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Flight Management

Day 05. Flight Management. Strategic Management. Learning Outcomes Define strategic management and its importance. Able to explain the task of a manager during the six steps of the strategic management process. Describe the three types of corporate strategies.

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Flight Management

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  1. Day 05 Flight Management

  2. Strategic Management • Learning Outcomes • Define strategic management and its importance. • Able to explain the task of a manager during the six steps of the strategic management process. • Describe the three types of corporate strategies. • Describe the competitive advantage and the strategies organizations use to get it. • Able to identify current issues in strategic management.

  3. What is strategic management? • It is what managers do to develop an organization’s strategies. • It is an important task that involves all the basic management functions – planning, organizing, leading and controlling.

  4. What are an organization’s strategies? • They are the plans for how the organization will do whatever its in business to do, how it will compete successfully and how to attract and satisfy customers in order to achieve its goals.

  5. Business Model • A term used commonly in a strategic management. • It focuses on two factors • Whether customers will value what the company is providing; • Whether the company can make any money doing that.

  6. Why is strategic management important? • It can make a difference on how well an organization performs. • Organizations face continually changing situations. Coping this with Strategic Management to examine relevant factors and decide what to take. • Organizations are complex and diverse. Each components needs to work toward achieving the organization’s goals.

  7. The strategic management process • Identifying the organization’s current mission, goals and strategies. Mission – a statement of its purpose. Facebook – “a social utility to connects you with the people around you” UTM – “Inspiring Creative and Innovative Mind”

  8. Component of Mission Statement

  9. The strategic management process (2) Doing an external analysis What might impact the external trends for business? Analyzing that environment is a critical step in the strategic management process – competition is doing, law and labour supply. See opportunities and threat.

  10. The strategic management process (3) Doing an internal analysis Resources – financial, physical, human Capabilities – skills and niche Creating core competencies. Also identify its weaknesses and strength. Combining external and internal analysis produces SWOT (Strength, Weaknesses, Opportunities, Threats) Formulating strategies – (1) exploit organization’s strengths and external opportunities. (2) Protect organization from external threat (3) Mediate critical weaknesses.

  11. The strategic management process (4) Formulating Strategies By considering the realities of external environment, available resources and capabilities. Three types of strategies – corporate, business and functional.

  12. The strategic management process (5) Implementing Strategies Strategies have to be properly implemented.

  13. The strategic management process (6) Evaluating Results How effective? Need adjustments? Cut jobs, sell assets and reorganized management.

  14. Corporate Strategies • The one that specify what businesses a company is in / wants to be in / what it wants to do with those business. • Types of corporate strategies • Growth strategies • Stability strategies • Renewal strategies

  15. Competitive Strategies • A strategy for how an organization will compete. • Creating a competitive advantage • Quality as a competitive advantage • Sustaining competitive advantage

  16. Five forces model that dictates the rules of competition. • Threat of new entrants • Threat of substitute • Bargaining power of buyers • Bargaining power of suppliers • Current rivalry -- (6) Changes in rules and regulations.

  17. Choosing a competitive strategy After considering the five forces and SWOT analysis: • Product difference • Product niche • Low-cost • Etc..

  18. Current SM issues Environment is a changing world • Need for strategy flexibility • Establish new direction • E-business approach • Customer service strategies • Innovation strategies

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