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Introducing the Concepts

Introducing the Concepts. Group 1 Timothy Loveland Brent Gafford John Menth Zachary mayor. Introducing the Concepts. Why is Strategic Management important? What is Strategic Management? Who’s involved with Strategic Management? Three important factors impacting Strategic Managment.

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Introducing the Concepts

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  1. Introducing the Concepts Group 1 Timothy Loveland Brent Gafford John Menth Zachary mayor

  2. Introducing the Concepts Why is Strategic Management important? What is Strategic Management? Who’s involved with Strategic Management? Three important factors impacting Strategic Managment

  3. Introducing the Concepts Why is Strategic Management important? There are 4 main reasons

  4. Introducing the Concepts 1st reason Everyone in an organization plays a role It is important so you can do your job well

  5. Introducing the Concepts 2nd reason You can understand why firms succeed or fail. Companies that use Strategic Management perform better Profits are related to higher levels of performance

  6. Introducing the Concepts • 3rd reason • Organizations face changing situations both internally and externally • Deliberate structure of the strategic management process guides organizational decision makers • The way strategy is developed can make a difference in performance • Better decisions were made • Outperformed other organizations

  7. Introducing the Concepts • 4th reason • An Organiztion’s various divisions, departments, and work activites need to be coordinated and focused on achieving the organizational goals. • Such as… • Operations • Marketing • Accounting

  8. Introducing the Concepts • What is Strategic Management? • Definition- a process of analyzing the current situation, developing appropriate strategies , putting those strategies into action, and evaluating and changing those strategies needed. • Situational Analysis • Strategy Formulation • Strategy Implementation • Strategy Evaluation

  9. Introducing the Concepts Strategic Management has 4 characteristics Interdisciplinary- it doesn’t focus on any on specific organizational area; instead encompasses all functional areas. External Focus- involves the interactions of the organization with it’s external environment Internal Focus- It involves assessing the organization’s resources and capabilities. Future Direction- Can mean weekly manufacturing decisions, yearly financial planning cycles, or long term shifts in the organization’s products and markets

  10. Introducing the Concepts • Who’s involved with Strategic Management? • People at all organizational levels play a role in developing, implementing, and changing strategy. - The difference is the scope of the individual’s strategic actions • 3 Main Groups • The Board of Directors- elected group that represent a company’s shareholders. -Represents the shareholders and protect their interests

  11. Introducing the Concepts Top Managers- Chief Executive Officer, (COO),(CFO),(CIO) - They are responsible for every decision and action of every organizational employee. They are the strategic leaders. Strategic Leadership- The ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the organization.

  12. Introducing the Concepts • Three important factors impacting Strategic Management • 1st Factor • The Global Economy & Globalization • Some fear that we should be careful of becoming too global and opening boarders • When one country falters, it can have a domino effect on other countries with which it does business.

  13. Introducing the Concepts • 3 main global organizations • World Trade Organization (WTO) • World Bank Group • International Monetary Fund (IMF) -As taught in International Marketing by Dr. Duhan

  14. Introducing the Concepts • 2nd Factor • Corporate Governance- It’s the way a corporation is governed or the determination of the broad uses to which organizational resources will be deployed and the resolution of conflicts among the myriad participants in organizations. • The Role of Boards of Directors -Look out for the shareholders • Financial Reporting -Senior managers must now sign off on financial statements -Independent auditors can be very expensive -More flexible guidelines are needed to help companies and auditors interpret information that saves them time and money.

  15. Introducing the Concepts • 3rd Factor • E-Business World- Uses information and communication technologies to support all the activities of a business. • It includes E-Commerce • Retailing side of the business • Companies do it for internet selling purposes.

  16. Introducing the Concepts

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