint venture, and how to avoid a hostile takeover.

strategy formulation

is the final stage in strategic management. Managers desperately need to know when particular strategies are not working well; strategy evaluation is the primary means for obtaining this information. All strategies are subject to future modification because exter- nal and internal factors constantly change. Three fundamental strategy-evaluation activities are (1) reviewing external and internal factors that are the bases for current strategies, (2) measuring performance, and (3) taking corrective actions. Strategy evaluation is needed because success today is no guarantee of success tomorrow! Success always creates new and different problems; complacent organizations experience demise.

Strategy Evaluation

_______ The strategic-management process can be described as an objective, logical, systematic approach for making major decisions in an organization.

Intergrating Intuition and Analysis

“In God we trust. All others bring data.”

Edward Demming

The _______ process, It attempts to organize qualitative and quantitative information in a way that allows effective decisions to be made under conditions of uncertainty. Yet strategic management is not a pure science that lends itself to a nice, neat, one-two-three approach.

strategic

particularly useful for making decisions in situations of great uncertainty or little precedent. It is also helpful when highly interrelated variables exist or when it is necessary to choose from several plausible alternatives.

intuition

called the “action stage” of strategic management. Implementing strategy means mobilizing employees and managers to put formulated strategies into action. Often considered to be the most difficult stage in strategic management, strategy implemen- tation requires personal discipline, commitment, and sacrifice. Successful strategy implementation hinges on managers’ ability to motivate employees, which is more an art than a science. Strategies formulated but not implemented serve no useful purpose.

Strategy Implementation

are especially critical for successful strategy implementation. Strategy- implementation activities affect all employees and managers in an organization. Every division and department must decide on answers to questions such as “What must we do to implement our part of the organization’s strategy?” and “How best can we get the job done?” The challenge of implementation is to stimulate managers and employees throughout an organization to work with pride and enthusiasm toward achieving stated objectives.

Interpersonal Skills

Interpersonal skills are especially critical for successful strategy implementation. Strategy- implementation activities affect all employees and managers in an organization. Every division and department must decide on answers to questions such as “What must we do to implement our part of the organization’s strategy?” and “How best can we get the job done?” The challenge of implementation is to stimulate managers and employees throughout an organization to work with pride and enthusiasm toward achieving stated _______

objectives

Strategy Evaluation

decisions commit an organization to specific products, markets, resources, and technologies over an extended period of time.

Strategy Formulation

3 Strategy evaluation

reviewing internal and external factors that are the bases for current strategies, measuring performance, corrective actions

3 strategic evaluation

reviewing external and internal factors that are bases for current strategies, measuring performances, taking corrective actions

reviewing external and internal factors that are the bases for sm, measuring performace, corrective action

Strategy Evaluation

Formulation, implementation, and evaluation of strategy activities occur at three hierarchi- cal levels in a large organization:

corporate, divisional/strategic business unit and functional

Formulation, implementation, and evaluation of strategy activities occur at three hierarchi- cal levels in a large organization:

corporate, divisional/ strategic business unit, functional

Formulation, implementation, and evaluation of strategy activities occur at three hierarchi- cal levels in a large organization:

corporate, divisional/ strategic business unit and functional

Formulation, implementation, and evaluation of strategy activities occur at three hierarchi- cal levels in a large organization:

corporate, divisional/strategic business unit, functional.

This clearly must be done by a part of the organization that can see the entire busi- ness; that can balance objectives and the needs of today against the needs of tomorrow; and that can allocate resources of men and money to key results.

mission

process can be described as an objective, logical, systematic approach for making major decisions in an organization. It attempts to organize qualitative and quantitative information in a way that allows effective decisions to be made under conditions of uncertainty.

Integrating Intuition and Analysis

Based on past experiences, judgment, and feelings,

intuition

helpul situations of great uncertainty or little precedent. It is also helpful when highly interrelated variables exist or when it is necessary to choose from several plausible alternatives. Some man- agers and owners of businesses profess to have extraordinary abilities for using intuition alone in devising brilliant strategies

intuition

The accelerating rate of change today is producing a business world in which customary managerial habits in organizations are increasingly inadequate. Experience alone was an adequate guide when changes could be made in small increments. But intuitive and experi- ence-based management philosophies are grossly _____ when decisions are strategic and have major, irreversible consequences.

inadequate

In a sense, the __________ is an attempt to duplicate what goes on in the mind of a brilliant, intuitive person who knows the business and assimilates and integrates that knowl- edge using analysis to formulate effective strategies.

strategic management process

Firms gather strategic information

input

array key external with internal factors

matching

make strategic decisions

decisions

3 strategy evaluation process

reviewing external and internal factors that are bases for current strategies, measuring performances, taking corrective actions

3 evaluation

reviewing external and internal factors that are bases for current strategies, measuring performances, taking corrective actions

3 evaluation

reviewing external and internal factors that are bases for current strategies, measuring performances, taking corrective actions

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