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Classic strategic management

Classic strategic management. Statement of firm’s mission Elaboration of goals to meet the mission Evaluation of competitive environment of the firm Audit of the firm’s internal resources Identification of tactics to facilitate the company’s goals Implementation of tactics. Systems Analysis.

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Classic strategic management

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  1. Classic strategic management • Statement of firm’s mission • Elaboration of goals to meet the mission • Evaluation of competitive environment of the firm • Audit of the firm’s internal resources • Identification of tactics to facilitate the company’s goals • Implementation of tactics

  2. Systems Analysis • Looks at inputs, process, outputs, feedback • Mission and goals • Environment scanning • All key variables—competitor behavior, demographics, regulatory transitions • Industry and global assessment • Internal assessment • Generic strategy alternatives • Strategic variations—isolate most desirable options • Strategic choice • Resources and structure—systematic evaluation of all internal resources that can be exploited to support strategic plan • Implementation • Evaluation and control

  3. Five-force model • Michael Porter’s plan for strategic management and planning • Degree of industry rivalry • Threat of entry • Threat of substitutes • Buyer power • Supplier power

  4. Co-opetitive Strategic Management • Maximize firm’s sales growth, profitability, productivity, cost containment, and market share through cooperation instead of competition through • Business affiliations (mutual promotional agreements) • Alliances (cooperative nonequity agreements) • Partnerships (equity co-ventures) • Complementor versus competitor

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