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The document provides an overview of strategic management, emphasizing the importance of strategy in business growth and competitive advantage. It outlines key concepts such as vision and mission statements, internal and external factors affecting organizations, and the benefits and pitfalls of strategic planning. Additionally, it offers guidelines for effective strategic management and compares business strategy to military strategy.

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Kenneth Jahn Pascual
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7 views

group-1-strategic-management

The document provides an overview of strategic management, emphasizing the importance of strategy in business growth and competitive advantage. It outlines key concepts such as vision and mission statements, internal and external factors affecting organizations, and the benefits and pitfalls of strategic planning. Additionally, it offers guidelines for effective strategic management and compares business strategy to military strategy.

Uploaded by

Kenneth Jahn Pascual
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Strategic Management

Group 1

Group members:
Galot, Xander John B.
Alarcio, Angel
Lamug, Francis
Barnachea, Crislyn
Dela cruz, Mar Joshua
Mercado, Jay Mhar
Jose, Raven
Lagmay, Katrina
Gambalan, Angelica
Baniqued, Michelle

CHAPTER 1:
THE NATURE OF STRATEGIC PLANNING:
AN OVERVIEW TO TOURISSM AND HOSPITALITY
WHAT IS STRATEGY?
A company’s strategy is management’s game plan for
growing the business, staking out a market position,
attracting and pleasing costumer, competing successfully,
conducting operations, and achieving targeted objectives.
Strategic Key Terms In Management
A. Competitive Advantage
Competitive advantage is defined as anything that a firm
does exceptionally well compared to rival firms.
B. STRATEGISTS
Strategists are individuals who are most responsible for
the success or failure of an organization.
strategic key terms in management
Vision And Mission Statements
Vision statements answer the question:
“What do we want to become?”
Mission statement is a brief statement that explains an
organization’s purpose and reason for being.
External Opportunities and Threats
External opportunities and external threats refer to
economic, social, cultural, demographic, environmental,
political, legal, governmental, technological, and
competitive trends and events
E. Internal Strengths and Weaknesses
Internal strengths and internal weaknesses are an
organization's controllable activities that are performed
exceptionally well or poorly.
F. Long-Term Objectives
Objectives can be defined as specific results that an
organization seeks to achieve in pursuing its primary
mission.
G. Strategies
Strategies are how long-term objectives will be achieved.
For example, business strategies may include geographic
expansion, diversification, acquisition, product
development, market penetration, retrenchment,
divestiture, liquidation, and joint venture.

H. Annual Objectives
Annual objectives are short-term milestones that
organizations must achieve to reach long-term objectives.
Policies
Policies are how annual objectives will be achieved.
Policies include guidelines, rules, and
procedures established to support efforts to achieve
stated goals.

BENEFITS OF STRATEGIC MANAGEMENT


A. Financial Benefits
Research indicates that organizations using strategic-
management concepts are more profitable and successful
than those that do not.
B. Nonfinancial Benefits
Besides helping firms avoid financial demise, strategic
management offers other tangible benefits, such as an
enhanced awareness of external threats, an improved
understanding of competitors' strengths, increased
employee productivity, reduced resistance to change, and
a clearer understanding of performance-reward
relationships.
WHY SOME FIRMS DO NOT DO STRATEGIC PLANNING?
1. Lack of knowledge or experience
2. Poor reward structures
3. Fire fighting
4. Laziness
5. Waste of time
6. Content with success
7. Too expensive
8. Fear of failure
9. Overconfidence
10. Prior bad experience

PITFALLS IN STRATEGIC PLANNING


Some pitfalls to watch for and avoid in strategic planning
are provided below:
1. Using strategic planning to gain control over decisions
and resources
2. Doing strategic planning only to satisfy accreditation of
regulatory requirements
3. Too hastily moving from mission development to
strategy formulation
4. Failing to communicate the plan to employees, who
continue working in the dark
5. Top managers making many intuitive decisions that
conflict with the formal plan
6. Top managers not actively supporting the strategic
planning process
7. Failing to involve key employees in all phases of
planning
8. Failing to create a collaborative climate supportive of
change

GUIDELINES FOR EFFECTIVE STRATEGIC MANAGEMENT


Failure to Follow Certain Guidelines in Planning Can Cause
Problems:
1. An integral part of strategy evaluation must be to
evaluate the quality of the strategic management
process. Issues such as "Is strategic management in our
firm a people process or a paper process?" should be
addressed.
2. An important guideline for effective strategic
management is open-mindedness. A willingness to
consider new information, viewpoints, ideas, and
possibilities are essential
3. Strategic decisions require trade-offs such as long-
range versus short-range considerations or maximizing
profits versus increasing shareholders' wealth.
4. Subjective factors such as attitudes toward risk,
concern for social responsibility, and organizational culture
will always affect strategy-formulation decisions, but
organizations must remain as objective

COMPARING BUSINESS AND MILITARY STRATEGY


A Strong Military Heritage Underlies the Study of Strategic
Management
1. Terms such as objectives, mission, strengths, and
weaknesses were first formulated to address problems on
the battlefield.
2. A fundamental difference between military and business
strategy is that business strategy is formulated,
implemented, and evaluated with the assumption of
competition. In contrast, military strategy is based on an
assumption of conflict.
3. The similarities between military and business strategy
can be seen in Sun Tzu's The Art of War.

MISSION AND VISION STATEMENTS EXPLAINED


-These statements are the words leaders use to explain an
organization's purpose and direction When expressed
clearly and concisely, they can motivate your team or the
organization as a whole with an inspiring vision of the
future.

What is Vision?

Vision statements also define your organization's purpose,


but they focus on its goals and aspirations.
These statements are designed to be uplifting and
inspiring. They're also timeless;even if the organization
changes its strategy, the vision will often stay the same.

HOW TO CREATE A MISSION STATEMENT?


step 1: develop your winning idea
step 2. clarify your goal.
HOW TO CREATE vision statement?
Step 1: Find the Human Value in Your Work
Step 2: Distill into Values
Step 3: Combine Your Mission and Values.

Mission Statement Components


Components and Questions That a Mission Statement
Should Answer.
a. Customers: Who are the firm's customers?
b. Products or services: What are the firm's major products
or services?
c. Markets: Geographically, where does the firm compete?
d. Technology: Is the firm technologically current?
e. Concern for survival, growth, and profitability: Is the
firm committed to growth and financial
soundness?
f. Philosophy: What are the basic beliefs, values,
aspirations, and ethical priorities of the firm?

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