Rock Paper Scissor Tournament. STRATEGIC MANAGEMENT PROCESS 1.4.
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Transcript of Rock Paper Scissor Tournament. STRATEGIC MANAGEMENT PROCESS 1.4.
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Rock Paper Scissor Tournament
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STRATEGIC MANAGEMENT PROCESS1.4
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Planning• Serves as a guide for making decisions
• The act of setting goals, developing strategies, outlining tasks, creating timelines
• Each part of a business develops its own plan to guide its operations• All plans must work together toward the business’ overall goals.
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Importance of Planning• Most important function of management
• The difference between higher profits or huge loses, expansion or failure
• All managers are involved with planning in some way• Deciding to expand and build a new building to deciding on work
schedules
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Importance of Planning• Mangers use their plans to determine whether the business
is making progress
• It encourages managers to be more specific in their decisions
• Planning in a large business is like a jigsaw puzzle. All the pieces must work together• Coordination to avoid conflict & missed opportunities • Sharing plans between departments helps each see how their plans
effect another
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Levels of Planning
Managers plan on two levels• Strategic planning (upper management)
• Long term• Provides broad goals & direction for the entire business
• Operational (mid-level management)• Short term• Identifies specific activities for EACH area of the business
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Setting GoalsYou will never know when you have arrived if you don’t know
where you are going.
Goal – Is a specific statement of a result the business expects to achieve
Characteristics of Effective Goals:
1. Specific & Meaningful 3. Clearly Communicated
2. Achievable (realistic) 4. Consistent with each other
and overall company
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Operation Planning• Determines the:
• How it will be done• Who will do it• What resources are needed to do it
• Operational plans direct the day-to-day activities of a business
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Planning Tools• Budgets – most widely used tool• Schedules – deadlines• Standards – Quality, Quantity, Time, Cost
• Policies – general rule for the whole business• Procedure – steps followed to perform certain work• Research – Gathering information
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What is Strategic Management?Application of the basic planning process
at the highest levels of the companyTop management sets goals for the
performance of the company◦Carefully formulating, implementing, and
evaluating plans and strategies
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What is Strategic Management?
• Most important part is developing strategic plans• Plans must remain current as changes occur inside and
outside the company
• Involves many levels of management• Top level formally develops basic plans• Different departments may be asked to develop plans
for their own areas• A solid plan guarantees that plans are coordinated and
are supported by everyone in the company
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Strategic Management Approach
• Three phases critical to the success of the process• Formulation
• Developing the strategic plan
• Implementation• Putting the formulated plan to work
• Evaluation• Continuously evaluating and updating the strategic
plan
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Formulating Strategy
Developing the grand- and business-level strategies to be used by the company
• Company’s strengths/weaknesses and threats/opportunities shape the strategies
• First step is to understand the current position of the company• Identify mission, identify past and present strategies,
diagnose the company’s past and present performance, set objectives for the company’s operation
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Formulating Strategy
• Identify the mission statement• Outlines why the company exists• Describes the company’s basic products and/or services and defines markets and sources of revenue
• Designed to accomplish several goals and ensures a common purpose within the company
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Identifying Past and Present Strategies
• Companies need to understand and appreciate their corporate history
• Strategic managers should ask• Has past strategy been developed?
• If not, can past history of the company be analyzed to identify the strategy that has evolved?
• If yes, has the strategy been recorded in writing?
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Diagnosing Past and Present Performance• A corporate planner must decide if past strategies worked and if strategic changes are needed by asking:• How is the company currently performing?• How has it performed during the past few years?
• Is the performance trend moving up or down?
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Setting Goals
• Concise statements that provide direction employees and set standards for achieving the company’s strategic plan
• Established in many areas (see handout)• Goals must be reevaluated as the environment and opportunities change
• Multiple goals are used to reflect the desired performance
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Policies, Procedures, and Rules
• Policies are broad general guides to action that establish boundaries within which employees must operate• “answering all written customer complaints in writing within 10 days”
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Policies, Procedures, and Rules
• Procedures are detailed series of related steps/tasks written to implement a policy• Define methods through which policies are achieved• “the customer service representative must note the
complaint of Form 622 and forward the yellow copy of the form…”
• Rules detail specific and definite corporate actions that employees must follow• Leave little doubt about what is to be done• “no smoking in the conference room”
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Implementing Strategy
• Action stage of strategic management• Managers determine and implement the most appropriate company structure, motivate employees, develop short-range goals, and establish functional strategies
• Strategy must fit with current company policies• Or conflicting policies must be changed
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Evaluating and Controlling the Strategic Plan• Process of continuously monitoring the company’s progress toward its long-range goals and mission
• Managers should ask:• Does the grand strategy need revising?• Where are problems likely to occur?
• Basic strategy evaluation strategies:• Review external and internal factors that are the bases
for current strategies• Measure performance• Take corrective action
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SWOT Analysis
•Strengths, Weaknesses, Opportunities,
Threats• Process that allows companies to evaluate overall health• Internal (SW) – Can Control• External (OT) – Can’t Control
• Most important result of a SWOT analysis is the ability to draw conclusions about the attractiveness of the company’s situation and the need for strategic action
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SWOT Analysis for Santa
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Evaluating and Controlling the Strategic Plan• Emphasis is making the company’s managers aware of the problems that are likely to occur and of the actions to take if they do arise
• Plan ahead and avoid disaster• Strategic planning and evaluation should be done on a predetermined schedule and as frequently as necessary, determined by internal and environmental factors