Sm Overview

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Business Strategic Management

What is a Strategy?

A decision taken at a suitable timerelevant to achieve specific objectiveconsidering the micro and/or macrovariables influencing at that time.

Business Strategy of a firm includes theplans, policies and their implementationin a given time frame.

What is a Tactic?

A tactic is a specific operating plandetailing how a strategy is implementedin terms of when & where it is to be putinto action.

Tactics are short term actions takenwhile implementing a strategy.

It is the link between formulation &implementation of strategies.

What is meant by Vision?

It is the first business intent of an entrepreneur. It is a statement of what a firm can do and what

it wants to be.

It can be defined as the broad intentions, all

encompassing forward thinking, for the good ofthe customers and prospective customers.

It may state how the firm would like to be interms of employees, products or services.

What is meant by a Mission? It defines the fundamental unique purpose that sets a

firm apart from other firms.

Mission is the purpose or reason for the firm’s existence.

It is a more tangible vision, which gives the firm itscharacter and cultural stream.

It acts a guiding force that propels the firm towards itsvision.

It also sets standards for its employees and their

behavior. Mission statements enshrine the values, beliefs and

character of the firm.

It is the second of the strategic intents.

What are Goals? They are more specific than mission statements.

It is a statement of what a firm wants to

achieve. It may not have a time frame and can be an

open ended statement with a generalisedexpression of a business intent.

Goals set should be reachable, but with astretch.

It is the third business intent.

What are Objectives? These are goals operationalised.

They are measurable, time-bound, and

should reduce or eliminate conflicts andtensions within a firm.

An objective statement says about what

a firm wants to achieve with definitivecommitment on quantity and time frame.

It is the fourth business intent.

What are Policies? Policy is a broad guideline for decision making

to link strategy formulation and strategyimplementation.

They are made for long run applications (andhence are different from tactics) & are useful fordecision making at all levels and places.

It offers guidance or orientation along which

decisions are made. It considers the mission, objectives and vision of

the firm and help it to make appropriatedecisions or strategies.

What is Strategic Management?

A continuous, iterative process aimed at keepingan organization as a whole appropriatelymatched to its environment (Certo and Peter)

Keeping the business in tune with managementand marketing forces both outside and insidethe firm

Planning for foreseeable eventualities as also,perhaps more importantly, for those impossiblecontingencies of which the firm has no priorknowledge.

Benefits of Strategic Management

Establish the mission

Formulate philosophy

Establish policies

Setting objectives

Developing strategy

Plan the organi-zational structure

Provide personnel

Establish procedures

Provide facilities

Provide capital

Set standards

Establish programsand plans

Control information

Activate people

Steps to Strategic Management

Environmental analysis Establish organizational direction

Strategy formulation

Strategy implementation

Strategic control

Environmental analysis

Process of examining the organization’senvironment to determine:

Strengths

Weaknesses

Opportunities Threats

Environmental structure

General environment Social, economic, political, legal, technical

Operating environment International, supplier, labor, competition,

customer Internal environment

Organizational, marketing, financial,personnel, production

Methods of environmentalforecasting

Expert opinion

Trend extrapolation

Trend correlation

Dynamic modeling

Cross-impact analysis

Multiple scenarios

Demand/hazardforecasting

Establish organizational direction

Establishing an organizational directionfor the company involves determiningtwo indicators:

Organizational mission – the reason why the

organization exists Objectives – measurable targets to track the

growth of the business

Key objective areas

Market standing

Innovation

Productivity

Resource levels

Profitability

Manager performance and development

Worker performance and attitude

Social responsibility

Types of objectives

Profitability

Growth

Market share

Social responsibility

Employee welfare Product Quality

Service

Diversification

Efficiency

Financial stability

Resource conservation Mgt & labor

development

Strategy formulation

What are the purpose(s) and objective(s)

of the organization? Where is the organization presently

going?

What critical environmental factors does

the organization currently face? What can be done to achieve

organizational objectives more effectivelyin the future?

Growth-share matrix

M a r k e t G r o w t h R a t e ( p e r c e n t )

10.0 5.0 2.0 1.0 0.5 0.1

Relative Market Share

Cash Cows Dogs

Question Marks

Formulating business strategies

Structural analysis of competitive forces Threat of new entrants

Bargaining power of suppliers

Bargaining power of buyers

Threat of substitute products Rivalry among existing competitors

Strategic alternatives

Formulating functional strategies

Operations strategy

Financial strategy

Marketing strategy

Human resource strategy

Strategy implementation

Commander approach

Organizational change approach

Collaborative approach

Cultural approach

Crescive approach

The material for this presentationwas taken from:

Strategic Management:Concepts and Applications

Samuel C. Certo and J. Paul PeterRandom House Business Division

Commander approach

Manager determines “best” strategy Manager uses power to see strategy

implemented

Three conditions must be met

Manager must have power

Accurate and timely information is available

No personal biases should be present

Commander approach

Limitations Can reduce employee motivation and

innovation

Advantages

Managers focus on strategy formulation Works well for younger managers

Focuses on objective rather than subjective

Focuses on the organization Behavioral tools are used

Includes focusing on the organization’sstaffing and structure

Often more effective than Commander

Used to implement difficult strategies

Limitations Managers don’t stay informed of changes

occuring within the environment

Doesn’t take politics and personal agendas

into account Imposes strategies in a “top-down” format

Can backfire in rapidly changing industries

Enlarges the Organizational Change Approach

Manager is a coordinator

Management team members provide

Group wisdom is the goal

Advantages Increased quality and timeliness of information

Improved chances of effective implementation

Limitations

Contributing managers have different points ofview and goals

Management retains control over the process

Cultural approach

Includes lower levels of the company Breaks down barriers between manage-

ment and workers

Everyone has input into the formulation

and implementation of strategies

Works best in high resource firms

Cultural approach

Advantage More enthusiastic implementation

Limitations

Workers should be informed, intelligent

Consumes large amounts of time

Strong company identity becomes handicap

Can discourage change and innovation

Crescive approach

Addresses formulation and implemen-tation simultaneously

Subordinates develop, champion, andimplement strategies on their own

“Bottoms-up” approach

Ultimate strategy is sum of all “success-ful” approaches

Crescive approach

Advantages Encourages middle management to

participate

Strategies are more operationally sound

Limitations Resources must be available

Tolerance must be extended

Strategic control

Typically consists of three steps

Monitoring performance

Comparing performance to standards

Taking corrective action where needed

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