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THINKINGSTRATEGICALLY
Dr. Chris Peterson
KEY ISSUES
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What is strategic management?
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Why does strategic managementalways come last?
Strategic Management?
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The PROCESS of CRAFTING andIMPLEMENTING an organizational“game plan” for:
 – Creating customer value – Sustaining competitive advantage – Achieving performance targets
 
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Strategic Management?
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NOT operations management
 – Wrong question: Are we doing things right?(operations management question) – Correct question: Are we doing the rightthings? (strategic management question)
The 6 P’s of ThinkingStrategically
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Plan--Consciously intended action
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Ploy--Move to outwit competition
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Pattern--Long-run consistent success
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Position--Sustainable market presence
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Purpose--Collective direction
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Push--Means to stretch the firm
The Strategy Process
Assumptions& Beliefsabout theFirm’s WorldDevelopmentof StrategyOperations
(StrategyImplementation)
PerformanceControlSelect/AlterChallengeChange?
 
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Effective Strategy
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Delivers value to customers
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Builds on strengths (overcomesweaknesses)
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Captures opportunities (avoids threats)
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Is sustainable across time
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Can fit any level in the firm
Why Plan Strategy?
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Builds a bridge between intention andaction.
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Demands that you focus rather than be“all things to all people.”
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Minimizes the risk of incompatibleactions.
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Supports the communication of thefirm’s identity.
Why Does Strategic ManagementCome Last?
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Managers are more comfortable withtightening control (Loop 1).
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Managers have many things to do.
 – Operational planner, organizer, liaison,supervisor, resource allocator, taskdelegator, figurehead, coach, technicalproblem solver, entrepreneur, monitor,disturbance handler
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