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Chapter 1 Mastering Strategy: Art and Science

Chapter 1 Mastering Strategy: Art and Science. What is Strategic Management?. Examines how actions (introducing discounts) and events (rivals crowding the space) involving top executives (Walter Robb), firms (Whole Foods), and industries (Organic Groceries) influence a firm’s success or failure

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Chapter 1 Mastering Strategy: Art and Science

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  1. Chapter 1Mastering Strategy: Art and Science

  2. What is Strategic Management? Examines how actions (introducing discounts) and events (rivals crowding the space) involving top executives (Walter Robb), firms (Whole Foods), and industries (Organic Groceries) influence a firm’s success or failure Formal tools that exist for understanding these relationships, are not enough Creativity is just as important to strategic management

  3. Defining Strategy – The Five Ps

  4. Defining Strategy – The Five Ps

  5. Defining Strategy – The Five Ps

  6. Defining Strategy – The Five Ps

  7. Defining Strategy – The Five Ps

  8. Plan • Ploy • Pattern • Position • Perspective Think of a firm that outperforms others. Which of the five P’s most characterizes WHY they have been successful?

  9. Strategies Intended strategies:Strategy that an organization hopes to execute Emergent strategies:Unplanned strategy that arises in response to unexpected opportunities and challenges Realized strategies:The strategy that an organization actually follows. They are a product of both intended and realized strategies Deliberate strategy: The parts of the intended strategy that an organization continues to pursue over time Non-realized strategy: The parts of the intended strategy that are abandoned

  10. Strategies

  11. History of Strategic Management

  12. Sun Tzu Quotes • That general is skillful in attack whose opponent does not know what to defend; and he is skillful in defense whose opponent does not know what to attack. • For to win one hundred victories in one hundred battles is not the acme of skill. To subdue the enemy without fighting is the acme of skill. • All men can see these tactics whereby I conquer, but what none can see is the strategy out of which victory is evolved. • Opportunities multiply as they are seized. • Tactics without strategy is the noise before defeat. Strategy without tactics is the slowest route to victory. • Pretend inferiority and encourage his arrogance.

  13. The Modern History of Strategic Management

  14. The Modern History of Strategic Management

  15. The Modern History of Strategic Management

  16. Understanding the Strategic Management Process Strategic management process: Building a careful understanding of how the world is changing (e.g., more concern for organic foods, but tighter budgets and increasing competitive rivalry) and a knowledge of how those changes might affect a particular firm (e.g., what is Whole Foods to do?) Understanding strategy and performance Environmental and Internal scanning Strategy formulation Strategy implementation

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