The book's four-part structure defines the concept of strategy, before using the overarching strategic framework of analysis, formulation, and implementation to show how strategy can be used to develop a sustainable competitive advantage in business.
Learn the strategic management process. Understand the four steps in the strategic management process. Modeling the Strategy Process Strategic management is a process that involves building a careful understanding of how the world is changing, as well as a knowledge of how those changes might affect a particular firm.
CEOs, such as late Apple-founder Steve Jobs, must be able to carefully manage the possible actions that their firms might take to deal with changes that occur in their environment. We present a model of the strategic management process in Figure 1.
This model also guides our presentation of the chapters contained in this book. As we have noted in this introductory chapter, strategic management is both an art and a science, and it involves multiple conceptualizations of the notion of strategy drawn from recent and ancient history.
Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy.
Environmental and internal scanning is the next stage in Understanding strategic management process. Managers must constantly scan the external environment for trends and events that affect the overall economy, and they must monitor changes in the particular industry in which the firm operates.
At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. For example, intellectual property is a vital resource for Apple. Between andApple filed more than cases with the US Patent and Trademark Office to protect its use of such terms as apple, pod, and safari Apple Inc.
A classic management tool that incorporates the idea of scanning elements both external and internal to the firm is SWOT strengths, weaknesses, opportunities, and threats analysis. The value of SWOT analysis parallels ideas from classic military strategists such as Sun Tzu, who noted the value of knowing yourself as well as your opponent.
The importance of knowing yourself and your opponent is applicable to the knowledge of strategic management for business, military strategy, and classic strategy games such as chess.
Strategy formulation is the next step in the strategic management process. This involves developing specific strategies and actions. Strategy implementation is the final stage of the process.
One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability.
Key Takeaway Strategic management is a process that requires the ability to manage change. Consequently, executives must be careful to monitor and to interpret the events in their environment, to take appropriate actions when change is needed, and to monitor their performance to ensure that their firms are able to survive and, it is hoped, thrive over time.
Exercises Who makes the strategic decisions for most organizations? Why is it important to view strategic management as a process? What are the four steps of the strategic management process?
How is chess relevant to the study of strategic management? What other games might help teach strategic thinking? Effective strategies Apple uses to create loyal customers [Online article].
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|UNT | Graduate Studies | Management - Overview||This succinct textbook takes students through all the key stages of Strategic Management:|
|Understanding Strategic Management - | SlugBooks||This succinct textbook takes students through all the key stages of Strategic Management: Analysis, Formulation, and Implementation, with an emphasis on providing students with the tools of analysis essential for unders Designed specifically for modules taught over one semester, this new textbook covers all the core topics of Strategic Management in 12 manageable chapters.|
This is a derivative of Mastering Strategic Management by a publisher who has requested that they and the original author not receive attribution, which was originally released and is used under CC BY-NC-SA.A brand new introductory text in strategic management which presents the key theories and frameworks for the analysis, formulation and implementation of strategy in a concise and accessible format.
The book has been written for undergraduate and postgraduate students on one-semester or short courses/5(6). Understanding Strategic Management is the perfect introduction to this subject. It explains, analyses, and evaluates important strategic concepts within 12 concise chapters.
It's packed with real life examples, including fascinating case studies on companies such as Apple, Tesco, Gillette, and Virgin/5(3).
Understanding Strategic Management is the ideal introduction to strategy for students in one-semester courses who require an informative yet practical approach. The book's four-part structure defines the concept of strategy before using the overarching strategic framework of analysis, formulation, and implementation to show how strategy can be .
Strategic Management Basics. Strategic management is the planning process through which company leaders formulate strategies for .
Understanding Strategic Management This guide is designed to help demystify the issue of strategic management, and in conjunction with other guides in the Business Tools web page will help you to improve your levels of strategic focus.
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