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Summary of Chapter 5 Pro

The document summarizes strategic management concepts discussed in Chapter 5, including defining strategic management as managing organization resources to achieve goals and objectives. It also outlines the strategic management process, importance of strategic management, types of organizational strategies like corporate and functional strategies, the role of competitive advantage, and strategies for customer service and innovation.

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137 views11 pages

Summary of Chapter 5 Pro

The document summarizes strategic management concepts discussed in Chapter 5, including defining strategic management as managing organization resources to achieve goals and objectives. It also outlines the strategic management process, importance of strategic management, types of organizational strategies like corporate and functional strategies, the role of competitive advantage, and strategies for customer service and innovation.

Uploaded by

bilal javed
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
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SUMMARY OF CHAPTER 5

STRATEGIC MANAGEMENT
NAME: ALISHA KHAN

CLASS: BBA 1-H

ENROLLMENT # 02-111201-212

SUBMITTED TO: MA’AM ATTIYA

In this chapter we read about strategic management and its


problem because every business needs good planning, management
and organizational goals.

Strategic Management:

Strategic management is the management of organization resources


to achieve its goal and objective. Strategic management involves
setting objective, analyzing the internal organization and evaluating
strategies.
Strategies: A plan of action designed to achieve a long term or
overall aim.

Strategic Management Important:


ORGANIZATION
PREFORMENCE

ADAPT TO BUSINESS
ENVIRNOMENT

FOCUS ON
ORGANIZATIONAL GOALS

Strategic Management Process:

A six step process that encompasses strategic planning,


implementation, and evaluation.
V
SD
Z
C
,H
LP
U
IM
Y
G
E
A
R
T
N
O
F
UR
M
R
X
K
W
STFO YL
TEG
A

Strategic Management Importance:

 is independent of the planning approach


 is adaptable to support organizational processes
 captures robust information about the strategic plan
 maintains the linkages and dependencies between plan
elements
 provides a robust approach to managing the lifecycle
 supports effective transitions between lifecycle phases
 supports integrated risk management across plan elements
 provides support for a dynamic planning & change
management
 provides monitoring and analysis of plan quality, health, and
status
 delivers robust information for strategic decision making

Types Of Organizational Strategies:

Corporate Strategy:

Top managements overall plan for the entire organization and its
strategic business unit.

Types of Corporate Strategies:

1. Growth
2. Stabilities
3. Renewal

Growth Strategy:

A growth strategy is a plan of action designed to help businesses


capture a larger share of the market, even if it comes at the expense
of short-term profit.

Types of Growth Strategy:

1. CONCENTRATION
2. VERTICAL INTEGRATION
3. HORIZONTAL INTEGRATION
4. DIVERSIFICATION

Stability Strategy:

A corporate strategy in which an organization continues to do what


it is currently doing.

Renewal Strategy:

A corporate strategy designed to address declining performance.

Strategic Business Unit:

A relatively autonomous division of a large company that operates


as an independent enterprise with responsibility for a particular
range of products or activities

BCG Matrix:

The Matrix is divided into 4 quadrants based on an analysis of


market growth and relative market share.

 1. Dogs: These are products with low growth or market.

 2. Question marks or Problem Child: Products in high growth


markets with low market share.

 3. Stars: Products in high growth markets with high market


share.

 4. Cash cows: Products in low growth markets with high market


share

High low high


STARS ?

CASH
DOGS
COW
low

THE ROLE OF COMPETITIVE ADVANTAGE:

Competitive Advantage:

A condition or circumstance that puts a company in a favourable or


superior business position.

Competitive Strategy:

Competitive Strategy is defined as the long term plan of a


particular company in order to gain competitive advantage over
its competitors in the industry.

FIVE FORCES MODEL:


New
Entrants

Insentive of
Suppliers rivalry among Buyers
current
competitors

Substitutes

TYPES OF COMPETITIVE STRATEGY:

 Cost Leadership Strategy:


Seeking to attain the lowest total overall costs relative to other
industry competitors.
 Differentiation Strategy:
Attempting to create a unique and distinctive product.
 Focus Strategy:
Using a cost or different advantages to exploit a particular
market segment as opposed to a larger market.

Functional Strategy:
The strategy used by an organizations various functional
department to support competitive strategy.
Effected Strategy Leadership:

DETERMINNING
THE
ORGANIZATION
PURPOSE
ESTABLISHING EXPLOITING AND
APPROPRIATE MAINTAINING THE
BALANCED ORGANIZATION
ORGANIZATIONAL CORE
CONTROL COMPETENCIES

EMPHASIZING
ETHICAL EFFECTED
ORGANIZATION STRATEGIC HUMAN CAPITAL
DECISION AND LEADERSHIP
PRACTICES

REFRAMING
PREVAILING
CREATE A STRONG
VIEWS BY ASKING
ORGANIZATIONAL
QUESTION AND
CULTURE
QUETIONING
ASSUMPTIONS
CREATE AND
MAINTAIN
ORGANIZATIONAL
RELATIONSHIP

Strategic Flexibility:

The ability to recognize major external changes to quickly commit


resources.

Customer Services Strategies:

 Give all your employees excellent product knowledge. ...


 Train employees in customer empathy. ...

 Build infrastructure that supports great customer service. ...

 Resolve customer issues at their first point of contact. ...

 Empower your employees to make customers happy. ...

 Deliver on your promises. ...

 Make it personal.

Innovation Strategies:
 An innovation strategy is a plan used by a company to encourage
advancements in technology or services, usually by investing money
in research and development activities.

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