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The Study of Strategic Management 1 of 2 Strategic Management °a set of managerial decisions and actions that determines the long-run performance of a corporation Source:https://strateg

Strategic Management

Banking University of Ho Chi Minh City Business Administration Faculty Lecturer: Pham Huong Dién, Ph.D

Email: dienph@buh.edu.vn

Whatis strategy?

Strategy is the direction and

scope of an organization over the

long term, which achieves

advantage in a changing |

environment through its

arrangement of resources and

competences with the aim of

fulfilling stakeholder expectations Johnson & Scholes (2012)

“competitive strategy is about being different It means

deliberately choosing a different set of activities to deliver a

unique mix of value” Porter 1996

“a pattern in a stream of decisions” Mintzberg 2007

Strategy Statement

All entrepreneurs, CEOs, and managers should be able to summarise their organisation’s strategy with a “strategy statement” Collis and Rukstad

(2008)

corporation will achieve its mission and

Figure 1-4: Hierarchy of Strategy

Myth 1: Strategy is about the long-term

Myth 2: Disruptors change strategy all

Activity: Readingtogether and discuss the Myths

10

(2017) Strategic management and business policy (Vol 55) Boston, MA: pearson (older versions)

David, F R., David, F R., & David,

M E (2017) Strategic management: concepts and cases:

A competitive advantage approach

Pearson.

www.hbr.org

What is Strategic Management?

“The art and science of analyzing, formulating,

implementing and evaluating any cross- functional decisions that enable an

organization to achieve its objectives”

David (2016)

The Study of Strategic Management (1 of 2)

Strategic Management

°a set of managerial decisions and

actions that determines the long-run performance of a corporation

Source:https://strategicmanagementinsight.com/

(Sometimes include the

Initial Assessment: Vision, mission, Objectives

1-15

¢ The attainment of an appropriate match, or “fit,” between an organization’s environment and its strategy, Benefits of

Strategic positive effects on the

(1 of 2)

¢ Strategic planning becomes increasingly important as the environment becomes more unstable.

Sharper focus on what is

strategically important

Improved understanding

of a rapidly changing

environment

i7

Basic Model of Strategic

Management

Strategic Management Model

¢ Mission

* purpose or reason for the

organization’s existence

° Vision

Basic Model * describes what the organization

¢ results of planned activity

1-20

Figure 1-1: Basic Elements of the Strategic

Strategy Implementation

Strategy Formulation

Environmental

Scanning

1-22

¢ Environmental Scanning

° the monitoring, evaluating and disseminating of

information from the external and internal

environments to key people within the organization

¢ SWOT analysis: simple way to conduct environmental

scanning

15

¢ Strategy formulation

¢ process of investigation, analysis, and decision-making that

provides the company with the

criteria for attaining a

Basic Model ps

competitive advantage

of Strategic

Management

advantages of the business,

crafting the corporate mission,

specifying achievable objectives, and setting policy guidelines

¢ Strategy implementation

Basic Model * process by which strategies and

of Strategic policies are put into action

M 5 through the development of anagement programs, budgets, and

procedures

i-Z5

¢ Evaluation and control

* a process in which corporate Basic Model activities and performance

of Strategic results are monitored so that

Management actual performance can be

compared with desired performance

Figure 1-2: Strategic Management Model

SOURCE:T L Wheelen, “Strategic Management Model,” adapted from “Concepts of Management,” presented to Society for Advance-

ment of Management (SAM), International Meeting, Richmond, VA, 1981 Kathryn E Wheelen solely owns all of (Dr.) Thomas L

Wheelen’s copyright materials Kathryn E Wheelen requires written reprint permission for each book that this material is to be printed

in Copyright © 1981 by T L Wheelen and SAM Copyright © 1982, 1985, 1988, and 2005 by T L Wheelen and J D Hunger Revised

1989, 1995, 1998, 2000, 2005, 2009, and 2013 Reprinted by permission of the copyright holders

1-27

° Policy

* a broad guideline for decision-making that links formulation of a strategy with its implementation

Basic Model Example: Google: Google’s healthcare

of Strategic olan includes their onsite medical staff

make an appointment with the doctor at the Googleplex This supports the Google HRM functional strategy to support its employees.

1-28

¢ Performance

* result of activities

* includes actual outcomes of

the strategic management

of Strategic

¢ Feedback/learning process Management

* revise or correct decisions

based on performance

i-Z9

Common challenges in

SM today?

e describes new products, services,

methods, and organizational

approaches that allow the business

to achieve extraordinary returns

It is the implementation of

potential innovations that

truly drives businesses to be remarkable

Source: http://fixourfood.info/triple-bottom-line/

e the management of the company’s social

responsibility

e the management of its

environmental

responsibility

Elkington (1994)

Facing the above

challenges how can organizations adapt?

Can be explained by the following theories

changing

conditions by imitating other successful

organizations

CONQITIONS

Strategic choice perspective

¢ not only do organizations

of 3)

power to reshape their

environment

¢ Organizational learning

theory

knowledge offensively to

improve fit between itself and its environment

¢ Strategic flexibility

¢ The ability to shift from one dominant strategy to another

¢ Demands long-term commitment to

development and nurturing of critical

resources

¢ Demands that the company become a learning organization

39

Creating a Learning Organization

(2 of 3)

an organization skilled at creating,

and insights

|

cà Organizational learning is a critical component

of competitiveness in a dynamic environment.

Experimenting with new approaches

own experiences and past history

as well as from the experiences

of others

and efficiently throughout the organization