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CPS 310 (1)
Final

[07] GMS200 Finally Useful Stuff.txt

6 Pages
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Department
Computer Science
Course Code
CPS 310
Professor
Horatio Morgan

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Description
>> Outline > Foundations of Strategic Management > Strategic management process > Strategies used by organizations > Development of Strategies > Current issues in strategy implementation - Basic concepts of strategy - Competitive advantage - Sustainable competitive advantage - Strategy - Strategic intent - Strategic management > Foundations of strategic competitiveness - Environments and competitive advantage - Monopoly - Only one player and no competition - Creates absolute competitive advantage - Oligopoly - Few players not directly competing against each other - Long-term competitive advangate in defined market segment -Hypercompetition - Several players directly competing against each other - Any competitive advangate is only temporary - Strategy formulation - The process of creating strategy - Involves assessing existing strategies, organizations, and environment to develop new strategies and strategic plans capable of deliver ing future competitive advantage - Strategy Formulation - Creating Stratgies - Identify and analyze current: Mission, Objectives, Strategies - Analyze internal and external environments: Organizational resources and capabilities (strengths and weaknesses), Industry and extern al environment (opportunities and threats) - Revise mission and objectives, select new strategies: Corperate, Busin ess Functional - Strategy Implementation - Putting strategies into action - Implement strategies: - Corporate governance - Management systems and practices - Strategic leadership - Evaluate results - Strategic control - Renew strategic management process - Strategic question for strategy formlation - What is our business mission? - Who are our customers? - What do our customers consider value? - What have been our results? - What is our plan? - Strategy Implementation - The process of allocating resources and putting strategies into action - All organizational and management systens must be mobilized to support and reinforce the accomplishment of strategies. - Essential tasts for strategy implementation - Identify organizational mission and objectives - Assess current performance vis-a-vis mission and objectives - Create strategic plans to accomplish purpose and objectives - Implement the strategic plans - Evaluate results; change strategic plans and/or implementation processes as necessary - Analysis of mission - The reson for an organization's existence - Good mission statements identify: - Customers - Products and/or services - Location - Underlying Philosophy - An important test of the mission is how well it serves the organizatio n's stakeholders - How external stakeholders can be valued as strategic constituencies of organiz ation - Mission: - Employees: We respect the individuality of each employee. Crea tivity and productivity are encouraged, valued, and rewarded - Communities: We are committed to being caring and supportive c orperate citizens within the worldwide communities in which we operate - Shareholders: We are dedicated to performing in a manner that will enhance returns on investments - Customers: We are commited to providing superior value in out products and services - Suppliers: We think of our suppliers as partners who share our goal of highest quality - Strategic management process: - Analysis of values - Organizational culture - Analysis of objectives - Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis > SWOT Analysis: - Internal Assessment of the Organizations: - What are our strengths? - Manufacturing efficiency? - Skilled workforce? - Good market share? - Strong financing? - Superior reputation? - What are our weaknesses? - Outdated facilities? - Inadequate R&D? - Obsolete technologies? - Weak management? - Past planning failures? - External Assessment of the Environment - What are our opportunities? - Possible new markets? - Strong economy? - Weak market rivals? - Emerging technologies? - Growth of existing market? - What are our threats? - New competitors? - Shortage of resources? - Changing market tastes? - New regulations? - Substitutes Products? - Analysis of the industry and environment - Assessment of macro environment: - Technology - Government - Social structures and population demographics - Global economy - Natural environment - Analysis of industry environment - Resource suppliers - Competitors - Customers - Industry Competition: Rivalry among competing firms - New Entrants: Threat of potential new competitors - Customers: Bargaining power of buyers - Substitute Products: Threat of substitute
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