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Principles of Management Strategy and Strategic Management

Principles of Management Strategy and Strategic Management. What Is Strategic Management?. A set of managerial decisions and actions that determines the long-run performance of an organization A formula of success. Strategy?. Seeing businesses NOT as what they appear!.

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Principles of Management Strategy and Strategic Management

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  1. Principles of ManagementStrategy and Strategic Management

  2. What Is Strategic Management? • A set of managerial decisions and actions that determines the long-run performance of an organization • A formula of success

  3. Strategy?

  4. Seeing businesses NOT as what they appear! • What businesses are these organizations in? • MTR • DHL • IBM • McDonald • Disney

  5. What is Strategy? • What are the differences: • Vision • Mission • Value • Strategy

  6. Vision and Mission • a vision for your future, • a mission that defines what you are doing, • values that shape your actions, • Strategies that zero in on your key success approaches, • Goals and action plans to guide your daily, weekly and monthly actions.

  7. Vision Time flies when you're having fun! More than 32 years ago, Rollin King and Herb Kelleher got together and decided to start a different kind of airline. They began with one simple notion: If you get your passengers to their destinations when they want to get there, on time, at the lowest possible fares, and make darn sure they have a good time doing it, people will fly your airline. And you know what? They were right. What began as a small Texas airline has grown to become one of the largest airlines in America. Today, Southwest Airlines flies more than 65 million passengers a year to 59 great cities (60 airports) all across the country, and we do it more than 2,800 times a day.

  8. The Mission of Southwest Airlines The mission of Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit. Strategy We are committed to provide our Employees a stable work environment with equal opportunity for learning and personal growth. Creativity and innovation are encouraged for improving the effectiveness of Southwest Airlines. Above all, Employees will be provided the same concern, respect, and caring attitude within the organization that they are expected to share externally with every Southwest Customer.

  9. Vision

  10. Strategy Management Paradigm Shift Contextual Shift

  11. Strategic Management Process

  12. Components of a Mission Statement

  13. Seven Sources for Innovation Opportunities An enterprise/ industry 1. The unexpected 2. Incongruity 3. Process Need 4. Changes in industry structure or market structure 5. Demographics 7. New knowledge 6. Changes in perception, mood and value

  14. Levels of Org. Strategy

  15. Functional Level Strategy used to support the business-level strategy and culture creates an appropriate supporting role for each functional area of the organization e.g., manufacturing, marketing, human resources

  16. Resource Allocation exercise • How much would you allocate to the following 4 business units or divisions: • Division$SalesSales GrowthMkt Share% Resource 1 8m 8% 2 x competitor 2 1m 20% 0.5 3 2m 8% 0.5 4 2m 20% 2 Why?

  17. The BCG Matrix Market Share Low High High Anticipated Growth Rate Low Stars Add resources, Build business Question Marks Growth or retrench Cash Cows Modest growth Dogs Retrenchment, liquidate

  18. Strategies to be Competitive • Cost Leadership • Differentiation • Focus

  19. Your Strategy Your Vision Your Value Your Mission

  20. A Case Study McDonald’s

  21. Is Management an Art ? Is Management a Science? The Great Debate!

  22. Thank You

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