西交大战略管理教学课件

1、STRATEGIC MANAGEMENT:Concepts and Casesfor MBA Class 131-132Zhang YongXian Jiaotong University 牛牛文库文档分享Main Issues to be Covered:Strategic management-conceptenvironment analysis-external and internalstrategies at different levelsstrategy formulationstrategy implementationstrategy evaluationcases 牛牛文

2、库文档分享Chapter 1Strategic Management and introductory remarks 牛牛文库文档分享Chapter OutlineFive Tasks of Strategic ManagementDeveloping a Strategic Vision and MissionSetting ObjectivesCrafting a StrategyImplementing the StrategyEvaluating Performance and Initiating Corrective AdjustmentsWhy Strategic Manage

3、ment Is a ProcessWho Performs the Tasks of Strategy?Benefits of “Managing Strategically”Terms to Remember 牛牛文库文档分享Thinking Strategically:The Three Big Strategic Questions1. Where are we now - what is our situation?2. Where do we want to go?Business(es) we want to be in and market positions we want t

4、o stake outBuyer needs and groups we want to serveOutcomes we want to achieve3. How will we get there? 牛牛文库文档分享What Is Strategy?Competitive moves and business approaches management employs in running a companyManagements “game plan” toPlease customers Position a company in its chosen marketCompete s

5、uccessfullyAchieve good business performance 牛牛文库文档分享Craft aStrategyto AchieveObjectivesSetObjectivesDevelop aStrategicVision& MissionImplement& ExecuteStrategyEvaluate & Make CorrectionsImprove/ChangeRevise asNeededRevise asNeededImprove/ChangeRecycleas NeededTask 1Task 2Task 3Task 4Task 5The Five

6、Tasksof Strategic Management 牛牛文库文档分享Developing a Vision and MissionBegins with thinking strategically aboutThe firms future business makeup Where to take the firm The task is toCreate a roadmap of a companys futureDecide what future business position to stake outProvide long-term directionGive the

7、firm a strong identity 牛牛文库文档分享Missions vs. Strategic VisionsA mission statement focuses on current (and permanent) business activitiesBusiness(es) company is in nowCustomer needs currently being servedA strategic vision concerns a firms future business path The kind of company it is trying to becom

8、eCustomer needs to be satisfied in the future 牛牛文库文档分享Sample Mission StatementSouthwest Airlines:The mission of Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit. 牛牛文库文档分享Setting Objectives

9、Establishing OBJECTIVESConverts vision into specific performance targetsCreates yardsticks to track performancePushes firm to be inventive and focusedHelps prevent coasting and complacency(self-satisfied and not aggressive) if targets require stretchThe Second Task of Strategic Management 牛牛文库文档分享Ty

10、pes of Objectives RequiredOutcomes focused on improving a firms financial performanceOutcomes focused on improving a firms competitiveness and its long-term business positionFinancial Objectives Strategic Objectives$ 牛牛文库文档分享Examples: Financial ObjectivesGrow earnings per share 15% annuallyBoost ann

11、ual return on investment from 15% to 20%Increase annual dividends per share to stockholders by 5% each yearStrive for stock price appreciation equal to or above the 500 averageMaintain a positive cash flowAchieve and maintain a AA bond rating 牛牛文库文档分享Examples: Strategic ObjectivesIncrease firms mark

12、et share Overtake key rivals on quality or customer service or product performanceAttain lower overall costs than rivalsBoost firms reputation with customersAttain stronger foothold in international marketsAchieve technological superiorityBecome leader in new product introductionsCapture attractive

13、growth opportunities 牛牛文库文档分享Crafting a StrategyStrategy involves determining whether toConcentrate on a single business or several businesses (diversification)Cater to a broad range of customers or focus on a particular nicheDevelop a wide or narrow product linePursue a competitive advantage based

14、onLow cost orProduct superiority orUnique organizational capabilitiesThe Third Task of Strategic Management 牛牛文库文档分享Involves deciding how toRespond to changing buyer preferencesOutcompete rivalsRespond to new market conditionsGrow the business over the long-termAchieve performance targetsOur strateg

15、y will be . . . Crafting a Strategy 牛牛文库文档分享Strategy Is Both Planned and Reactive to Changing CircumstancesActualStrategyPlanned (or Intended)StrategyAdaptiveReactions 牛牛文库文档分享The Hows ThatDefine a Firms Strategy How to grow the businessHow to please customersHow to outcompete rivalsHow to respond t

16、o changing market conditionsHow to manage each functional piece of the business and develop needed organizational capabilitiesHow to achieve strategic and financial objectivesStrategy is HOW to . . . 牛牛文库文档分享Understanding Company Strategy - What to Look ForPatternof ActionsThat DefineStrategyActions

17、 to Strengthen Resources & CapabilitiesDiversificationResponses toChanging ConditionsOffensive Moves to Gain EdgeChanges in Product Line,Quality, or ServiceGeographicCoverageForward orBackward Integration, CollaborationHow Functional Activities Are ManagedDefensive MovesPursuing New Opportunities 牛牛

18、文库文档分享Strategy Example: McDonaldsStrategic prioritiesContinued growthProviding exceptional customer careRemaining an efficient and quality producerOffering high value and tasting productsEffectively marketing McDonalds brand on a global scale 牛牛文库文档分享Core Elements ofMcDonalds StrategyAdd 2500 restau

19、rants annuallyPromote frequent customer visits via attractive menu items, low-price specials, and Extra Value MealsBe highly selective in granting franchisesLocate on sites offering convenience to customers and profitable growth potentialFocus on limited menu and consistent qualityCareful attention

20、to store efficiencyExtensive advertising and use of Mc prefixHire courteous (polite) personnel; pay an equitable wage; provide good training 牛牛文库文档分享Crafting Strategy Is anExercise in EntrepreneurshipStrategy-making is a market-driven and customer-driven activity that involvesRisk-taking and venture

21、somenessInnovation and business creativityKeen eye for spotting market opportunitiesKeen observation of customer needsChoosing among alternatives 牛牛文库文档分享Characteristics ofEntrepreneurial ManagersBoldly pursue new strategic opportunitiesEmphasize out-innovating the competitionLead the way to improve

22、 firm performanceWilling to be a first-mover and take risksRespond quickly and opportunistically to new developmentsDevise leading strategies 牛牛文库文档分享Why Do Strategies Evolve?There is always an ongoing need to react toShifting market conditionsFresh moves of competitorsNew technologiesEvolving custo

23、mer preferencesPolitical and regulatory changesNew windows of opportunityThe crisis of the moment 牛牛文库文档分享What Is a Strategic Plan?Where firm is headed - Strategic vision and business missionAction approaches to achieve targeted results - A comprehensive strategy Short and long term performance targ

24、ets -Strategic and financial objectives 牛牛文库文档分享Implementing StrategyCreating fits between way things are done and what it takes for effective strategy executionGetting the organization to execute strategy proficiently and efficientlyProducing excellent results in a timely mannerThe Fourth Task of S

25、trategic Management 牛牛文库文档分享Strategy implementation is aninternal, operations-driven activityinvolving organizing, budgeting,motivating, culture-building,supervising, and leading to “make the strategy work”as intended!Strategy Implementation 牛牛文库文档分享What Does StrategyImplementation Include?Building

26、a capable organizationAllocating resources to strategy-critical activitiesEstablishing strategy-supportive policiesMotivating people to pursue objectivesTying rewards to achievement of resultsCreating a strategy-supportive corporate cultureInstalling needed information, communication, and operating

27、systemsInstituting best practices for continuous improvementExerting strategic leadership 牛牛文库文档分享Evaluating PerformanceThe tasks of strategy are not a one-time only exerciseTimes and conditions changeEvents unfoldBetter ways to do things emergeNew managers with different ideas take over The Fifth T

28、ask of Strategic Management 牛牛文库文档分享Evaluating PerformanceCorrective adjustmentsAlter long-term directionRedefine the businessRaise or lower performance objectivesModify the strategyImprove strategy execution 牛牛文库文档分享Characteristics of the Strategic Management ProcessNeed to perform tasks never goes

29、 awayBoundaries among tasks are blurryStrategizing is not isolated from other managerial activitiesTime required comes in lumps and spurtsThe big challenge is to get the best strategy-supportive performance from employees, perfect current strategy, and improve strategy execution 牛牛文库文档分享Craft aStrat

30、egyto AchieveObjectivesSetObjectivesDevelop aStrategicVision& MissionImplement& ExecuteStrategyEvaluate & Make CorrectionsImprove/ChangeRevise asNeededRevise asNeededImprove/ChangeRecycleas NeededTask 1Task 2Task 3Task 4Task 5The Five Tasksof Strategic Management 牛牛文库文档分享Strategy Is Both Planned and

31、 Reactive to Changing CircumstancesActualStrategyPlanned (or Intended)StrategyAdaptiveReactions 牛牛文库文档分享Understanding Company Strategy - What to Look ForPatternof ActionsThat DefineStrategyActions to Strengthen Resources & CapabilitiesDiversificationResponses toChanging ConditionsOffensive Moves to

32、Gain EdgeChanges in Product Line,Quality, or ServiceGeographicCoverageForward orBackward Integration, CollaborationHow Functional Activities Are ManagedDefensive MovesPursuing New Opportunities 牛牛文库文档分享Strategic Management PrincipleStrategy-making is a job for line managers, not a staff of planners

33、- doers should be the strategy-makers! 牛牛文库文档分享Strategic Role of aBoard of DirectorsContinuously audit validity of a companys long-term direction and strategyEvaluate strategic leadership skills of the CEO and candidates to succeed the CEO 牛牛文库文档分享Strategic Management PrincipleA board of directors r

34、ole in the strategic management process is to critically appraise and ultimately approve strategic action plans, but rarely, if ever, to develop the details! 牛牛文库文档分享Levels of Strategy-MakingCorporate StrategyBusiness Strategies (Competitive Strategy)Functional StrategiesOperating StrategiesTwo-Way

35、InfluenceTwo-Way InfluenceTwo-Way InfluenceCorporate-Level ManagersBusiness-Level ManagersOperatingManagersFunctional Managers 牛牛文库文档分享Main issues of Corporate StrategyMoves to achieve diversificationActions to boost performance of individual businessesCapturing synergy among business units 2 + 2 =

36、5 effects!Establishing investment priorities and steering corporate resources into the most attractive business units 牛牛文库文档分享Main Issues of Business StrategyForming responses to changes in industry and competitive conditions, buyer needs and preferences, economy, regulations, etc.Crafting competiti

37、ve moves leading to sustainable competitive advantageBuilding competitively valuable competencies and capabilitiesCOMPETITIVE STRATEGYUniting strategic initiatives of functional areasAddressing strategic issues facing the company 牛牛文库文档分享Functional StrategiesGame plan for a strategically-relevant fu

38、nction, activity, or business processDetails how key activities will be managedProvide support for business strategySpecify how functional objectives are to be achieved 牛牛文库文档分享Operating StrategiesConcern narrower strategies for managing grassroots activities and strategically-relevant operating uni

39、tsAdd detail to business and functional strategies but of lesser scope 牛牛文库文档分享Strategic Management PrincipleTo be a real winner, a strategy must(1) Fit the enterprises situation (2) Build sustainable competitive advantage (3) Improve company performance 牛牛文库文档分享Factors Shaping theChoice of Company

40、StrategyCompetitiveConditions & IndustryAttractivenessSocietal, Political,RegulatoryFactorsCompanyOpportunities&ThreatsCompanys Strategic SituationInfluencesof KeyExecutivesResourceStrengths&WeaknessesShared Values&CultureDetermineRelevanceof Internal& External FactorsIdentify &Evaluate Alterna-tive

41、sCrafttheStrategyExternal FactorsInternal Factors 牛牛文库文档分享Recap of Important TermsA view of an organizations future direction and business course; a guiding concept for what the organization is trying to do and to become.Represents managements customized answer to the question “what is our business

42、and what will it be.” A mission statement broadly outlines the organizations future direction and serves as a guiding concept for what the organization is to do and to become.Strategic VisionOrganization Mission 牛牛文库文档分享Recap of Important TermsOrganizations targets for achievement; both short and lo

43、ng range objectives are needed.Financial performance targets a company wants to achieve.Targets relating to strengthening a companys overall market position and competitive viability.Performance ObjectivesFinancial ObjectivesStrategic Objectives 牛牛文库文档分享Recap of Important TermsAchievement levels to

44、be reached within the next three to five years.Near-term performance targets; they establish the pace for achieving the long-range objectives.Long-Range ObjectivesShort-Range Objectives 牛牛文库文档分享Recap of Important TermsManagerial action plan for achieving organizational objectives; strategy is mirror

45、ed in the pattern of moves and approaches devised by management to produce the desired performance. Strategy is the how of pursuing an organizations mission and reaching target objectives.Statement outlining an organizations mission and future direction, near-term and long-term performance targets,

46、and strategy, in light of organizations external and internal situation.StrategyStrategic Plan 牛牛文库文档分享Recap of Important TermsIncludes the full range of managerial activities associated with putting the chosen strategy into place, supervising its pursuit, and achieving the targeted results.Strategy

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