Author: mfadmin

Strategic management process (6 steps),”Six-step process:STEP 1: Identifying the organization’s current mission, goals and strategies. Mission: statement of purpose. Every organization needs one. This forces managers toidentify what it’s in business to do. It’s also important to identify current goals andstrategies so managers have a basis for assessing whether they need to be changed.STEP 2: Doing an external analysiswhat the competition is doing, what pendinglegislation might affect the organization, etc. Managers should analyse the environment to see both negative (threats) and positive (opportunities) trends and changes, and respond on it.STEP 3: Doing an internal analysisProvides information about resources and capabilities. Resources are an organization’s asset that is uses to develop, manufacture and deliver products. Capabilities are the skills and abilities needed to do the work activities in its business. The core competencies are the major value creating capabilities in the organization. The internal and external analysis combine into a SWOT analysis.- STEP 4: Formulating strategiesHere, managers should consider the realities of the external environment and their available resources and capabilities and design strategies that will help an organization achieve its goals. Three types of strategies: corporate

Management

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Weapons that managers have (six and three with explanations),”six: customer service, employee skills, innovation, quality, social media and big data.- Quality as a strategic weapon: quality can be used to build competitive advantage and attract loyal customers. Managers need to search for the best practices among (non)competitors that lead to their superior performance

Management

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Corporate strategy and three types,”specifies what business to be in and what to do with those businesses. There are three types:1. Growth Strategy. Organization expands the number of markets served or products offered, either through its current business(es) or through new business(es). Ways to grow:• Concentration. Growing by focusing on primary line of business and increasing the number of products offered or markets served in this primary business.• Vertical integration. Growing by gaining control of inputs or outputs or both.- Backward vertical integration. Organization gains control of inputs by becoming its own supplier.- Forward vertical integration. Organization gains control ofoutputs by becoming its own distributor.• Horizontal integration. Growing by combining with competitors.• Diversification. Growing by moving into a different industryRelated diversification. Different but related industries. ‘Strategic fit’.Unrelated diversification. Different and unrelated industries. ‘no strategic fit’.2. Stability Strategy. Organization continues-often during periods of uncertainty todo what it is currently doing’ to maintain things as they are.3. Renewal Strategy. Organization is in trouble and needs to address declining performance.• Retrenchment strategy. Minor performance problems.• Turnaround strategy. More serious performance problems requiring more drastic action In both renewal strategies

Management

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