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C H A P T E R

Strategic Management Lecture Outline

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Introduction  The Importance of Strategic Management What Is Strategic Management? Why Is Strategic Management Important?  The Strategic Management Process Step 1: Identifying the Organization’s Current Mission !oa"s and Strategies Step #: $oing an %&terna" 'na"ysis Step (: $oing an Interna" 'na"ysis Step ): *ormu"ating Strategies Step +: Imp"ementing Strategies Step ,: %-a"uating .esu"ts  Types of Organizationa" Strategies Corporate Strategy !ro/th Sta0i"ity .ene/a" Corporate Portfo"io 'na"ysis usiness or Competiti-e Strategy  The .o"e of Competiti-e 'd-antage 2ua"ity 's a Competiti-e 'd-antage Sustaining Competiti-e 'd-antage Competiti-e Strategies  The .u"e of Three *unctiona" Strategy Strategic Management in Today’s %n-ironment Strategic *"e&i0i"ity 3e/ $irections in Organizationa" Strategies

Mergers4

Strategic a""iances4 $o/nsizing4 Spin5o6s4 !"o0a" e&pansion4  Today’s ne/s is 7""ed /ith e&"es of  changing organizationa" strategies4 In the chapter5opening Manager’s 8' $i"emma9 students "earn a0out the important cha""enge facing e-in P"an;’s company o/ can the princip"es of strategic management guide e-in P"an; as he de-e"ops this ne/ strategy?

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Many Po/erPoint S"ides inc"uding 0oth origina" te&t art and ne/"y created images ha-e 0een de-e"oped and are a-ai"a0"e for you to coordinate /ith Chapter %ight materia"s presentation4

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T>% IMPO.T'3C% O* ST.'T%!IC M'3'!%M%3T Managers must carefu""y consider their organization’s interna" and e&terna" en-ironments as they de-e"op strategic p"ans4 They shou"d ha-e a systematic means of ana"yzing the en-ironment assessing their organization’s strengths and /ea;nesses identifying opportunities that /ou"d gi-e the organization a competiti-e ad-antage and incorporating these 7ndings into their p"anning4 The -a"ue of thinking strategically  has an important impact on organization performance4

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41 >o/ is strategic management re"ated to the p"anning function?

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What Is Strategic Management? Strategic management   is /hat managers do to 14 de-e"op the organization’s strategies4 #4 Strategic management in-o"-es a"" four of the 0asic management functions@p"anning organizing "eading and contro""ing4 Materia"s I P"an to
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Why Is Strategic Management Important? 14 Strategic management has a signi7cant impact on ho/ /e"" an organization performs4 #4 In today’s 0usiness /or"d organizations of a"" types and sizes must manage constant"y changing situations4 (4 Today’s companies are composed of di-erse di-isions units functions and /or; acti-ities that must 0e coordinated4 4.

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Strategic management is involved in many of the decisions that managers make.

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SelfA!!e!!ment Li"rar#

E$erci!e in Han%ling Am"iguit#

Managers ha-e a"/ays had to dea" /ith changes ta;ing p"ace inside and outside of their organizations4 Often comp"ete information is not a-ai"a0"e4 Se"f5'ssessment AI4'4) 8>o/ We"" $o I >and"e 'm0iguity?9 /i"" contri0ute to students’ understanding of their o/n persona" characteristics4 Students may /ant to reBect on the fo""o/ing =uestions: n

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What did you disco-er a0out yourse"f in doing this e&ercise? $id anything surprise you a0out your assessment? >o/ can you use this information in he"ping you to strategica""y p"an your career? >o/ do you thin; this information /i"" he"p you as a manager? T>% ST.'T%!IC M'3'!%M%3T P.OC%SS  The !trategic management r'ce!!  is a si&5step process that encompasses strategic p"anning imp"ementation and e-a"uation4 See E$(i"it 8) and P'*erP'int !li%e 88 4D '4 Step 1: Identifying the Organization’s Current Mission, Objecties, and Strategies 14 %-ery organization needs a mi!!i'n+ /hich is a statement of the purpose of an organization4 The mission statement addresses the =uestion: What is the organization’s reason for 0eing in 0usiness? See E$(i"it 8, and P'*erP'int !li%e 8)- 4D NOTES

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Q&A

4# $oes a company’s mission ha-e to 0e /ritten to 0e usefu" and e6ecti-e?

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The organization must identify o0Eecti-es and strategies as /e""4

current

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Step !: "#ternal $nalysis 14 Managers in e-ery organization need to conduct an e&terna" ana"ysis4 InBuentia" factors such as competition pending "egis"ation and "a0or supp"y are inc"uded in the e&terna" en-ironment4 #4 'fter ana"yzing the e&terna" en-ironment managers must assess /hat they ha-e "earned in terms of opportunities and threats4 O'rtunitie! are positi-e trends in e&terna" en-ironmenta" t(reat! factorsF are negati-e trends in en-ironmenta" factors4 (4 ecause of di6erent resources and capa0i"ities the same e&terna" en-ironment can present opportunities to one organization and pose threats to another4 Materia"s I P"an to
Practical Interacti.e S/ill! 0'%ule!

Ask students go the environmental scanning. Q&A

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4( Where can you get information on /hat’s happening in the -arious components of the e&terna" en-ironment?

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Step %: Internal $nalysis 14 Interna" ana"ysis shou"d "ead to a c"ear assessment of the organization’s resources and capa0i"ities4 #4 'ny acti-ities the organization does /e"" or any uni=ue resources that it has are ca""ed !trengt(!4

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4) What’s the di6erence 0et/een an organization’s core competencies and its competiti-e ad-antage?

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4+ What ro"e does an organization’s cu"ture p"ay in its strategy?

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Organizationa" cu"ture is important in interna" ana"ysisF the company’s cu"ture can promote or hinder its strategic actions4

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1ea/ne!!e! are acti-ities the organization does not do /e"" or resources it needs 0ut does not possess4 The organization’s maEor -a"ue5creating s;i""s and capa0i"ities that determine its competiti-e /eapons are the organization’s c're c'metencie! 4

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S1OT anal#!i! is an ana"ysis of the organization’s strengths /ea;nesses opportunities and threats4

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Step &: 'or(ulating Strategies 14 'fter the SWOT managers de-e"op and e-a"uate strategic a"ternati-es and se"ect strategies that are appropriate4 Materia"s I P"an to
SelfA!!e!!ment Li"rar#

E$erci!e in Creati.it# 11%

Creati-ity and inno-ation are important e"ements in strategic p"anning4 Se"f5'ssessment Gi0rary AI4'4+ 8>o/ Creati-e 'm I?9 gi-es your students an opportunity to o0tain feed0ac; on their o/n "e-e"s of  creati-ity4 What did you disco-er a0out yourse"f in doing this e&ercise? $id anything surprise you a0out your assessment? >o/ can you use this information in he"ping you in generating a"ternati-e career paths? >o/ do you thin; this information /i"" he"p you as a manager?

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4, >o/ is SWOT ana"ysis used in the formu"ation of appropriate strategies?

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Strategies need to 0e esta0"ished for corporate 0usiness and functiona" "e-e"s4

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T(in/ing Criticall# A"'ut Et(ic!

Pr'.i%ing 3al!e Inf'rmati'n

When organizations pro-ide information a0out themse"-es products or ser-ices to the genera" pu0"ic /hat and ho/ much information to pro-ide is a critica" =uestion4 'ny information made a-ai"a0"e to the genera" pu0"ic through the company’s We0 site is a-ai"a0"e to the organization’s competitors as /e""4 Present the fo""o/ing =uestions to students in a c"ass discussion: • In an intense"y competiti-e industry /ou"d it 0e /rong for a company to inc"ude mis"eading or e-en fa"se information on its We0 site? Why or /hy not? • • Suppose that the organization’s industry is not   intense"y competiti-e4 Wou"d you fee" di6erent"y? %ncourage students to decide /hat information needs to 0e pro-ided and /hat information shou"d 0e he"d /ithin the organization4 In addition e&p"ore /ith students /hat constitutes mis"eading fa"se or accepta0"e information4

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0anaging 4'ur Career

D'ing a Per!'nal S1OT Anal#!i! 11&

Conducting a persona" SWOT ana"ysis can 0e a -a"ua0"e too" to he"p students assess their o/n s;i""s and preferences in preparation for the Eo0 search process4 In fact doing an indi-idua" SWOT ana"ysis is an e&ce""ent introduction to SWOT since students /i"" 0e fami"iar /ith the su0Eect of the ana"ysis and the process /i"" 0e persona"ized4 'fter your c"ass has studied and discussed 8Managing Hour Career: $oing a Persona" SWOT 'na"ysis9 in the te&t ta"; /ith your students a0out de-e"oping their o/n persona" SWOT ana"ysis4 $e-ote a portion of this c"ass period to gi-ing students an opportunity to consider and /rite a0out their o/n persona" strengths and /ea;nesses4 In order to encourage their critica" thin;ing and /riting you /i"" /ant to assure students that they /i"" ha-e discretion a0out /hether or not their SWOT ana"ysis /i"" 0e shared /ith anyone e"se4 Hou may /ant to a""o/ some time during su0se=uent c"ass sessions for students to /or; on their persona" SWOT ana"ysis and to as; =uestions a0out the process4

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Step *: "aluating +esults 14 >o/ e6ecti-e ha-e the strategies 0een? adEustments necessary? 4 >o/ often shou"d a company change its strategies?

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4 I understand ho/ strategies are formu"ated 0ut ho/ are they imp"emented?

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Step ): I(ple(enting Strategies 14 ' strategy is on"y as good as its imp"ementation4

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0anaging IT

IT5! R'le in C'man# Strateg#

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Since a num0er of students in your c"ass /i"" "i;e"y ha-e emp"oyment e&perience as; students to use their past or present Eo0 en-ironments as a 0asis for thin;ing a0out the importance of IT to the strategies used in a 0usiness4 In-ite students to share their rea"5/or"d e&periences in a 0usiness setting /here an organization has in-ested in IT and has 0ene7ted 0y its imp"ementation4 's; for speci7c e&"es sho/ing ho/ production of goods andJor ser-ices has 0een enhanced in that 0usiness 0y the use of IT4 3e&t as; students to te"" their c"assmates a0out e&periences in the 0usiness /or"d /here they thin; IT in-estment may not ha-e 0een the 0est strategy4 'gain as; for speci7c e&"es from their o/n /or; e&perience so that students can re"ate to the rea"5"ife cha""enges and opportunities presented 0y IT in the /or;p"ace4

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THP%S O* O.!'3IK'TIO3'G ST.'T%!I%S Strategic p"anning ta;es p"ace on three di6erent and distinct "e-e"s: corporate 0usiness and functiona"4 See E$(i"it 86 and P'*erP'int !li%e 8)7 D4 '4 Corporate Strategy C'r'rate !trateg# is an organizationa" strategy that determines /hat 0usinesses a company is in shou"d 0e in or /ants to 0e in and /hat it /ants to do /ith those 0usinesses4 14 There are three main types of corporate strategies: a4 ' gr'*t( !trateg# is a corporate strategy that is used /hen an organization /ants to gro/ and does so 0y e&panding the num0er of  products o6ered or mar;ets ser-ed either through its current 0usinessesD or through ne/ 0usinessesD4 04 ' !ta"ilit# !trateg# is a corporate strategy characterized 0y an a0sence of signi7cant change in /hat the organization is current"y doing4 c4 ' rene*al !trateg# is a corporate strategy designed to address organizationa" /ea;nesses that are "eading to performance dec"ines4 T/o such strategies are retrenchment strategy and turnaround strategy4 C'r'rate P'rtf'li' Anal#!i!  is used /hen an #4 organization’s corporate strategy in-o"-es a num0er of 0usinesses4 Managers can manage this portfo"io of 0usinesses using a corporate portfo"io matri& such as the C! matri&4 a4 The CG matri$  is a strategy too" that guides resource a""ocation decisions on the 0asis of  11'

mar;et share and gro/th rate of S
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usiness Competiti-eD Strategy ' "u!ine!! !trateg# a"so ;no/n as a competiti-e strategyD is an organizationa" strategy focused on ho/ the organization /i"" compete in each of its 0usinesses4 14 The .o"e of Competiti-e 'd-antage4 ' c'metiti.e a%.antage is /hat sets an organization apart that is its distincti-e edge4 'n organization’s competiti-e ad-antage can come from its core competencies4 #4 2ua"ity as a Competiti-e 'd-antage4 If   imp"emented proper"y =ua"ity can 0e one /ay for an organization to create a sustaina0"e competiti-e ad-antage4 Materia"s I P"an to
Passport Part ( Scenario 1

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>a-e students comp"ete Passport Part ( Scenario 1 on =ua"ity programs4

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Sustaining Competiti-e 'd-antage4 'n organization must 0e a0"e to sustain its competiti-e ad-antageF it must ;eep its edge despite competitors’ action and regard"ess of maEor changes in the organization’s industry4

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Michae" Porter’s /or; e&p"ains ho/ managers can create and sustain a competiti-e ad-antage that /i"" gi-e a company a0o-e5a-erage pro7ta0i"ity4 11)

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Industry ana"ysis is an important step in Porter’s frame/or;4 >e says there are 7-e competiti-e forces at /or; in an industryF together these 7-e forces determine industry attracti-eness and pro7ta0i"ity4 See E$(i"it 87  and P'*erP'int !li%e 8,; D4 Porter proposes that the fo""o/ing 7-e factors can 0e used to assess an industry’s attracti-eness: 1D hreat of ne- entrants. >o/ "i;e"y is it that ne/ competitors /i"" come into the industry? Managers shou"d assess 0arriers to entry /hich are factors that determine ho/ easy or diLcu"t it /ou"d 0e for ne/ competitors to enter the industry4 #D hreat of substitutes4 >o/ "i;e"y is it that products of other industries cou"d 0e su0stituted for a company’s products? (D /argaining po-er of buyers4 >o/ much 0argaining po/er do 0uyers customersD ha-e? )D /argaining po-er of suppliers4 >o/ much 0argaining po/er do a company’s supp"iers ha-e? +D Current rialry 4 >o/ intense is the competition among 7rms that are current"y in the industry?

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'ccording to Porter managers must choose a strategy that /i"" gi-e their organization a competiti-e ad-antage4 Porter identi7es three generic competiti-e strategies4 Which strategy managers se"ect depends on the organization’s strengths and core competencies and the particu"ar /ea;nesses of its competitorsD4 a4 ' c'!t lea%er!(i !trateg#   is a 0usiness or competiti-e strategy in /hich the organization competes on the 0asis of ha-ing the lo-est costs in its industry4 04 ' %i
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o6ers uni0ue products that are /ide"y -a"ued 0y customers4 ' f'cu! !trateg# is a 0usiness or competiti-e strategy in /hich a company pursues a cost or di6erentiation ad-antage in a narro- industry seg(ent 4

'n organization that has 0een not 0een a0"e to de-e"op either a "o/ cost or a di6erentiation competiti-e ad-antage is said to 0e 8 !tuc/ in t(e mi%%le 49 Su0se=uent research indicates that it is possi0"e though -ery diLcu"t for organizations that are stuc; in the midd"e to achie-e high performance4

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*unctiona" Strategy 3uncti'nal !trateg# is the strategies used 0y an organization’s -arious functiona" departments to support the 0usiness or competiti-e strategy4 Materia"s I P"an to
ST.'T%!IC M'3'!%M%3T I3 TO$'H’S %3I.O3M%3T '4 The .u"e of Three4 Competiti-e forces in an industry if  ;ept re"ati-e"y free from go-ernment interference or other specia" circumstances /i"" ine-ita0"y create a situation /here three companies dominate any gi-en mar;et4

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SelfA!!e!!ment Li"rar#

E$erci!e in Tur"ulent C(ange

$ea"ing /ith tur0u"ent change is a critica" success s;i"" for e6ecti-e strategic p"anning4 Se"f5'ssessment Gi0rary AIII4C41 8>o/ We"" $o I .espond to Tur0u"ent Change?9 gi-es your students the opportunity to get feed0ac; a0out their o/n e6ecti-eness in responding to change4 What did you disco-er a0out yourse"f in doing this e&ercise? $id anything surprise you a0out your assessment? >o/ can you use this information in he"ping you in generating a"ternati-e career paths? >o/ do you thin; this information /i"" he"p you as a manager?

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3e/ $irections in Organizationa" Strategies 14 %5usiness Strategies4
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3'cu! 'n Lea%er!(i

Strategic Lea%er!(i= It5! All A"'ut >i!i'n ? ? ? an% 0're

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'fter you and your students ha-e discussed the si& responsi0i"ities of an e6ecti-e strategic "eader gi-e your students an opportunity to consider the importance of the 7rst responsi0i"ity "isted in the te&t: 'n e6ecti-e strategic "eader determines the organization’s purpose or -ision4 's; students for other /ords that come to mind /hen they hear the /ord ision4 Pro-ide a dictionary and as; one student to "oo; up and read the appropriate de7nition of -ision to the c"ass4 Gead a discussion in /hich you as; your students to descri0e the di6erence 0et/een the terms (ission  and ision4 Hou may /ant to pose the fo""o/ing =uestions for further discussion: •

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Why is ha-ing and communicating a c"ear -ision -ita" to the success of a "eader in inBuencing mem0ers of an organization to fo""o/? What s;i""s and =ua"ities shou"d a manager ha-e in order to communicate hisJher -ision to emp"oyees of the organization? What s;i""s and =ua"ities shou"d a manager ha-e in order to communicate hisJher -ision for the organization to e&terna" sta;eho"ders? >o/ does the "eader of our uni-ersity communicate hisJher -ision to interna" and e&terna" sta;eho"ders? $oes our uni-ersity ha-e a /ritten mission statement? Is it an integra" part of the uni-ersity’s We0 site? $o I ha-e a persona" mission statement? If not /hat 0ene7ts cou"d I deri-e from /riting one?

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Customer Ser-ice Strategies4 These strategies gi-e customers /hat they /ant communicate e6ecti-e"y /ith them and pro-ide emp"oyees /ith customer ser-ice training4

Inno-ation Strategies4 These strategies focus on 0rea;through products and can inc"ude the app"ication of e&isting techno"ogy to ne/ uses4 'n organization that is 7rst to 0ring a product inno-ation to the mar;et or to use a ne/ process inno-ation is ca""ed a @r!t m'.er?

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An!*er! t' T(in/ing A"'ut 0anagement I!!ue!

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erfor( a S2O analysis on a local business you think you kno- -ell. 2hat, if any, co(petitie adantage does this organization hae3  Hou may /ant to assign this =uestion to teams of students4 %ncourage your students to co-er each area of the SWOT thorough"y4 e sure to ta"; /ith the c"ass a0out di6erent sources of information for doing a SWOT ana"ysis so that they /i"" 0e e=uipped to /or; on this assignment4

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4o(ight the processes of strategy for(ulation, i(ple(entation, and ealuation di5er for 6a7 large businesses, 6b7 s(all businesses, 6c7 not8for8pro9t organizations, and 6d7 global businesses3 'fter studying this chapter students shou"d recognize that the processes of strategy formu"ation imp"ementation and e-a"uation do not di6er signi7cant"y among these di6erent types of organizationsF rather the content  of the processes is "i;e"y to di6er4

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he concept of co(petitie adantage is as i(portant for not8 for8pro9t organizations as it is for for8pro9t organizations.;
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Should ethical considerations be included in the analyses of an organization’s internal and e#ternal eniron(ents3 2hy or -hy  not3 %thica" considerations shou"d permeate e-ery acti-ity of an organization4 's; your students /hat they thin; these ethica" considerations shou"d 0e4

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4o- could the Internet be helpful to (anagers as they follothe steps in the strategic (anage(ent process3  The Internet pro-ides -o"uminous information con-enient"y and =uic;"y a0out competitors en-ironmenta" factors and 1%1

customers4 This information impro-es the manager’s a0i"ity to ma;e sound strategic management decisions as heJshe faces continuous"y changing en-ironmenta" conditions4 ,4

'ind e#a(ples of 9e di5erent organizational (ission state(ents. =sing the (ission state(ents, describe -hat types of corporate and business strategies each organization (ight  use to ful9ll its (ission state(ent. "#plain your rationale for  choosing each strategy. Students can 0e e&pected to se"ect a /ide range of companies and mission statements as they /or; in teams to ans/er this =uestion4 This e&ercise gi-es an e&ce""ent opportunity for students to di6erentiate 0et/een corporate and 0usiness strategies4 In order to pro-ide e&posure to corporate strategy in this acti-ity 0e sure that each team e&p"ores at "east one corporation in their ana"ysis4

1ORING E$erci!e

TOGETHERBTeama!e%

 This e&ercise as;s students to /or; in sma"" groups of three to four indi-idua"s to 7nd e&"es of di6erent types of strategies used 0y companies featured in ne/s stories in the 0usiness and popu"ar press4 Students shou"d 7nd e&"es of 7-e di6erent organizationa" strategies and determine /hether the e&"es i""ustrate corporate 0usiness or functiona" strategies4  This e&ercise shou"d 0e used as an out5of5c"ass assignment4 An!*er! t' Ca!e Alicati'n Que!ti'n!

Hig(er an% Hig(er 14

2hat co(petitie adantage6s7 do you think the 4aier >roup has3 2hat co(petitie strategy does the co(pany appear to be follo-ing3 "#plain your choices4  The >aier !roup enEoys the 0ene7ts of ha-ing se-era" competiti-e ad-antages inc"uding continuous inno-ation4 's C%O Khang .uimin says 8Continuous inno-ation is the sou" of  >aier’s corporate cu"ture49 'dditiona" competiti-e ad-antages inc"ude strong 0rand name recognition in China the country’s third most popu"ar 0randDF manufacturing faci"ities in 1( countries and 1 .N$ centers around the g"o0eF /or"d/ide recognition of its =ua"ity productsF and -isionary "eadership4 The company is imp"ementing a di6erentiation strategy as it competes in the g"o0a" mar;etp"ace o6ering =ua"ity products that are /ide"y -a"ued 0y its customers around the /or"d4

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2hat strategic goals does ?hang hae for 4aier3 aier in order to meet his strategic goa"s of /or"d/ide "eadership in his industry4 >is actions as C%O support his strategic goa" of "eading the >aier !roup to 0ecome a tru"y g"o0a" 0rand4 !i-en the rapid gro/th and success of >aier since its inception the company’s strategies appear to 0e he"ping Khang and his emp"oyees to reach their strategic goa"s4

(4 4o- (ight S2O analysis be useful to ?hang +ui(in3 In order to compete e6ecti-e"y in a g"o0a" mar;et Khang .uimin must 0e a"ert to changes in opportunities and threats in the e&terna" en-ironmentF 0e e=uipped to ta;e ad-antage of interna" strengthsF and 0e cognizant and rea"istic a0out >aier’s interna" /ea;nesses4 Conducting a SWOT ana"ysis is a -a"ua0"e too" in achie-ing these o0Eecti-es4 )4

2hat other strategic (anage(ent concepts (ight ?hang use to help hi( continue (anaging the 4aier >roup for successful  perfor(ance3 Since competition in his industry is ;een Khang might use Michae" Porter’s mode"s and studies of competiti-e strategies to he"p in gro/ing the >aier !roup in a g"o0a" arena4 's his company continues to gro/ o-er time the C! matri& might 0e used 0y Khang to assess the -ia0i"ity of its product "ines and 0usinesses /ithin the corporation4

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2hat strategic leadership characteristics does ?hang +ui(in e#hibit3 "#plain. Khang .uimin demonstrates a num0er of characteristics of an e6ecti-e strategic "eader inc"uding the possession of a strong -ision and sense of mission for the company and the a0i"ity to communicate them to his fo""o/ers and sta;eho"ders4 In addition he e&p"oits and maintains the core competencies of  >aier and upho"ds a strong corporate cu"ture of inno-ation4

ADDITIONAL CHAPTER IN3OR0ATION  The Strategy  usiness We0 site features -a"ua0"e sources for strategic management app"ications4 This We0 site is "ocated at ///4strategy50usiness4comQ4

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