is a set of related actions that managers take to increase their company’s performance Show
Task of most effectively managing a company’s strategy-making process Task of determining and selecting strategies
Task of putting strategies into action to improve a company’s efficiency and effectiveness results when a company’s strategies lead to superior performance compared to competitors When a company’s profitability is greater than the average of all other companies in the same industry & competing for the same customers .One company’s profitability relative to that of other
companies in the same or similar business or industry Return On Invested Capital Sustained Competitive Advantage When a
company’s strategies enable it to maintain above average profitability for a number of years To increase shareholder value managers must pursue strategies that increase the profitability of the company and grow the profits Company’s Profitability and Profit Growth main factors 1/The overall performance of its industry relative to other industries 2/Its relative success in its industry as compared to the competitors Performance in Nonprofit Enterprises A successful strategy gives potential donors a compelling message as to why they
should contribute. .Oversee the development of strategies for the whole organization Responsible for overall company, business unit, or divisional performance Responsible for supervising a particular task or operation (e.g. marketing, operations, accounting, human resources) The reason for existence – what an organization does A company’s mission is best approached from a customer-oriented business definition. A statement of some desired future state A good vision is meant to stretch a company by articulating an ambitious but attainable future state A statement of key values that an organization is committed to .How managers and employees should conduct themselves .How they should do business .What kind of organization they need to build to help achieve the company’s mission .The set of values, norms, and standards that control how employees work to achieve an organization’s mission and goals .Often seen as an important source of competitive advantage A goal is a precise and measurable desired future state that a company must realize if it is to attain its vision or mission Purpose is to identify the strategic opportunities and threats in the organization’s operating environment that will affect how it pursues its mission. Purpose is to pinpoint the strengths and weaknesses of the organization. Strengths lead to superior performance and weaknesses to inferior performance Internal analysis includes an assessment of .Quantity and quality of a company’s resources and capabilities .Ways of building unique skills and company-specific or distinctive competencies Building & sustaining a competitive advantage requires a company to achieve superior .Efficiency .Quality .Innovations .Responsiveness to customers analyses help to identify strategies that align a company’s resources and capabilities to its environment – in order to create and sustain a competitive advantage Functional-level strategy directed at operational effectiveness businesses’ overall competitive themes businesses’ overall competitive themes expand, grow and prosper at a global level to maximize profitability and profit growth Managers must monitor strategy execution .To determine if strategic goals and objectives are being achieved .To evaluate to what extent competitive advantage is being created and sustained Intended or Planned Strategies .Strategies an organization plans to put into action .Typically the result of a formal planning process .Unrealized strategies are the result of unprecedented changes and unplanned events after the formal planning is completed .Unplanned responses to unforeseen circumstances .Serendipitous discoveries and events may emerge
that can open up new unplanned opportunities .Must assess whether the emergent strategy fits the company’s needs and capabilities .The product of whatever intended strategies are actually put into action and of any emergent strategies that evolve Strategic Planning in Practice Studies
suggest that formal planning has a positive impact on company performance – and should include the current and future competitive environments. Rules of thumb or heuristics resulting in systematic errors Decisionmakers embark on a course of action without questioning the underlying assumptions Vision, eloquence, and
consistency Articulation of the business model Commitment Being well informed Willingness to delegate and empower The astute use of power Emotional intelligence: self-awareness, self- regulation, motivation, empathy, social skills Is a set of related actions that managers take to attain a goal or goals?Strategy is an action that managers take to attain one or more of the organization's goals. Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future.
Is the set of actions that its managers take to outperform?A company's strategy is the set of actions that its managers take to outperform the company's competitors and achieve superior profitability.
Who bears the responsibility for the overall performance of the company or for one of its major self contained subunits or divisions?General managers Managers who bear responsibility for the overall performance of the company or for that of one of its major self-contained subunits or divisions.
Is concerned with managing the strategy making process to increase the performance of a company?Strategic leadership is concerned with how to most effectively manage a company's strategy-making process to create competitive advantage. To increase shareholder value, managers must try to venture into new markets whether the results are profitable or not.
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Is a set of related actions that managers take to increase their companys performance?
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