搜索
STRATEGICMANAGEMENT:ConceptsandCasesforMBAClass131-132ZhangYongXi’anJiaotongUniversityMainIssuestobeCovered:•Strategicmanagement--concept•environmentanalysis--externalandinternal•strategiesatdifferentlevels•strategyformulation•strategyimplementation•strategyevaluation•casesChapter1•StrategicManagementandintroductoryremarksChapterOutline•FiveTasksofStrategicManagement–DevelopingaStrategicVisionandMission–SettingObjectives–CraftingaStrategy–ImplementingtheStrategy–EvaluatingPerformanceandInitiatingCorrectiveAdjustments•WhyStrategicManagementIsaProcess•WhoPerformstheTasksofStrategy?•Benefitsof“ManagingStrategically”•TermstoRememberThinkingStrategically:TheThreeBigStrategicQuestions1.Wherearewenow--whatisoursituation?2.Wheredowewanttogo?–Business(es)wewanttobeinandmarketpositionswewanttostakeout–Buyerneedsandgroupswewanttoserve–Outcomeswewanttoachieve3.Howwillwegetthere?WhatIsStrategy?•Competitivemovesandbusinessapproachesmanagementemploysinrunningacompany•Management’s“gameplan”to–Pleasecustomers–Positionacompanyinitschosenmarket–Competesuccessfully–AchievegoodbusinessperformanceCraftaStrategytoAchieveObjectivesSetObjectivesDevelopaStrategicVision&MissionImplement&ExecuteStrategyEvaluate&MakeCorrectionsImprove/ChangeReviseasNeededReviseasNeededImprove/ChangeRecycleasNeededTask1Task2Task3Task4Task5TheFiveTasksofStrategicManagementDevelopingaVisionandMission•Beginswiththinkingstrategicallyabout–Thefirm’sfuturebusinessmakeup–Wheretotakethefirm•Thetaskisto–Createaroadmapofacompany’sfuture–Decidewhatfuturebusinesspositiontostakeout–Providelong-termdirection–GivethefirmastrongidentityMissionsvs.StrategicVisions•Amissionstatementfocusesoncurrent(andpermanent)businessactivities–Business(es)companyisinnow–Customerneedscurrentlybeingserved•Astrategicvisionconcernsafirm’sfuturebusinesspath–Thekindofcompanyitistryingtobecome–CustomerneedstobesatisfiedinthefutureSampleMissionStatementSouthwestAirlines:ThemissionofSouthwestAirlinesisdedicationtothehighestqualityofCustomerServicedeliveredwithasenseofwarmth,friendliness,individualpride,andCompanySpirit.SettingObjectives•EstablishingOBJECTIVES–Convertsvisionintospecificperformancetargets–Createsyardstickstotrackperformance–Pushesfirmtobeinventiveandfocused–Helpspreventcoastingandcomplacency(self-satisfiedandnotaggressive)iftargetsrequirestretchTheSecondTaskofStrategicManagementTypesofObjectivesRequiredOutcomesfocusedonimprovingafirm’sfinancialperformanceOutcomesfocusedonimprovingafirm’scompetitivenessanditslong-termbusinesspositionFinancialObjectivesStrategicObjectives$Examples:FinancialObjectives•Growearningspershare15%annually•Boostannualreturnoninvestmentfrom15%to20%•Increaseannualdividendspersharetostockholdersby5%eachyear•Striveforstockpriceappreciationequaltoorabovethe500average•Maintainapositivecashflow•AchieveandmaintainaAAbondratingExamples:StrategicObjectives•Increasefirm’smarketshare•Overtakekeyrivalsonqualityorcustomerserviceorproductperformance•Attainloweroverallcoststhanrivals•Boostfirm’sreputationwithcustomers•Attainstrongerfootholdininternationalmarkets•Achievetechnologicalsuperiority•Becomeleaderinnewproductintroductions•CaptureattractivegrowthopportunitiesCraftingaStrategy•Strategyinvolvesdeterminingwhetherto–Concentrateonasinglebusinessorseveralbusinesses(diversification)–Catertoabroadrangeofcustomersorfocusonaparticularniche–Developawideornarrowproductline–Pursueacompetitiveadvantagebasedon•Lowcostor•Productsuperiorityor•UniqueorganizationalcapabilitiesTheThirdTaskofStrategicManagement•Involvesdecidinghowto–Respondtochangingbuyerpreferences–Outcompeterivals–Respondtonewmarketconditions–Growthebusinessoverthelong-term–AchieveperformancetargetsOurstrategywillbe...CraftingaStrategyStrategyIsBothPlannedandReactivetoChangingCircumstancesActualStrategyPlanned(orIntended)StrategyAdaptiveReactionsTheHowsThatDefineaFirm'sStrategy•Howtogrowthebusiness•Howtopleasecustomers•Howtooutcompeterivals•Howtorespondtochangingmarketconditions•Howtomanageeachfunctionalpieceofthebusinessanddevelopneededorganizationalcapabilities•HowtoachievestrategicandfinancialobjectivesStrategyisHOWto...UnderstandingCompanyStrategy--WhattoLookForPatternofActionsThatDefineStrategyActionstoStrengthenResources&CapabilitiesDiversificationResponsestoChangingConditionsOffensiveMovestoGainEdgeChangesinProductLine,Quality,orServiceGeographicCoverageForwardorBackwardIntegration,CollaborationHowFunctionalActivitiesAreManagedDefensiveMovesPursuingNewOpportunitiesStrategyExample:McDonald’s•Strategicpriorities–Continuedgrowth–Providingexceptionalcustomercare–Remaininganefficientandqualityproducer–Offeringhighvalueandtastingproducts–EffectivelymarketingMcDonald’sbrandonaglobalscaleCoreElementsofMcDonald’sStrategy•Add2500restaurantsannually•Promotefrequentcustomervisitsviaattractivemenuitems,low-pricespecials,andExtraValueMeals•Behighlyselectiveingrantingfranchises•Locateonsitesofferingconveniencetocustomersandprofitablegrowthpotential•Focusonlimitedmenuandconsistentquality•Carefulattentiontostoreefficiency•Ex