1 / 12

Strategic Management and Planning: Key Concepts and Strategies

Learn about formal planning in management, strategic analysis, and implementation strategies. Explore different levels of planning, SWOT analysis, and evaluation activities in strategic management.

bhutchinson
Download Presentation

Strategic Management and Planning: Key Concepts and Strategies

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. UNIT 4- PLANNING SKILLS OF MANGEMENTCh. 10 “Planning & Strategic Management”10.1 (Page1A/1B) SLIDES 1-6, 10.2 (Page 2) SLIDES 7-12 Planning & Strategic Management

  2. Formal Planning- Strategic studying of an issue and the preparation of a written document to deal with the problem. 3 RANGES • Short term- 1 year plan • Long-range- 3 to 5 years plus • Intermediate- 1-3 year (the gap between short term and long range plans)

  3. Strategy- an outline of basic management steps to achieve a goal • I. Grand or corporate strategies- Overall (Big Picture) direction for company. • A) Growth Strategies- steps to increase sales or products • Concentration- extend the sale of current products • Vertical Integration- extend into new markets (locations) • Diversification- introduce new or better products

  4. Strategies (continued) • B) Stability Strategy- keeping the company operating on the same level- no new development. • C) Defensive Retrenchment Strategy- Developing a plan for a company that is losing sales or profit. • Turnaround- plan to regain success • Diverstiture- to sell a portion of the business (non-profit part of business) • Liquidation- entire company is sold or dissolved D) Combination Strategy- using several of these strategies at once to maximize profit.

  5. II. Business Strategy- Plans that only affect 1 or 2 departments of business • Overall cost leadership- plan to produce and deliver current product at a lower cost. • Differentiation- making product(s) more unique/different.

  6. III. Functions Strategies- Short range operation plan • 5 most common function plans • 1. Sales & Marketing- new products and selling techniques • 2. Production- making more products faster • 3. Finance- controlling expenses • 4. Research & Development- Making new or better products • 5. Personnel- Managing employees

  7. Section 10.2 • Strategic Management- Application of the basic planning process by management. • Strategic Management Approach (list and define 3 phrases) Formation- developing the plan Implementation- activating the plan Evaluation- analyzing/adjusting the plan Formulating Strategy- Total vision and business level strategy planning.

  8. Mission Statement • Mission Statement- a company’s written statement of purpose- the vision for the company *objectives of the MS • Common vision and purpose • Motivating resource • Standard of values • Business Culture of company

  9. Goals- Companies direction, what do we want to accomplish • Policies- Rules of a company • Procedures- Detailed steps of operating within those rules. • Rules- limits and guidelines

  10. SWOT analysis- A tool to evaluate the health of a company

  11. Implementing Strategy- How to activate plan • Evaluating Strategy- How to analyze and adjust the plan Managers should ask • Does the plan need revising • What are the possible problem areas List the 3 basic strategy evaluation activities • Review all factors (internal and external) • Measure performance (increase sales, decrease costs) • Taking corrective action

  12. ONLINE RESEARCH • APPLE Research: Mission statement, various products, SWOT analysis: Strengths Weaknesses Opportunities Threat

More Related