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Summary Strategic Management
- Instelling
- Vrije Universiteit Brussel (VUB)
This summary of Strategic Management provides an overview of key concepts, models and theories from lectures, the book and PowerPoint presentations.
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STRATEGIC MANAGEMENTLECTURE 1: THE CONCEPT OF STRATEGY
4 big issues
To successfully formulate and implement strategy, a firm must confront 4 big issues:
Concepts and evolution Boundaries of the firm Competition (who and Positioning and dynamics
of strategic “schools of (where?) how?) (why?)
thought” (what?)
= define what the firm does. = how and on what basis
does the firm compete?
They can extend in 3
different directions:
1. Horizontal
2. Vertical
3. Corporate
Horizontal: Type of market the Positioning:
= how much of the product business is operating in = static concept.
market does the firm serve? (who): = at a given point in time, is
There are different the firm competing on the
Vertical: competitors in different basis of low costs or
What will be produce? markets. differentiation?
Make or buy? Which competitive
A lot of restaurants have Kind of interaction with advantage do we
their own garden with their rivals (how): want to have and do
vegetables and herbs. This Price oriented strategy. we have the
is vertical integration; they resources and
do not buy them from a Quality oriented strategy. capabilities for
supplier but grow them This is gaining this?
themselves and because of importance
this they can control them because of Dynamics:
better. If you are too increased = how does the firm
dependent on the supplier, available accumulate resources and
it can burden the whole information. New capabilities and how does
supply chain and make you quality it adjust over time to
sell less. competition is changing circumstances.
= upward vertical about good and
integration. bad information.
So, it is not
Corporate: becoming easier.
= the set of distinct
businesses the firm
competes in.
, What is strategy ?
Strategy Tactic
= the overall design and philosophy to plan = a scheme for a specific maneuver.
for deploying resources to establish a
favorable position and reach success.
It is about a long term mission that you want Short term.
to accomplish, a vision that you want to
achieve.
- Strategy is about the plan of how to
get there.
Characteristics of strategic decisions:
Important Involve a significant commitment of Not easily reversible
resources
This implies that these kind of Money and people are needed. Once you’ve communicated, your
decisions take time. strategy you cannot back out
because of strong commitments
and your reputation that is linked to
it.
The role of analysis
Strategy analysis improves and supports decision processes, but doesn’t give answers.
Analysis is a starting basis but it is not telling you what to do, so it is feeding you but it is not
making decisions for you.
This means that you have to think twice. You need to have and use other
frameworks to confront them with each other and see if there is another strategy
that may work better.
Strategy analysis assists us to identify and understand the main challenges of
organizations and businesses.
A SWOT analysis can be an eye-opener if you do it well. Well means that each element has an
origin.
Strategy analysis helps us to manage complexity.
Strategy analysis can enhance flexibility and innovation by supporting learning.
, Strategy making processes within the company: multiple roles of strategy
Becoming increasingly
important.
Strategic plan hierarchy
, What makes a successful strategy?
= to be situation. = as is situation = as is situation
outside of the inside of the
organization. organization.
Who else is What do we
there in our have ?
market and
what are they
doing?
What are the
opportunities
?
This affects us and
our competitors. This only affects us.
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