Strategic Management Essay

3540 WordsDec 30, 201115 Pages
STRATEGIC MANAGEMENT: Concepts and Cases Arthur A. Thompson, Jr. & A. J. Strickland, III Tenth Edition The University of Alabama Screen graphics created by: Jana F. Kuzmicki, Indiana University Southeast CHAPTER 1 THE STRATEGIC MANAGEMENT PROCESS Screen graphics created by: Jana F. Kuzmicki, PhD, Indiana University Southeast 2 Irwin/McGraw-Hill © The McGraw-Hill Companies, Inc., 1998 “Without a strategy the organization is like a ship without a rudder, going around in circles.” Joel Ross and Michael Kami “Quote” Irwin/McGraw-Hill © The McGraw-Hill Companies, Inc., 1998 Chapter Outline l l l l l Five Tasks of Strategic Management 4 Developing a Strategic Vision and Mission 4 Setting Objectives 4 Crafting a Strategy 4 Implementing the Strategy 4 Evaluating Performance and Initiating Corrective Adjustments Why Strategic Management Is a Process Who Performs the Tasks of Strategy? Benefits of “Managing Strategically” Terms to Remember © The McGraw-Hill Companies, Inc., 1998 4 Irwin/McGraw-Hill Thinking Strategically: The Three Big Strategic Questions 1. Where are we now -- what is our situation? 2. Where do we want to go? 4 Business(es) we want to be in and market positions we want to stake out needs and groups we want to serve we want to achieve 5 4 Buyer 4 Outcomes 3. How will we get there? Irwin/McGraw-Hill © The McGraw-Hill Companies, Inc., 1998 What Is Strategy? Concept l l Competitive moves and business approaches management employs in running a company Management’s “game plan” to 4 Please customers 4 Position a company in its chosen market 4 Compete successfully 4 Achieve good business performance 6 Irwin/McGraw-Hill © The McGraw-Hill Companies, Inc., 1998 Why Are Strategies Needed ? l To proactively shape how a company’s business will be conducted l To mold the

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