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Strategic Management Process, Strategic Planning. Jessica Burns, Mike Baker, John Klinger. Strategic Management. Definition- the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.
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Strategic Management Process, Strategic Planning Jessica Burns, Mike Baker, John Klinger
Strategic Management • Definition- the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives
Stages of Strategic Management • Formulating- developing a vision and mission statement, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing strategies to pursue
Stages of Strategic Management • Implementation- establish annual objectives, devise policies, motivate employees, and allocate resources so formulated strategies can be executed. • Evaluation-final stage, includes 3 fundamental activities • Reviewing external and internal factors as bases for current strategies • Measuring performance • Taking corrective actions
Strategic Planning • Definition- an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy
SWOT Analysis • Tool used to evaluate internal strengths and weaknesses and external opportunities and threats • Used in strategic planning
Uncle Sam’s Pizza • 1432 Locus Lane State College, PA Small family based pizza shop located in downtown State College Pennsylvania dedicated to providing the best service and food at low prices
Uncle Sam’s Pizza • Vision statement- to be recognized as a leader in our industry by communicating accurate information and providing exceptional service • Mission Statement- Our commitment to exceptional customer service and maximization of profits will be managed closely. By investing in technology and our diverse work force, we will be recognized for our strong financial performance and our commitment to our customers and employees. Our management team will regularly review our existing products and services as well as new ventures to ensure that we are maximizing the potential of our company. Our leadership team will be dedicated to seven core values: entrepreneurial culture, integrity, diversity, innovation, respect, efficiency, and community
Objectives/Goals • Provide exceptional customer service • Timely delivery of products • Maintain low cost of production • Follow newest technology available
SWOT • Strengths • Convenience • Customer service • Location • Pricing • Weaknesses • Time/cost • Employee training • Limited expansion • Competition
SWOT • Opportunities • Open more locations • Re-evaluate operations • Evaluate technological advances • Threats • Competition-low barriers to entry, many other shops around • Small company- difficult to compete with large companies • Small profit margins
Strategies • Strong marketing and advertising • Hire, train and motivate employees to provide exceptional service • Willingness to be flexible • Purchase only the best products • Capture market share by gaining customer loyalty
Evaluation • Financial evaluation • Product evaluation • Employee evaluations • Customer surveys • Compare performance with similar sized pizza shops