Strategic ManagementWhat is strategy?What is strategic management?Strategic planningLevels of planningSteps in Strategic PlanningMissionFormulating objectivesStrategic assessmentStrategy choiceTypes of strategies to achieve competitive advantagePosition strategiesPower strategiesTypes of power strategiesMethods to implement power strategiesStrategy implementationStrategic controlStrategic ManagementStrategic ManagementWhat is strategic management?Strategic planningStrategic implementationStrategic controlWhat is strategy?What is strategy?What is strategic What is strategic management?management?Strategic management involves strategic planning, strategic implementation, and strategic control.Compare to traditional model of management.Strategic planningStrategic planningAnticipating the future, assessing present conditions, and making decisions concerning organizational directions, programs, and resource deployment.Levels of planningLevels of planningCorporateBusinessOperational/FunctionalSteps in Strategic PlanningSteps in Strategic PlanningMissionFormulating objectivesStrategic assessmentStrategy choiceMissionMissionFormulating objectivesFormulating objectivesResults the HCO seeks to accomplish. They are derived and reflect the mission.Strategic assessment Strategic assessment SWOT analysisExternal environmental analysisInternal analysisStrategy choiceStrategy choiceFormulation and evaluation of alternative strategies.StrategiesUltimate goal: achieve competitive advantage over rivals (gain market power).Types of strategies to achieve Types of strategies to achieve competitive advantagecompetitive advantagePosition PowerDavid versus GoliathPosition strategiesPosition strategiesBusiness level. Position the organization vis-à-vis other organizations within the market. Low costDifferentiationSpecialization/nichePower strategiesPower strategiesCorporate levelRelated to sizeTo achieve synergiesTypes of power strategiesTypes of power strategiesVertical integrationHorizontal integrationDiversificationMethods to implement power Methods to implement power strategiesstrategiesInternal development Purchase/Acquisition. CooperationStrategy implementationStrategy implementationOrganization structureCultureLeadershipStrategic controlStrategic controlPerformance evaluation and feedbackBudgetingCompensation
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