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Chapter 9

Chapter 9

12 Pages
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Department
Global Management Studies
Course Code
GMS 200
Professor
Sui Sui

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Chapter 9 Strategic Management
Key Study Questions for Chapter 9
1.What are the foundations of strategic competitiveness?
2.What is the strategic management process?
3.What types of strategies are used by organizations?
4.How are strategies formulated?
5.What are current issues in strategy implementation?
Study Question 1: What are the foundations of strategic competitiveness?
Basic concepts of strategy:
oCompetitive advantage operating with an attribute or set of attributes that
allows an organization to outperform its rivals.
oSustainable competitive advantage one that is difficult for competitors to
imitate.
oStrategy a comprehensive action plan that identifies long-term direction
for an organization and guides resource utilization to accomplish
organizational goals with sustainable competitive advantage.
oStrategic intent focusing all organizational energies on a unifying and
compelling goal.
oStrategic management the process of formulating and implementing
strategies to accomplish long-term goals and sustain competitive advantage.
Goal of strategic management is to create above-average returns for investors.
oReturns exceeding those for alternative opportunities at equivalent risk.
oEarning above-average returns depends in part on the organizations
competitive environment.
Environments and competitive advantage:
oMonopoly.
Only one player and no competition.
Creates absolute competitive advantage.
oOligopoly.
Few players not directly competing against each other.
Long-term competitive advantage in defined market segment.
oHypercompetition.
Several players directly competing against each other.
Any competitive advantage is only temporary.
Study Question 2: What is the strategic management process?
Strategy formulation
oThe process of creating strategy.
oInvolves assessing existing strategies, organization, and environment to
develop new strategies and strategic plans capable of delivering future
competitive advantage.
www.notesolution.com
Figure 9.1 Strategy formulation and implementation in the strategic management process
Strategic question for strategy formulation:
oWhat is our business mission?
oWho are our customers?
oWhat do our customers consider value?
oWhat have been our results?
oWhat is our plan?
Strategy implementation
oThe process of allocating resources and putting strategies into action.
oAll organizational and management systems must be mobilized to support
and reinforce the accomplishment of strategies.
Essential tasks for strategy implementation:
oIdentify organizational mission and objectives.
www.notesolution.com
oAssess current performance vis-à-vis mission and objectives.
oCreate strategic plans to accomplish purpose and objectives.
oImplement the strategic plans
oEvaluate results; change strategic plans and/or implementation processes as
necessary.
Analysis of mission:
oThe reason for an organizations existence.
oGood mission statements identify:
Customers
Products and/or services
Location
Underlying philosophy
oAn important test of the mission is how well it serves the organizations
stakeholders.
Figure 9.2 How external stakeholders can be valued as strategic constituencies of
organizations
Analysis of values:
oValues are broad beliefs about what is or is not appropriate.
oStrong core values for an organization helps build institutional identity, gives
character to an organization, and it backs up the mission statement.
oOrganizational culture reflects the dominant value system of the
organization as a whole.
Organizational culture
oShapes the values of managers and other organization members.
oPoints people in common directions.
oHelps build institutional identity.
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Description
Chapter 9 Strategic Management Key Study Questions for Chapter 9 1. What are the foundations of strategic competitiveness? 2. What is the strategic management process? 3. What types of strategies are used by organizations? 4. How are strategies formulated? 5. What are current issues in strategy implementation? Study Question 1: What are the foundations of strategic competitiveness? Basic concepts of strategy: o Competitive advantage operating with an attribute or set of attributes that allows an organization to outperform its rivals. o Sustainable competitive advantage one that is difficult for competitors to imitate. o Strategy a comprehensive action plan that identifies long-term direction for an organization and guides resource utilization to accomplish organizational goals with sustainable competitive advantage. o Strategic intent focusing all organizational energies on a unifying and compelling goal. o Strategic management the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage. Goal of strategic management is to create above-average returns for investors. o Returns exceeding those for alternative opportunities at equivalent risk. o Earning above-average returns depends in part on the organizations competitive environment. Environments and competitive advantage: o Monopoly. Only one player and no competition. Creates absolute competitive advantage. o Oligopoly. Few players not directly competing against each other. Long-term competitive advantage in defined market segment. o Hypercompetition. Several players directly competing against each other. Any competitive advantage is only temporary. Study Question 2: What is the strategic management process? Strategy formulation o The process of creating strategy. o Involves assessing existing strategies, organization, and environment to develop new strategies and strategic plans capable of delivering future competitive advantage. www.notesolution.comFigure 9.1 Strategy formulation and implementation in the strategic management process Strategic question for strategy formulation: o What is our business mission? o Who are our customers? o What do our customers consider value? o What have been our results? o What is our plan? Strategy implementation o The process of allocating resources and putting strategies into action. o All organizational and management systems must be mobilized to support and reinforce the accomplishment of strategies. Essential tasks for strategy implementation: o Identify organizational mission and objectives. www.notesolution.com
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