《战略管理期末考试重点.ppt》由会员分享,可在线阅读,更多相关《战略管理期末考试重点.ppt(67页珍藏版)》请在三一文库上搜索。
1、Final Exam,Study Guide,The strategic management process,Strategic Analysis,Ch 1 Strategic Management: An Overview Strategic Management(P5) Processes of Strategic Management Social Responsibility(P15) Strategic Direction (P19) Sustainable Development Corporate Governance,What is Strategy?,“A unified,
2、 comprehensive, and integrated plan designed to ensure that the basic objectives of the enterprise are achieved.” (Glueck, 1980:9),“The pattern or plan that integrates an organizations major goals, policies, and action sequences into a cohesive whole.” (Quinn, 1980),0,An integrated and coordinated s
3、et of commitments & actions designed to exploit core competencies and gain a competitive advantage.,Adapted from Exhibit 2.1 Inputs to Forecasting,Strategic Management,Strategic Management consists of the analysis, decisions and actions an organization undertakes in order to create and sustain compe
4、titive advantages. (P5),processes of strategic management,Analysis Strategic goals (vision, mission, strategic objectives) Internal and external environment of the firm Strategic decisions What industries should we compete in? How should we compete in those industries? Actions Allocate necessary res
5、ources Design the organization to bring intended strategies to reality,Social Responsibility,Social responsibility: the expectation that businesses or individuals will strive to improve the overall welfare of society. Economic responsibility Legal responsibility Moral responsibility,Strategic Direct
6、ion,Strategic direction is a course of action that leads to the achievement of the goals of an organizations strategy. Strategic direction is about the long term goals and objectives of the organization. Strategic direction defines the purposes for which an organization exists and operates.,Sustaina
7、ble Development,Sustainable Development stands for meeting the needs of present generations without jeopardizing the ability of futures generations to meet their own needs. Sustainable Development is business growth that does not destroy the natural environment or damage society in any way.,Corporat
8、e Governance,Corporate governance: the relationship among various participants in determining the direction and performance of corporations Shareholders Management (led by the CEO) Board of Directors,Strategic Analysis,Ch 2 Analyzing the External Environment General Environmental Analysis SWOT Analy
9、sis (P37) Porters Five-forces Model (P46) Economies of Scale Strategic Group Map (P56),The General Environment,General environmental trends and events Little ability to predict them Even less ability to control them Can vary across industries,Demographic,Sociocultural,Political/Legal,Technological,E
10、conomic,Global,SWOT Analysis,Managers need to analyze The general environment The firms industry and competitive environment SWOT analysis Strengths Weaknesses Opportunities Threats Basic technique for analyzing firm and industry conditions,Porters Five Forces Model of Industry Competition,Threat of
11、 new entrants,Bargaining power of buyers,Bargaining power of suppliers,Threat of Substitute products and services,Adapted from Exhibit 2.5 Porters Five Forces Model of Industry Competition,The Threat of New Entrants,Profits of established firms in the industry may be eroded by new competitors High e
12、ntry barriers lead to low threat of new entries Economies of scale High levels of product differentiation Large capital requirements High switching costs Limited access to distribution channels Cost disadvantages independent of scale,The Bargaining Power of Buyers,Buyers threaten an industry Force d
13、own prices Bargain for higher quality or more services Play competitors against each other,The Bargaining Power of Buyers,A buyer group is powerful when It is concentrated or purchases large volumes relative to seller sales The products it purchases from the industry are standard or undifferentiated
14、 The buyer faces few switching costs It earns low profits The buyers pose a credible threat of backward integration The industrys product is unimportant to the quality of the buyers products or services,The Bargaining Power of Suppliers,Suppliers can exert power by threatening to raise prices or red
15、uce the quality of purchased goods and services,The Bargaining Power of Suppliers,A supplier group will be powerful when The supplier group is dominated by a few companies and is more concentrated than the industry it sells to The supplier group is not obliged to contend with substitute products for
16、 sale to the industry The industry is not an important customer of the supplier group,The Bargaining Power of Suppliers,A supplier group will be powerful when,The suppliers product is an important input to the buyers business The supplier groups products are differentiated or it has built up switchi
17、ng costs for the buyer The supplier group poses a credible threat of forward integration,The Threat of Substitute Products and Services,Substitutes limit the potential returns of an industry Ceiling on the prices that firms in that industry can profitably charge Price/performance ratio,The Intensity
18、 of Rivalry among Competitors in an Industry,Price competition Advertising battles Product introductions Increased customer service or warranties,The Intensity of Rivalry among Competitors in an Industry,Interacting factors lead to intense rivalry Numerous or equally balanced competitors Slow indust
19、ry growth High fixed or storage costs Lack of differentiation or switching costs Capacity augmented in large increments High exit barriers,4 | 24,Economies of Scale,Economies of scale Unit cost reductions associated with a large scale of output Larger production runs Larger facilities Allocating fix
20、ed costs Diseconomies of scale Unit cost increases associated with a large scale of output Increased bureaucracy associated with large-scale enterprises Resulting managerial inefficiencies,4 | 25,Economies and Diseconomies of Scale,Strategic Group Map,Strategic groups Cluster of firms that share sim
21、ilar strategies. Value of strategic grouping Help an organization identify barriers of one group Help an organization verify its real competitors Help an organization choose its future direction Help us understand the trend of an industry Dimensions Breadth of product; Geographic scope;Price/quality
22、;Type of distribution,The World Automobile Industry: Strategic Groups,Adapted from Exhibit 2.8 The World Automobile Industry: Strategic Groups,Ch 3 Analyzing the Internal Environment Value Chain Analysis Organizational Capabilities Four Characters of Resources or Capabilities to Form Core Competency
23、 (P74),Strategic Analysis,Value-Chain,Sequential process of value-creating activities,Organizational Capabilities,Competencies or skills that a firm employs to transform inputs to outputs, and capacity to combine tangible and intangible resources to attain desired end Outstanding customer service Ex
24、cellent product development capabilities Innovativeness of products and services Ability to hire, motivate, and retain human capital,How Resources and Capabilities Lead to Advantages,Adapted from Exhibit 3.5 Marks & Spencer: How Resources and Capabilities Lead to Advantages Source: Adapted with perm
25、ission of Harvard Business Review: Exhibit from “Competing on Resources: Strategy in the 1990s” by D. J. Collis and C. Montgomery, 73, no. 4 (1995).,Four Attributes of Resources and Capabilities (Competitive Advantage),Unique possessed by few, if any, current and potential competitors,Costly to when
26、 other firms either cant obtain them Imitate or must obtain at a much higher cost,*,an,*,Valuable allow firm to neutralize threats or exploit opportunities in its external environment,Irreplaceable,Cant be replaced by other kinds of resources or capabilities,1-33,Resources and capabilities that meet
27、 these four criteria become a source of:,Unique,Costly to Imitate,Valuable,*,an,*,Core,Core Competencies,Resources and Capabilities,Irreplaceable,Criteria for Sustainable Competitive Advantage and Strategic Implications,Valuable Rare Inimitable Difficult Implications to substitute for Competitivenes
28、s,No No No No Competitive disadvantage,Yes No No No Competitive parity,Yes Yes No Yes Temporary competitive advantage,Yes Yes Yes Yes Sustainable competitive advantage,Is a resource or capability,Exhibit 3.7 Criteria for Sustainable Competitive Advantage and Strategic Implications Source; Adapted fr
29、om J. Barney, “Gaining and Sustaining Competitive Advantage”, Addison-Wesley, 1997.,Copyright 2009 The McGraw-Hill Ryerson Limited.,Strategic Formulation,Ch 5 Business-Level Strategy Overall Cost Leadership Strategy (P117) Differentiation(P124) Focus(P129) Industry Life Cycle (P137),Overall Cost Lea
30、dership,Integrated tactics Aggressive construction of efficient-scale facilities Vigorous pursuit of cost reductions from experience Tight cost and overhead control Avoidance of marginal customer accounts Cost minimization in all activities in the firms value chain,Marginal customers represent a par
31、ticularly high risk of default or serious slow pay.,Differentiation,Differentiation can take many forms Prestige or brand image Technology Innovation Features Customer service Dealer network,Focus,Focus is based on the choice of a narrow competitive scope within an industry Firm selects a segment or
32、 group of segments (niche) and tailors its strategy to serve them Firm achieves competitive advantages by dedicating itself to these segments exclusively Two variants Cost focus Differentiation focus,Industry Life-Cycle,Life cycle of an industry refers to the stages of Introduction Growth Maturity D
33、ecline portrays how sales volume for a product or an entire industry changes over its lifetime. helps to understand the dynamic nature of strategy.,Strategic Formulation,Ch 6 Corporate-Level Strategy Diversification Related Diversification (P150) Potential limitations with M&A(P165) Organizational F
34、it Vertical integration Horizontal Integration,Diversification,Diversification strategy describes the scope of the firm in terms of the industries and markets in which it competes. Related Diversification Unrelated Diversification,Related Diversification,Related businesses Businesses are related if
35、they share a common market, technology, raw material, or any one of other primary activities.,Unrelated Diversification,Unrelated businesses Value creation derives from corporate office Leveraging support activities,How to achieve diversification?,Mergers and acquisitions Strategic alliances & Joint
36、 ventures Internal development,Potential limitations with M&A,The expensive premiums frequently paid by acquiring firms Performance difficulties Difficulties relate to integration Managers egos Cultural issues,Organizational fit,When two organizations or business units are merged or acquisition happ
37、ened, and the organizational management processes, cultures, system, and structures are matching(similar), this is organizational fit.,Vertical Integration: Benefits and Risks,A secure source of raw materials or distribution channels. Protection of and control over valuable assets. Access to new bus
38、iness opportunities Simplified procurement and administrative procedures.,Benefits,Exhibit 6.3 Benefits and Risks of Vertical Integration,Risks,Costs and expenses associated with increased overhead and capital expenditures Loss of flexibility resulting from large investments. Problems associated wit
39、h unbalanced capacities along the value chain. Additional administrative costs associated with managing a more complex set of activities.,Vertical Integration,In making decisions associated with vertical integration, four issues should be considered: Are we satisfied with the quality of the value th
40、at our present suppliers and distributors are providing? Are there activities in our industry value chain presently being outsourced or performed independently by others that are a viable source of future profits? Is there a high level of stability in the demand for the organizations products? How h
41、igh is the proportion of additional production capacity actually absorbed by existing products or by the prospects of new and similar products?,Horizontal integration,Horizontal integration is the process of acquiring or merging with industry competitors to achieve the competitive advantages that ar
42、ise from a large size and scope of operations.,Strategic Implementation,Ch 9 Creating Effective Organizational Designs Large Corporations Dominant Growth Patterns Functional Strategy Characters (P241) Divisional Structure,Dominant Growth Patterns of Large Corporations,International Expansion,Related
43、 diversification,Vertical integration,Growth in revenues and employees,International expansion,Related diversification,Increase relatedness of products and markets,Increase relatedness of products and markets,International expansion,Diversification in unrelated areas,Adapted from Exhibit 10.1 Domina
44、nt Growth Patterns of Large Corporations Source: Adapted from J. R. Galbraith and R. K. Kazanjian, Strategy Implementation: The Role of Structure and Process, 2nd ed. (St. Paul, MN: West Publishing Company, 1986), p. 139.,Copyright 2009 by McGraw-Hill Ryerson Limited,9-5,Different levels of strategy
45、,Levels of management,Levels of strategy,Corporate,Corporate level,SBU,Business level,Functional,Functional level,the well-developed functional strategies should have: the coordination and integration of the functional areas Decisions made within one function will be consistent with those made in ot
46、hers. Decisions made within functions will be consistent with the strategies of the business.,Functional strategy,Definition: Functional strategy is the approach a functional area takes to achieve corporate and business unit objectives and strategies by maximizing resource productivity.,Divisional S
47、tructure,Lower-level managers, specialists, and operating personnel,Adapted from Exhibit 10.3 Divisional Organizational Structure,Copyright 2009 by McGraw-Hill Ryerson Limited 9-9,Strategic Implementation,Ch 10 Strategic Control Informational Control Control System Characters (P272) External Governa
48、nce Control Mechanisms,Informational Control,Deals with internal environment and external strategic context Key question “Do the organizations goals and strategies still fit within the context of the current strategic environment?” Two key issues Scan and monitor external environment (general and in
49、dustry) Continuously monitor the internal environment,Copyright 2009 McGraw-Hill Ryerson Limited .10-7,Informational Control,Informational control requires four characteristics to be effective: 1. Focus on constantly changing information that top managers identify as having potential strategic importance. 2. The information is important enough to demand frequent and regular attention from operating managers. 3. The data and information gener
链接地址:https://www.31doc.com/p-2929038.html