Summary: Strategic Management Ibms

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  • 1 Lecture 1 What is Strategic Management?

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  • Four characteristics of Strategic Management:

    · Interdisciplinary:
    o It focuses on the whole organization, rather than any functional part.

    · External focus:
    o Economy
    o Competitors
    o Market Demographics.

    · Internal focus:
    o Understands the resources and capabilities the organization does or does not have.

    · Future oriented:
    o Decisions
    o Planning
    o Shifts or changes in products or markets.
  • The process (basic activities) of Strategic Management:

    · Situation Analysis:
    o Scanning and evaluating the current organizational context
    o and external and internal environments.

    · Strategy Formulation:
    o Developing and then choosing appropriate strategies.

    · Strategy Implementation:
    o Putting strategies into action.

    · Strategy Evaluation:
    o Evaluating the implementation and outcomes of strategies.
  • Strategic Management in Action:

    · The Strategic Management process is a continuous cycle:
    o It is not a sequential process
    o It allows for analysis of the current situation
    o Enables adjustments to current strategies as necessary, to pursue and achieve goals.
  • Strategic Management: Who is involved, who does it concern?

    · Strategic Management is more than the responsibility of top managers
    · People at all levels play a role in strategy, and can have strategic responsibilities concerning:
    o Development Generating, making, forming, growing a plan of action
    o Implementation Putting strategies into action
    o Evaluation Determining if strategies are working
    o Changing Adjusting strategies to achieve desired goals.
  • Six key dimensions of Leadership:

    · Effective Strategic Leadership:
    o Determining the purpose or vision of an organization
    o Exploiting and maintaining core competencies
    o Developing human capital
    o Creating and Sustaining a strong organizational culture
    o Emphasizing ethical decisions and practices
    o Establishing appropriate balanced controls.

  • 2 Lecture 2 The current organization context

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  • Industry and Organizational view (I/O) - Input & Output view:

    · Focusses on structural forces within an industry
    · The competitive environment of firms
    · And how these influences competitive advantage
    · Involves understanding what makes an industry attractive,
    · Choosing an attractive industry in which to compete
    · And choosing an appropriate competitive position within that industry.
  • Organizational Resources as Competitive Advantage:

    · Does it add value?
    · Is it rare?
    · Is it hard to duplicate and substitute?
    · Can the organization exploit it?
  • Characteristics of organizations resources:

    Value: does it add value in terms of generating and flowing revenues?
    Rare: are they valuable and unique resources, and not possessed by competitors?
    Ability to exploit: does it offer capabilities and offer opportunities?
    Resources are not static: continually building and maintaining resources.
  • Competitive advantage is temporary:

    o I/O looks at the external environment, particularly the industry and competitors.
    o RBV looks inside the organization for unique resources and capabilities to be exploited.
    o Guerrilla View recognizes the dynamic environment makes competitive advantage temporary.
  • Characteristics of World Class Organizations:

    o Strong Customer Focus
    o Continual Learning and improvement
    o Flexible Organization Structure
    o Creative Human Resource Management
    o Egalitarian Climate
    o Significant Technological Support.

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