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Summary Chapter 10: The Strategic Management Process
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Introduction to Management - Thirteen Edition - John R. Schermerhorn. Jr. & Daniel G. Bachrach Chapter 10: The Strategic Management Process
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MANAGEMENT 1.1CHAPTER 10
TAKEAWAY 1: Strategic Management
Competitive advantage the ability to do something so well that one outperforms
competitors.
Typical sources of competitive advantage are:
Technology – using technology to gain operating efficiencies, market
exposure and customer loyalty.
Cost & quality – operating with greater efficiency and product or service
quality.
Knowledge & speed – doing better at innovation and speed of delivery to
market for new ideas.
Barriers to entry – creating a market stronghold that is protected from entry
by others.
Financial resources – having better investments or loss absorption potential
than competitors.
Sustainable competitive advantage – the ability to outperform rivals in ways that
are difficult or costly to imitate.
Strategy a comprehensive plan guiding resource allocation to achieve long-term
organization goals.
Strategic intent focuses and applies organizational energies on a unifying and
compelling goal.
, MANAGEMENT 1.1
CHAPTER 10
Levels of Strategy
Finance
Strategic Business
Unit A
Manufacturing
Corporation Strategic Business
Unit B
Human resources
Strategic Business
Marketing
Unit C
Business strategy Functional strategy
Corporate strategy How do we How do we best
What business are compete in each of support each of our
we in? our major business
businesses? strategies?
Corporate strategy – sets long-term direction for the total enterprise.
Business strategy – identifies how division or strategic business unit will compete in
its product or service domain.
Functional strategy – guides activities within one specific area of operations.
Strategic Management Process
Strategic management – the process of formulating and implementing strategies.
Strategic analysis – the process of analyzing the organization, the environment and
the organization’s competitive position and current strategies.
Strategy formulation – the process of crafting strategies to guide the allocation of
resources.
Strategy implementation – the process of putting strategies into action.
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