BBA 823: Strategic Management Notes

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Table of Contents:

INTRODUCTION 2
MODULE OBJECTIVES 2
CHAPTER ONE: STRATEGIC MANAGEMENT CONCEPTS 10
1.1 What is Management? 10
1.2 What is a Strategy? 11
1.2.1 Strategy as a plan 13
1.2.4 Strategy as a Position 13
1.2.5 Strategy as a Perspective 14
1.3 Strategic Planning 14
1.4 Strategic Management 15
CHAPTER TWO: EVOLUTION AND SCHOOLS OF STRATEGIC MANAGEMENT 16
2.1 Evolution of Strategic Management 16
2.1.1 Basic Financial Planning (Budgeting) 16
2.1.2 Long-range Planning (Extrapolation) 17
2.1.3 Strategic (Externally Oriented) Planning 17
2.1.4 Strategic Management 18
2.1.5 Complex Systems Strategy 19
2.2 Schools of Thought in Strategic Management 21
CHAPTER 3: STRATEGIC MANAGEMENT PROCESS 22
3.1 Strategic Management Process 23
3.1.1 Environmental Analysis Process 23
3.1.2 Establishing the Organization direction 23
3.1.3 Strategy Formulation 24
3.1.4 Strategy Implementation 24
3.1.5 Strategic control 25
3.2 Benefits Or Value Of Strategic Management 26
3.3 Risks of Strategic Management 27
3.4 Dimensions of Strategic Decisions (Characteristics) 27
3.5 Responsibilities of Top Management 28
CHAPTER 4 : STRATEGY LEVELS 30
4.1 Levels of Strategy 30
4.2 Who Participates in Crafting Strategy? 30
4.3 Company’s Strategy-Making Hierarchy 31
4.4 Tasks of Corporate Strategy 32
4.5 Tasks of Business Strategy 33
4.6 Tasks of Functional Strategies 33
4.7 Tasks of Operating Strategies 33
CHAPTER 5: STRATEGIC INTENT AND DIRECTION 34
5.1 Triggers of New Strategy 34
5.2 What is strategic planning? 34
5.2.1 Reasons for strategic planning 35
5.2.2 Benefits of strategic planning 35
5.3 Mission Statement 36
5.3.1 Importance of Mission Statement 36
5.3.2 Information That Should Appear In Good Mission Statement 37
5.4 Organizational Objectives 38
5.4.1 Importance of objectives 38
5.4.2 Types of objectives 39
5.4.3 Characteristics of high quality organization objectives 41
5.5 Steps in a Strategic Planning Process 43
5.5.1 Step one – Getting ready. 43
5.5.2 Step two – Articulating Mission and Vision 44
5.5.3 Step three – Assessing the situation 44
5.5.4 Step four – developing strategies, goals, and objectives 45
5.5.5 Step Five – Completing the Written Plan 45
5.6 Benefits of a Strategic Plan 46
CHAPTER 6: ENVIRONMENTAL ANALYSIS 47
Expected Learning Outcomes 47
6.1 Importance Of Environmental Analysis 47
6.2 The Structure Of Environment 48
6.2.1 The Macro or Societal Environment 49
6.2.2 Industry or Task or Operating Environment 52
6.2.3 Internal Environment 52
6.3 Guidelines For Performing Environmental Analysis 53
6.4 Techniques Of Environment Analysis 53
6.4.1 Environmental scanning 53
6.4.2 Threats and opportunities Analysis 55
6.4.3 Environment Forecasting 55
6.5 Attributes Of A Good/ Success Environmental Analysis 57
6.6 Tools of Environmental Analysis 57
Chapter 7 - Corporate Level Strategies 60
7.1.1 Concentration Strategy 61
7.1.2 Stability Strategy 61
7.2.3 Growth Strategies 62
7.2.3.1 Vertical Integration Strategy 62
7.2.3.2 Horizontal Integration Strategy 63
7.2.3.3 Diversification Strategy 63
7.2.3.4 Mergers and Joint Ventures Strategy 63
7.2.3.5 Leverage Buy Outs 64
7.2.3.6 Retrenchment Strategies 64
6.3 Stakeholder Management Strategies 66
Various approaches to managing stake holder’s relationships 66
Chapter 8 - BUSINESS AND FUNCTIONAL FUNCTIONAL STRATEGIES 69
8.1 The Michael Porter’s Five Forces Model 69
8.2 Porter’s Generic Strategies 72
8.3 Types Functional Strategies 74
Constraints Faced In Strategy Formulation 76
CHAPTER 9: STRATEGIC TOOLS AND TECHNIQUES OF ANALYSIS 78
9.1 The Boston Consulting Group (BCG) Growth Share Matrix 78
9.1.2 Cash Cow 81
9.1.3 Dogs 81
9.1.4 Question marks 81
9.2 The Ansoff Matrix 82
9.2.2 Market Development Strategies 83
9.2.3 Product Development Strategies 84
9.2.4 Diversification Strategies 84
9.3 Value Chain Analysis 86
9.3.1 Primary Activities 87
CHAPTER 10: Strategy Selection 91
10.1 Evaluation Process 91
10.2 Strategy Evaluation Criteria 93
10.2.1 Suitability 93
10.2.2 Acceptability 93
10.2.3 Feasibility 96
10.4 Influences of Strategic Choice 97
10.5 Qualification of Strategy Selection 97
CHAPTER 11: STRATEGY IMPLEMENTATION 99
Expected Learning Outcomes Resource 99
11.1 Introduction 99
11.2 The Principal Strategy-Implementation Tasks 100
11.3 Steps in Implementation process 101
11.3.1 Analysing Strategic Change 101
11.3.2 Building A Capable Organization 103
11.3.5 Establishing Organization-Wide Commitment To The Strategic Plan 109
CHAPTER 12 – Managing Strategic Change 112
12.1 What Is Change? 112
12.2 Change Management 113
12.3 Types of Change 113
12.3.1 Strategic Change 113
12.3.2 Operational change 114
12.3.3 Incremental change 114
12.3.4 Transformational change 114
12.4 Strategic Management Change Models and Theories 115
12.4.1 Kurt Lewin’s three step model 115
12.4.2 The Five Stage Model of Change 117
12.4.3 Kotter’s 8 steps model 117
12.4.4 ADKAR Change Management Model 118
12.5 Benefits And Significance Of Change Management 118
12.6 Sources of Strategic Change Resistance 119
12.7 Dealing With Resistance to Change 120
CHAPTER 13 : Evaluation and Control in Strategic Management 124
13.1 Measuring Performance 124
13.2 Organizational Performance Measures 125
13.3 Control 125
13.3.1 Types of Controls 125
13.3.3 Importance of Control 126
13.3.4 The Control Process 126
13.4 Tools for Controlling Organizational Performance 126
13.7 Problems in Measuring Performance 128
13.7.1 Short-Term Orientation 129
13.7.2 Goal Displacement 129
13.8 Guidelines for Proper Control 130
REFERENCES 131

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