Strategies in Action

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Information about Strategies in Action
Business & Mgmt

Published on February 5, 2014

Author: gaba9999

Source: slideshare.net

Description

3 A4 sized printable class notes for Strategic Management Students

Strategic Management 2/5/2014 Not managing by objectives Long-term objectives • • • • Managing by extrapolation Managing by crises Managing by subjective Managing by hope The time frame for objectives and strategies should be consistent usually from two to five years Nature of Long-term objectives • • • • • • • • • Quantitative Measurable Realistic Understandable Challenging Hierarchical Obtainable Congruent Associated with a timeline Types of strategies • • • • • • • • • • • Forward integration Backward integration Horizontal integration Market penetration Market development Product development Related diversification Unrelated diversification Retrenchment Divestiture Liquidation Varying performance measure by organizational level Organizational level Basis for Annual bonus or Merit pay Corporate 75% based on long-term objectives 25% based on annual objectives Division 50% based on long-term objectives 50% based on annual objectives Function Strategic management model Perform external audit Develop vision and mission statements Establish long term objectives 25% based on long-term objectives 75% based on annual objectives Generate, Evaluate, and Select strategies Implement Strategiesmanagement issues Implement StrategiesMarketing, Finance, Accounting , R&D and MIS issues Measure and evaluate performanc e Perform internal audit Strategy Formulation Chap 5: Strategies in Action Strategy Implementation Strategy Evaluation 1

Strategic Management 2/5/2014 Levels of strategies with persons more responsible Corporate level----chief executive officer Intensive strategies • Market penetration • Market development • Product development Division level----division president or executive vice president Functional level----finance, marketing, R&D, manufacturing, information systems and human resource managers Operational level----plant managers, sales managers, production and department managers Large company Levels of strategies with persons more responsible Diversification strategies • Related diversification • Unrelated diversification Functional level----finance, marketing, R&D, manufacturing, information systems and Corporate human resource managers level----owner or president Operational level----plant managers, sales managers, production and department managers Small company Integration strategies • Forward integration • Backward integration • Horizontal integration Chap 5: Strategies in Action Defensive strategies • Retrenchment • Divestiture • Liquidation 2

Strategic Management 2/5/2014 Michael porter’s five generic strategies • • • • • Type Type Type Type Type 1: Cost leadership----Low cost 2: Cost leadership----Best value 3: Differentiation 4: Focus----Low cost 5: Focus----Best value Michael porter’s five generic strategies GENERIC STRATEGIES SIZE OF MARKET Cost leadership Differentiation Focus Large Type 1 Type 2 Type 3 --- Type 3 • • • • • Joint venture/Partnering Merger/Acquisition Private-Equity Acquisitions First Mover Advantages Outsourcing Strategic management in nonprofit and governmental organizations • Educational institutions • Medical organizations • Governmental Agencies and Departments --- Small Means for achieving strategies Type 4 Type 5 Meeting the challenge of high-velocity change Strategic posture Actions Strategy  Introduce better productions in Defensive Reacting to change  React and respond as response to new offerings of rivals needed  Defend and protest the company’s position  Respond to unexpected changes in buyer needs and preferences  Adjust to new government policies  Analyze the prospects for market globalization Anticipating change  Research buyer needs, preferences and expectations  Monitor new technological developments closely to predict future path  Pioneer new and better Offensive Leading change technologies  Introduce innovative products that open new markets and spur the creation of whole new industries  Seek to set industry standards Chap 5: Strategies in Action  Plan ahead for expected future changes  Add/adapt resources and competitive capabilities  Improve product line  Strengthen distribution  Seize the offensive  Be the agent of industry change; set the pace  Influence the rules of the game  Force rivals to follow 3

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