STRATEGIC MANAGEMENT
·
Explain strategic management!
Strategic
management is what managers do to develop the organization’s strategies.
Strategies are the plans for how the organization will do whatever it is in
business to do, how it will compete successfully, and how it will attract and
satisfy its customers in order to achieve its goals.
·
Explain why strategic management is important!
Strategic
management is important for three reasons:
1.
It makes a difference in how well
organizations perform.
2.
It is important for helping
managers cope with continually changing situations.
3.
Strategic management helps
coordinate and focus employee efforts on what’s important.
·
Explain what managers do during the six steps of
the strategic management process.
The
six steps in the strategic managementprocess encompass strategy palnning,
implementation, and evaluation. These steps include the following:
1.
Identify the current mission,
goals, and strategies
2.
Do an external analysisn (SWOT)
3.
Do an internal analysis (SWOT)
4.
Formulate strategies
5.
Implement strategies
6.
Evaluate strategies
·
Describe the three types of corporate strategies.
There
are three types of corporate strategies:
1.
Growth strategy
When an organization expands
the number of markets served or products offered, either through current or new
businesses. The types of growth strategy include concentration, vertical
integration, (backward and forward), horizontal integration, and
diversification (related and unrealted)
2.
Stability strategy
When an organization makes
no significant changes in what it is doing.
3.
Both renewal strategies
This is include retrenchment
and turnaround, address organizational weakness that are leading to performance
declines.
·
Describe competitive advantage and the competitive
strategies organizations use to get it.
An
organization’s competitive advantage is what sets it apart, its distinctive
edge. A company’s competitive advantage becomes the basis for choosing an appropiate competitive
strategy. The five competitive forces by Porter are:
1.
Threat of new entrants
2.
Threat of subtitutes
3.
Bargaining power of buyers
4.
Bargaining power of suppliers
5.
Current rivalry
The three competitive strategies by Porter are:
1.
Cost leadership
Competing on the basis of
having the lowest costs in the industry
2.
Differentiation
Competing on the basis of
having unique products that are widely valued by customers
3.
Focus
Competin in a narrow segment with either a cost
advantage or adifferentiation advantage
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