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CHAPTER 6

CHAPTER 6. STRATEGIC PLANNING AND STRATEGIC MANAGEMENT. MANAGEMENT IN ACTION: STRATEGIC PLANNING. Defined as executive management’s responsibility to define the firm’s position and formulate strategies and long-term organizational activities

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CHAPTER 6

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  1. CHAPTER 6 STRATEGIC PLANNING AND STRATEGIC MANAGEMENT

  2. MANAGEMENT IN ACTION: STRATEGIC PLANNING • Defined as executive management’s responsibility • to define the firm’s position • and formulate strategies and long-term organizational activities • for the purpose of achieving superior competitive fit • between the organization and its environment

  3. STRATEGIC PLANNING/ MANAGEMENT ELEMENTS • Answers Critical Questions • What is the organization’s position in the marketplace? • What should it be? • What trends and changes are occurring in the marketplace? • What are the best alternatives to achieve the objectives and vision management has for the organization?

  4. STRATEGIC PLANNING/ MANAGEMENT ELEMENTS • Four Elements of the Strategic Planning and Management Process • Scope • Resource Deployment • Distinctive Competitive Advantage • Synergy • Responsibility for Strategic Planning and Management • Strategy Formation versus Strategy Implementation

  5. STRATEGIC PLANNING/ MANAGEMENT ELEMENTS • Levels of Strategy • Corporate-Level Strategy--What Business are We In? • Business-Level Strategy--How Do We Compete? • Functional-Level Strategy--How Do We Support Business Level? • Research and Development • Finance/Marketing/Human Resources/Production

  6. THE STRATEGIC PLANNING PROCESS • Evaluate the Organization’s Mission, Vision, Goals, Objectives, Strategies • Analyze the Environments • Reassess the Mission, Goals, Objectives • Formulate Strategies • Implement Strategies • Monitor and Evaluate the Results

  7. THE STRATEGIC PLANNING PROCESS • Formulate Strategies • Corporate • Business • Functional • Implement Strategies • Leadership/Ownership Assigned • Structural Barriers Identified • Management Information and Control Systems Designed

  8. FORMULATING CORPORATE-LEVEL STRATEGY • Grand Strategy • growth • integration • vertical/horizontal integration • diversification • retrenchment • stability

  9. FORMULATING CORPORATE-LEVEL STRATEGY • Portfolio Strategy • Strategic Business Units (SBUs) • Boston Consulting Group Matrix • market share/market growth

  10. FORMULATING BUSINESS-LEVEL STRATEGY • Adaptive Strategies • prospector • defender • analyzer • reactor • Competitive Strategies • differentiation • cost-leadership • focus

  11. FORMULATING FUNCTIONAL-LEVEL STRATEGY • Production Strategy • Marketing Strategy • Finance Strategy • Human Resource Strategy • Research and Development Strategy

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