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introduction to strategic management
The document provides an overview of strategic management, detailing its historical development, key concepts, and processes involved in strategic decision-making. It highlights the importance of understanding strategy within a long-term organizational context and outlines various schools of thought on strategy formation. Furthermore, it emphasizes the dynamic and iterative nature of the strategic management process, including formulation, implementation, evaluation, and control.
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introduction to strategic management
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- 2. Develop awarenessabout the historical development of strategic management in India and around the world Grasp the concept of strategy and its limitations Learn how the process of strategic decision- making works Develop awareness about the various schools of thought on strategy formation Gain command of how the strategic management process operates 2
- 3. The genesisof strategic management and business policy Evolution based on managerial practices Historical perspective of evolution of strategic management Pointers to the future 3
- 4. 4 Vision and Mission Goals and Objectives Strategy: Arenas Vehicles Differentiators Staging Economiclogic Implementation Levers and Strategic Leadership Internal and External Strategic Analysis Hambrick and Fredrickson Model of Strategic Management D. C. Hambrick & J. W. Fredrickson: “Are you sure you have a strategy?” (2001). Academy of Management Executive Vol. 15, No. 4, pp. 48-59
- 5. Role ofIIMs and ASCI Role of AICTE Role of AIMS Role of AIMA India-focused international studies Strategic Management Forum of India Publications 5
- 6. The termstrategic is often misunderstood, misinterpreted and misused. The literature and texts in strategic management assign a definite meaning to the term ‘strategic’. Marketing strategy, advertising strategy or purchasing strategy and strategic procurement or strategic recruitment are commonly used terms. Strategic means when things are done keeping in view the objectives and strategies of the organisation and is seen as something having a long-term and vital significance to the future of the organisation. 6
- 7. A strategy couldbe: a plan or course of action or a set of decision rules making a pattern or creating a common thread; the pattern or common thread related to the organisation's activities which are derived from the policies, objectives and goals; related to pursuing those activities which move an organisation from its current position to a desired future state; concerned with the resources necessary for implementing a plan or following a course of action; and connected to the strategic positioning of a firm, making trade-offs between its different activities, and creating a fit among these activities. the planned or actual coordination of the firm's major goals and actions, in time and space that continuously co-align the firm with its environment. 7
- 8. 8 Corporate Office SBU A SBU B Finance Marketing OperationsHRM Information LEVELS OF MANAGEMENT LEVELS OF STRATEGY CORPORATE CORPORATE-LEVEL SBU BUSINESS-LEVEL FUNCTIONAL SBU C
- 9. Objectives tobe achieved are determined; Alternative ways of achieving the objectives are identified; Each alternative is evaluated in terms of its objective-achieving ability; and The best alternative is chosen. 9
- 10. Problem relatedto objective-setting. The identification of alternatives. The objective-achieving ability of each alternative. Choosing the best alternative is a formidable task. 10
- 11. Criteria fordecision-making Rationality in decision-making Creativity in decision-making Variability in decision-making Person-related factors in decision- making Individual versus group decision- making. 11
- 12. The prescriptiveschools The descriptive schools The integrative school 12
- 13. Design schoolwhere strategy formation is a process of conception Planning school where strategy formation is a formal process Positioning school where strategy formation is an analytical process 13
- 14. Entrepreneurial schoolwhere strategy formation is a visionary process Cognitive school where strategy formation is a mental process Learning school where the strategy formation is an emergent process 14
- 15. Power schoolwhere the strategy formation is a negotiation process Cultural school where the strategy formation is a collective process Environmental school process where the strategy formation is a reactive process 15
- 16. Configuration schoolwhere the strategy formation is a process of transformation. 16
- 17. Strategic managementis defined as the dynamic process of formulation, implementation, evaluation and control of strategies to realise the organization’s strategic intent. 17
- 18. Dynamic process. Continual, evolving, iterative process. Evolving mosaic of relevant activities. 18
- 19. 19 Formulation of strategies Implementation of strategies Strategic evaluation Strategiccontrol Establishment of strategic intent
- 20. 20 Strategy Formulation Environmental Organisational AppraisalAppraisal SWOT Analysis Corporate-level Strategies Business-level Strategies Strategic analysis and choice Strategic plan Strategic Intent Vision Mission Business definition Business model Objectives Strategy Implementation Project Procedural Resource allocation Structural Behavioural Functional & Operational Implementation Strategic control Strategic Evaluation Strategic evaluation and control