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Lecture 2

Soran University's Faculty of Law, Political Science and Management offers a course on Fundamentals of Strategic Management. The course aims to help students identify and understand key concepts of strategic management including its importance and objectives. It provides an overview of strategy, management, and strategic management, and differences between related terms like strategy, tactics, and policies. The importance of strategic management and its characteristics are also discussed.

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44 views

Lecture 2

Soran University's Faculty of Law, Political Science and Management offers a course on Fundamentals of Strategic Management. The course aims to help students identify and understand key concepts of strategic management including its importance and objectives. It provides an overview of strategy, management, and strategic management, and differences between related terms like strategy, tactics, and policies. The importance of strategic management and its characteristics are also discussed.

Uploaded by

Shahla Yasen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Soran University

Faculty Of Law, Political Science and Management. 1

School Of Management, Business Management Department

2end Stage
2end Semester

Fundamentals of Strategic Management: (Concept, Importance)

Strategic Management
Hushyar Y. Sulaiman
Email: hushyar.sulaiman@soran.edu.iq
Year: 2022-2023

Module 1, 6 February, 2023


?Deadline/ due to week Grades No Assessment
----- 6 3 Quiz 2

------ 4 2 Homework/ Reflection Diary


------ 6 ----- Daily activity/ Class discussion
4 1 Case Study of Companies
6 1 Group Book Review
4 1 Group Presentation
20 1 Midterm exam

50 1 Final exam
100 Total
By the end of this session, you will be able to: 3

• Identify Fundamentals of Strategic Management


Session • To know Importance of Strategic Management
Objectives • To know Objectives of Strategic Management

• t
Overview/Outline 4

Overview
• Introduction to the course
• Course instructions
• Course Syllables
• Basic information about Strategy & Management

Outline
• What is Strategy, Management, Strategic Management
• Benefits of Strategic Management
• Characteristics of Strategic Management
• Difference between strategy, Tactic, Policy, Plan
What is Strategy?
5
The word of Strategy comes from Greek ‘Stratos’ Army.
It means “Leadership” in the Military.
Strategy is the economy of force

Strategy is the direction and scope of an organization over the


long term: ideally, which matches its resources to its changing
What is environment, and particular its markets, consumers or clients so as
to meet stakeholder expectations.
Strategy
What is Strategy?
6

Strategy is the intelligent allocation of resources through a unique


system of activities to achieve a goal.

Simply put, strategy is how you plan to achieve a goal.


What is
Strategy
What is Strategy?
7

A strategy is management’s game plan for


Strengthening the organization’s competitive position
Satisfying customers
What is
Achieving performance targets
Strategy
Three big questions involved in a strategy
Where are we now?
Where do we want to go?
How will we get there?
How do we know if we got there?
The HOWS that define Strategy
8

 How to please Customers


 How to respond changing market conditions
 How to outcompete rivals
 How to grow the business
 How to manage each functional piece of the business and
What is develop needed organizational capabilities
Strategy  How to achieve strategic and financial objectives
• Strategy as a statement of end, purpose, and intent. 9

• Strategy as a high level plan.


• Strategy as the means of beating the competition.
• Strategy as element of leadership.

Aspects of • Strategy as positioning for the future.

Strategy
• Strategy as building capability. 10

• Strategy as fit between capabilities and opportunities.


• Strategy as a result of deep involvement with the business.
• Strategy as a pattern of behavior resulting form embedded culture.

Aspects of
Strategy
11

The use of people and other resources to accomplish objectives.


( Louis E Boone & David L Kurtz)

The act of getting things done through people. (Mary Parker


What is Follet)

Management Frederick Taylor defines Management as the art of knowing


what you want to do in the best and cheapest way.
Management is the attainment of organizational goals in an effective
and efficient manner through planning, organizing, staffing, directing12
and controlling organizational resources.

Organizational resources include men(human beings), money,


machines and materials.

(What is
Management )
13

Strategic management can be defined as the art and science of


formulating, implementing, and evaluating cross-functional decisions
that enable an organization to achieve its objectives.

(What is
Strategic
Management )
Strategic management is a set of managerial decisions and actions14that
determines the long- run performance of a corporation.

It includes environmental scanning (both external and internal),


strategy formulation (strategic or long-range planning), strategy
(What is implementation, and evaluation and control.

Strategic The study of strategic management, emphasizes the monitoring and


evaluating of external opportunities and threats in light of a
Management ) corporation’s strengths and weaknesses.
• Clearer sense of strategic vision for the firm.
15
• Sharper focus on what is strategically important.
• Improved understanding of a rapidly changing environment.
• Enhance awareness of threats.
• Improve understanding of competitors strategies.
Importance(Ben • Increase employee productivity.
• Reduce resistance to change.
efits) of
Strategic
Management
16

• It is unified and organized management process.


• It is of long-term nature.
• It is often related to the external environment.
Characteristics •
•
It is a top management function.
It is a continuous or endless process.
of Strategic • It comprises both visionary and interpretive thought process

Management
17

• Anticipate the future of the environment.


• It is Expensive.
• It is a complex process.
Disadvantages
of Strategic
Management
18

• Tactics are the activities undertaken to achieve targets. These


might appear on a project roadmap or job description.

• Policies are the means by which annual objectives will be


Tactics achieved. Policies include guidelines, rules, and procedures
established to support efforts to achieve stated objectives. Policies
are guides to decision making and address repetitive or recurring
Policies situations.
19

Difference
between
(Strategy,
Tactic, Policy)
20

Difference
between
(Strategy,
Planning)
If the plan doesn't work Change the plan
but never the Goal
21

scope , particular, consumer, client ,stakeholder expectation


Situation, respond, condition, capability, purpose, intent,

Terms to be pattern, attainment, material, formulating, implementing,

Memorize evaluating, achieve, corporation, awareness


22

Next module topic:


Environmental Scanning internal
and external environment

What’s Next?
through (Porter - SOWT analysis
models).
• Next module Date:
• March 7th

Questions and Answers

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