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Summary Strategic Management(english course)
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Summary Strategic Management(english course)
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Strategic managementWhat are the most important parts of a business plan?
● Strategy
● Luck
Analysis->Planning->Implementation(action)->Control
1. Understand
2. Choose
3. Commit
Analysis:
Analyze the External:
● Competition
● Market
● Customers
● Macro-environment
● Opportunities
● Threats
Internal:
● Resources
● Strengths
● Weaknesses
Planning: Choices for the future
Business definition -> How to define the business
Mission statement: What role do I want to play?
Goals(long-term 3 to 5 years) vs. Objectives(short term 1 year)
Competitive strategies -> Which industry, how to be better than others-> Portfolio of activities
Implementation:
Action plan: Putting the things you analyzed and planned into motion
Control: Management
Do people need control?
,Motivate people to contribute to your goals and objectives. Inspire
Is a plan equal to a strategy?
A plan is not equal to a strategy since market knowledge without a plan can also be strategy
Alignment: When a business is in alignment, that means that all levels and players are clear
about the organization's purpose and make decisions in accordance with it. The
company's resources, strategies, management systems and communications illuminate the
purpose so brightly that it is unmistakable.
Flexibility:
Startups and small shops have the ability to be flexible whereas bigger companies have to stick to
what got them big in the first place. Growth= Less flexibility
Strategy formulation:
An ensemble of hard and soft information
Hard information
● MIS(management information system -> External sources
● Quantified
● Highly reliable-> Facts
Soft information
● Gossip
● Rumors
● Impressions
● Info that comes from conversations-> can be fake
EDM: Executive Decision Maker
Whereas hard information relies on the past soft information can give us an insight on the future->
Speculation
, Mintzberg’s vision on strategy
Intended strategy: The strategy You have at the start
Unrealized strategy: Part of your strategy that you do not want to realize anymore(hardest to do is
choose what you don’t want to do anymore-> Risk spreading is often an weak excuse)
Opportunity strategy: Opportunities that occur while executing and implementing the plan
Definition of strategic management
Goals: Create a sustainable competitive advantage
The meaningful positioning within an environment of a company, product or brand
Within a well-defined time span
Different ways are possible-> No 1 key or formula to success
3 types of goals
1. Continuity-> Continue to exist: Growth
2. Social-> Relationships within your organization-> Motivate people long-term=more
productivity= more profit
3. Societal-> Relationships between your organization and the outside world :reputation or
image
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