Professional Documents
Culture Documents
Ch 1 -1
Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives
Ch 1 -3
Strategic Management
Ch 1 -4
Ch 1 -5
Strategy Formulation
Vision & Mission External Opportunities & Threats Internal Strengths & Weaknesses Long-Term Objectives Alternative Strategies
Strategy Selection
Ch 1 -6
Ch 1 -7
Strategy Implementation
Ch 1 -8
Strategy Implementation
Action Stage of Strategic Management Most difficult stage Mobilization of employees & managers Interpersonal skills critical Consensus on goal pursuit
Ch 1 -9
Strategy Evaluation
Ch 1 -10
Strategy Evaluation
Final Stage of Strategic Management
Subject to future modification Todays success no guarantee of future success New & different problems Complacency leads to demise
Ch 1 -11
Peter Drucker: Think through the overall mission of a business. Ask the key question: What is our Business?
Ch 1 -12
The strategic management process attempts to organize quantitative and qualitative information under conditions of uncertainty.
Ch 1 -13
Intuition is useful for decision making in: Conditions of great uncertainty Conditions with little precedent
Ch 1 -14
Ch 1 -15
Intuitive Thinking
Ch 1 -16
Adapting to Change
Ch 1 -17
Ch 1 -18
Ch 1 -19
Adapting to Change
Effective Adaptation
Ch 1 -21
What kind of business should we become? Are we in the right fields? Are there new competitors? What strategies should we pursue? How are our customers changing?
Ch 1 -22
Key Terms
Strategists Firms success/failure
Various Job Titles:
Chief Executive Officer (CEO) Chief Strategy Officer (CSO) President Owner Board Chair Executive Director
Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall Ch 1 -23
Ch 1 -24
Key Terms
Ch 1 -25
Key Terms
Opportunities & Threats (External)
Analysis of Trends:
Economic Social Cultural Demographic/Environmental Political, Legal, Governmental Technological Competitors
Ch 1 -26
Ch 1 -27
Ch 1 -28
Key Terms
Ch 1 -29
Key Terms
Strengths & Weaknesses (Internal)
Typically located in functional areas of the firm Management Marketing Finance/Accounting Production/Operations Research & Development
Ch 1 -30
Performance Metrics
Internal Factors
Industry Averages
Survey Data
Ch 1 -31
Key Terms
Long-term Objectives
Ch 1 -32
Key Terms
Long-term Objectives
Essential for ensuring the firms success Provide direction Aid in evaluation Create synergy Focus coordination Basis for planning, motivating, and controlling
Ch 1 -33
Key Terms
Strategies
Ch 1 -34
Key Terms
Strategies
Some Examples Geographic expansion Diversification
Acquisition
Market penetration Retrenchment Liquidation Joint venture
Ch 1 -35
Key Terms
Annual Objectives
Ch 1 -36
Key Terms
Policies
Ch 1 -37
Chapter 3
Long-Term Objectives
Chapter 2
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Internal Audit
Chapter 4
Ch 1 -38
Ch 1 -39
Identify Existing
Vision Mission
Objectives
Strategies
Ch 1 -40
Audit external environment Audit internal environment Establish long-term objectives Generate, evaluate, and select strategies Implement selected strategies Measure & evaluate performance
Ch 1 -41
Ch 1 -42
Ch 1 -43
Ch 1 -44
Ch 1 -45
Ch 1 -46
Ch 1 -47
Suspicion
Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall Ch 1 -49
Principles of conduct within organizations that guide decision making and behavior
Ch 1 -50
Ch 1 -51
Provides basis on which policies can be devised to guide daily behavior and decisions in the workplace
Ch 1 -52
Misleading advertising Misleading labeling Harm to the environment Insider trading Dumping flawed products on foreign markets Poor product or service safety Padding expense accounts
Ch 1 -53
What are ISO 14000 & 14001? Requirements for ISO 14001 Environmental Management Systems (EMS)
Ch 1 -54
Ch 1 -55
Cultural differences
Ch 1 -56
Ch 1 -57
Ch 1 -58
Difficult communications Underestimate foreign competition Cultural barriers to effective management Complications arising from currency differences
Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall Ch 1 -59