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Lecture Management - Chapter 8: Strategy formulation and implementation

Chapter 8 continues its focus on the basics of formulating and implementing strategy. It includes a new section on diversifi cation strategy, looking at how managers use unrelated diversifi cation, related diversifi cation, or vertical integration as strategic approaches in shifting environments. This chapter also looks at new trends in strategy, including the dynamic capabilities approach and partnership strategies. | Strategy Formulation and Implementation Chapter 8 Strategic Planning Strategic planning has taken on new importance in today’s world of globalization, deregulation, advancing technology, and changing demographics, and lifestyles Manager’s Challenge: Nintendo Strategy Formulation and Implementation Strategic Management Definition Components Model of Strategic Management Process Models of Strategy Formation Managerial Tools to Implement Strategic Plans Topics: Chapter 8 Thinking Strategically Answers to the following define an overall direction for the organization's grand strategy Where is the organization now? Where does the organization want to be? What changes are among competitors? What courses of action will help us achieve our goals? 2 Strategic Management Set of decisions and actions used to implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals Responsibility = top . | Strategy Formulation and Implementation Chapter 8 Strategic Planning Strategic planning has taken on new importance in today’s world of globalization, deregulation, advancing technology, and changing demographics, and lifestyles Manager’s Challenge: Nintendo Strategy Formulation and Implementation Strategic Management Definition Components Model of Strategic Management Process Models of Strategy Formation Managerial Tools to Implement Strategic Plans Topics: Chapter 8 Thinking Strategically Answers to the following define an overall direction for the organization's grand strategy Where is the organization now? Where does the organization want to be? What changes are among competitors? What courses of action will help us achieve our goals? 2 Strategic Management Set of decisions and actions used to implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals Responsibility = top managers & chief executive Strategic Management Managers ask such questions as. What changes and trends are occurring? Who are our customers? What products or services should we offer? How can we offer these products or services most efficiently? Grand Strategy General plan of major action to achieve long-term goals Falls into three general categories 1. Growth 2. Stability 3. Retrenchment A separate grand strategy can be defined for global operations Ethical Dilemma: A Great Deal for Whom? 3 Grand Strategy: Growth Growth can be promoted internally by investing in expansion or externally by acquiring additional business divisions Internal growth = can include development of new or changed products External growth = typically involves diversification – businesses related to current product lines or into new areas Grand Strategy: Stability Stability, sometimes called a pause strategy, means that the organization wants to remain the same size or to grow slowly and in a .