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Welcome to Strategic Management

This lecture provides an overview of strategic management concepts and models, as well as guidelines on how to analyze a strategic management case. It covers company background, external/internal analysis, recommendations/strategies, and implementation. Practicality, justification, and realism are emphasized. The lecture also introduces the stages of strategic planning and the benefits of strategic management.

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Welcome to Strategic Management

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  1. Welcome to Strategic Management BBA353 Charmaine Chan BA Dept. www.chuhai.edu.hk/charmaine/ charmaine@chuhai.edu.hk Strategic Management Lecture 1

  2. Strategic Management Case study Strategic Management Concepts and Models Strategic Management Lecture 1

  3. Cases Study 2. How to analysis a Strategic Management Case: Step 1: Briefly introduce the company background Step 2: Analysis the company’s External& Internalstrengths/weaknesses with the Strategic Management theories/models Step 3: Recommendations/Strategies and how they could be implemented Strategic Management Lecture 1

  4. Strategic Management Case Study Guidelines (also see Textbook Introduction xxix---FIFTY TIPS) Be Practical: -make reasonable assumption with limited information -“I don’t have enough information…” Check the Internet and library!!! Justification: -Show how you support your recommendation /how to implement Be Realistic: -The recommendation should be feasible. Contribution:-Be a good listener, be a good contributor -Make responds with reasons -Defense yourselves with reasons Strategic Management Lecture 1

  5. Introduction to Strategic Management Concepts Definition: Business Policy Strategy is the direction and scope of an organization over the long term which achieves advantage for an organizations through its configuration of resources within a changing environment to meet the needs of markets and to fulfill stakeholder expectations. How to formulate, implement and evaluate cross-functional decisions to achieve an organization’s objectives. Integrating management, marketing, finance, production, R&D etc.. to achieve organizational success. Strategic Management Lecture 1

  6. A Comprehensive Strategic-Management Model Feedback External Assessment Chapter3 Develop Vision & Mission Statement Chapter 2 Establish Long- Term Objectives Chapter 5 Generate, Evaluation and Select Strategies Chapter 6 Implement Strategies- Management Issues Chapter 7 Implement Strategies--- Marketing, Finance, R&D Chapter 8 Measure & Evaluate Performance Chapter 9 Internal Assessment Chapter 4 Strategy Formulation Strategy Implementation Strategy Evaluation Strategic Management Lecture 1

  7. Stages of Strategic Planning Strategy Formulation Step 1: -Mission -External opportunities / threats -Internal strengths/weaknesses -Generate possible strategies -Choose suitable strategies Strategic Management Lecture 1

  8. Stages of Strategic Management Strategy Implementation Step 2: -Create suitable policies -Re-allocate resources/motivate employees -Develop a strategy-supportive cultures -Create an effective organizational structures StrategyEvaluation Step 3: -Measure performance -Take corrective actions Strategic Management Lecture 1

  9. Benefits of Strategic Management Due to systematic planning, improve in sales, profits, productivity, growth, competitiveness Provide communication framework among staff, encourage forward thinking, favorable attitude towards changes, co-operate/ enthusiastic to solve problem, increase human resources productivity Effective and efficient of time and resources, discipline and formality to the management Why some organizations do no Strategic Planning? • Poor reward structure---get punished if fails, better do nothing • Waste of time---Time spent on planning is an investment • Too expensive---oppose to spending resources • Content with success---no plan needed as the company is successful • Previous bad experience, Fear Failure…. Strategic Management Lecture 1

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