Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Mintzberg mode of strategic decision making

27/11/2021 Client: muhammad11 Deadline: 2 Day

Strategic Management Discussion#1-2

Basic Concepts of Strategic

Management

Chapter 1

Learning Objectives

Understand the benefits of strategic management

Explain how globalization and environmental sustainability influence strategic management

Understand the basic model of strategic management and its components

Copyright © 2015 Pearson Education, Inc. 1-2

Learning Objectives

Identify some common triggering events that act as stimuli for strategic change

Understand strategic decision-making modes

Use the strategic audit as a method of analyzing corporate functions and activities

Copyright © 2015 Pearson Education, Inc. 1-3

The Study of Strategic Management

Strategic Management

 a set of managerial decisions and actions that determines the long-run performance of a corporation

1-4 Copyright © 2015 Pearson Education, Inc.

The Study of Strategic Management

Strategic Management includes:

Internal and external environment scanning

Strategy formulation

Strategy implementation

Evaluation and control

Copyright © 2015 Pearson Education, Inc. 1-5

Phases of Strategic Management

Phase 1: Basic financial planning

Phase 2: Forecast-based planning

Phase 3: Externally oriented strategic planning

Phase 4: Strategic management

Copyright © 2015 Pearson Education, Inc. 1-6

Benefits of Strategic Management

The attainment of an appropriate match, or “fit,” between an organization’s environment and its strategy, structure and processes has positive effects on the organization’s performance.

Strategic planning becomes increasingly important as the environment becomes more unstable.

Copyright © 2015 Pearson Education, Inc. 1-7

Benefits of Strategic Management

Clearer sense of strategic vision for the firm

Sharper focus on what is strategically important

Improved understanding of a rapidly changing environment

1-8 Copyright © 2015 Pearson Education, Inc.

Impact of Globalization

Globalization

 the integrated internationalization of markets and corporations

 has changed the way modern corporations do business

Copyright © 2015 Pearson Education, Inc. 1-9

Impact of Innovation

Innovation

 describes new products, services, methods and organizational approaches that allow the business to achieve extraordinary returns

Innovation is the implementation of potential innovations that truly drives businesses to be remarkable.

Copyright © 2015 Pearson Education, Inc. 1-10

Impact of Sustainability

Sustainability

 refers to the use of business practices to manage the triple bottom line

Copyright © 2015 Pearson Education, Inc. 1-11

Impact of Sustainability

The triple bottom line involves:

1. the management of traditional profit/loss; 2. the management of the company’s social

responsibility; and

3. the management of its environmental responsibility.

Copyright © 2015 Pearson Education, Inc. 1-12

Theories of Organizational Adaptation

Population ecology

 once an organization is successfully established in a particular environmental niche, it is unable to adapt to changing conditions

Institution theory

 organizations can and do adapt to changing conditions by imitating other successful organizations

Copyright © 2015 Pearson Education, Inc. 1-13

Theories of Organizational Adaptation

Strategic choice perspective

 not only do organizations adapt to a changing environment, but they also have the opportunity and power to reshape their environment

Copyright © 2015 Pearson Education, Inc. 1-14

Theories of Organizational Adaptation

Organizational learning theory

 an organization adjusts defensively to a changing environment and uses knowledge offensively to improve the fit between itself and its environment

Copyright © 2015 Pearson Education, Inc. 1-15

Creating a Learning Organization

Strategic flexibility

 the ability to shift from one dominant strategy to another and requires:

• Long-term commitment to the development and nurturing of critical resources

• Learning organization

Copyright © 2015 Pearson Education, Inc. 1-16

Creating a Learning Organization

Learning organization

 an organization skilled at creating, acquiring and transferring knowledge and at modifying its behavior to reflect new knowledge and insights

Organizational learning is a critical component of competitiveness in a dynamic environment.

Copyright © 2015 Pearson Education, Inc. 1-17

Creating a Learning Organization

Learning organizations are skilled at four main activities:

Solving problems systematically

Experimenting with new approaches

Learning from their own experiences and past history as well as from the experiences of others

Transferring knowledge quickly and efficiently throughout the organization

Copyright © 2015 Pearson Education, Inc. 1-18

Basic Model of Strategic Management

Strategic management consists of four basic elements:

Environmental scanning

Strategy formulation

Strategy implementation

Evaluation and control

Copyright © 2015 Pearson Education, Inc. 1-19

Basic Elements of the Strategic Management Process

Copyright © 2015 Pearson Education, Inc. 1-20

Figure 1-1

Strategic Management Model

Copyright © 2015 Pearson Education, Inc. 1-21

Figure 1-2

Basic Model of Strategic Management

Environmental scanning

 the monitoring, evaluating and disseminating of information from the external and internal environments to key people within the organization

 SWOT analysis

Copyright © 2015 Pearson Education, Inc. 1-22

Environmental Variables

Copyright © 2015 Pearson Education, Inc.

1-23

Figure 1-3

Basic Model of Strategic Management

Strategy formulation

 process of investigation, analysis and decision making that provides the company with the criteria for attaining a competitive advantage

 includes defining the competitive advantages of the business (Strategy), crafting the corporate mission, specifying achievable objectives and setting policy guidelines.

Copyright © 2015 Pearson Education, Inc. 1-24

Basic Model of Strategic Management

Mission

 the purpose or reason for the organization’s existence

Vision

 describes what the organization would like to become

Objectives

 the end results of planned activity

Copyright © 2015 Pearson Education, Inc. 1-25

Basic Model of Strategic Management

Strategy

 forms a comprehensive master approach that states how the corporation will achieve its mission and objectives

 maximizes competitive advantage and minimizes competitive disadvantage

 corporate, business, functional

Copyright © 2015 Pearson Education, Inc. 1-26

Hierarchy of Strategy

Copyright © 2015 Pearson Education, Inc. 1-27

Basic Model of Strategic Management

Policy

 a broad guideline for decision making that links the formulation of a strategy with its implementation

Copyright © 2015 Pearson Education, Inc. 1-28

Basic Model of Strategic Management

Strategy implementation

 a process by which strategies and policies are put into action through the development of programs, budgets and procedures

Copyright © 2015 Pearson Education, Inc. 1-29

Basic Model of Strategic Management

Evaluation and control

 a process in which corporate activities and performance results are monitored so that actual performance can be compared with desired performance

Copyright © 2015 Pearson Education, Inc. 1-30

Basic Model of Strategic Management

Performance

 the end result of organizational activities

 includes the actual outcomes of the strategic management process

Feedback/Learning process

 revise or correct decisions based on performance

Copyright © 2015 Pearson Education, Inc. 1-31

Initiation of Strategy: Triggering Events

Triggering event

 something that acts as a stimulus for a change in strategy and can include:

• New CEO

• External intervention

• Threat of change of ownership

• Performance gap

• Strategic inflection point

Copyright © 2015 Pearson Education, Inc. 1-32

Strategic Decision Making

Strategic decisions

 deal with the long-term future of an entire organization and have three characteristics:

• Rare

• Consequential

• Directive

Copyright © 2015 Pearson Education, Inc. 1-33

Three Characteristics of Strategic Decisions

Rare  Strategic decisions are unusual and typically have

no precedent to follow.

Consequential  Strategic decisions commit substantial resources

and demand a great deal of commitment from people at all levels.

Directive  Strategic decisions set precedents for lesser

decisions and future actions throughout an organization

Copyright © 2015 Pearson Education, Inc. 1-34

Mintzberg’s Modes of Strategic Decision Making

Entrepreneurial Adaptive

Planning Logical

incrementalism

Copyright © 2015 Pearson Education, Inc. 1-35

Strategic Decision-Making Process

1. Evaluate current performance results 2. Review corporate governance 3. Scan and assess the external environment 4. Scan and assess the internal corporate

environment 5. Analyze strategic (SWOT) factors 6. Generate, evaluate and select the best

alternative strategy 7. Implement selected strategies 8. Evaluate implemented strategies

Copyright © 2015 Pearson Education, Inc. 1-36

Strategic Decision-Making Process

Copyright © 2015 Pearson Education, Inc.

1-37

Figure 1-5

Strategic Decision-Making Process

Copyright © 2015 Pearson Education, Inc. 1-38

Figure 1-5

The Strategic Audit: Aid to Strategic Decision Making

Strategic audit

 provides a checklist of questions, by area or issue, that enables a systematic analysis to be made of various corporate functions and activities

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Smart Tutor
Engineering Help
Ideas & Innovations
Smart Accountants
Financial Analyst
A+GRADE HELPER
Writer Writer Name Offer Chat
Smart Tutor

ONLINE

Smart Tutor

After reading your project details, I feel myself as the best option for you to fulfill this project with 100 percent perfection.

$15 Chat With Writer
Engineering Help

ONLINE

Engineering Help

I find your project quite stimulating and related to my profession. I can surely contribute you with your project.

$29 Chat With Writer
Ideas & Innovations

ONLINE

Ideas & Innovations

I have read your project details and I can provide you QUALITY WORK within your given timeline and budget.

$26 Chat With Writer
Smart Accountants

ONLINE

Smart Accountants

After reading your project details, I feel myself as the best option for you to fulfill this project with 100 percent perfection.

$47 Chat With Writer
Financial Analyst

ONLINE

Financial Analyst

I am an elite class writer with more than 6 years of experience as an academic writer. I will provide you the 100 percent original and plagiarism-free content.

$28 Chat With Writer
A+GRADE HELPER

ONLINE

A+GRADE HELPER

Being a Ph.D. in the Business field, I have been doing academic writing for the past 7 years and have a good command over writing research papers, essay, dissertations and all kinds of academic writing and proofreading.

$16 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Ecosmart water heater problems - Frank lloyd wright mile high - Discrete mathematics with applications fourth edition pdf - Uevp - Sikhism cosmogony origin of the universe - Chlorsig eye ointment side effects - Global Citizen Journal - Ieee 829 standard for test documentation - Completa el diálogo con el pretérito de los verbos entre paréntesis. - Business report example hsc - Functional assessment and program development for problem behavior o neill - 16 protons and 16 neutrons - Artists research - A professional blog post - Holy sonnet 4 john donne - Using Balance Scorecard to Measure Project Effectiveness - Ethics Discussion - Days of the week in arabic - Tech and the job search discussion - Business management mcqs with answers - Https owl english purdue edu media pdf 20090212013008_560 pdf - Method of joints truss - Learning to read by frances ellen watkins harper answer key - History Econ - Hot tapping gas pipeline - Shadow health musculoskeletal interview guide - Jazz styles history and analysis 9th edition - Squares square roots cubes and cube roots pdf - Which property is 6 0 - Wk 5 - Practice: Potential Risk Factors - Https www ukropsdressexpress com weis - Needs Help- Financial Accounting - Rice v great yarmouth - Journal Article Research - Clinical robotic surgery association - Freedom on my mind volume 2 pdf free - Establishing patterns and trends in the data collected - Discussion Forum # 3 What Laws Need to Change in order to Improve the Health of Indigenous People? - Using sources effectively 5th edition pdf - Explain how the spectroscope will be calibrated - Distance, Speed, and Acceleration - Paper writing - 13009 within 24 Hrs - Lord of the flies main theme - Duvall's 8 stages of family development - NRS-440-VN0502 Trends and Issues - Business model and competitive strategy of ikea in india pdf - Week 6 - Allergy to zinc sunscreen - Why is evaluating training an important part of strategic training? - G1 - Social media madness 1 worksheet answers - Cis 105 final exam - Communication - Hal and me nicholas carr - As11 - Define structural analysis in reading - Discussion respond to classmates - Naive method forecasting excel - Aviary plans free download - Culture questions to ask interviewee - Symbolism in cask of amontillado pdf - Mcgraw hill backpack marketing simulation how to win - Hooke's law simulation lab answers - Hatfield medical supplies mini case - Calculate quick burger's free cash flow in - Sodium borohydride reduction procedure - Managing organizational change a multiple perspectives approach pdf - Fhwa sa 97 070 - Deciduous tooth numbering system - The art of complaining effectively amy fish - Are isosceles triangles always acute - What is a first class lever - Interactive-Visualizations-and-Dashboards - Calculate volume of water - 7/3-1 strategic plan - MBA - Main - Set 15 - Highfield awarding body for compliance habc - Ethical issues apple facing - Disadvantages of hibernation in animals - Stretford grammar school admissions - 4 regions of texas powerpoint - Drawing the iron man ted hughes - American government - Fixed my milestone 2 - Biology b3 revision notes - C++ car class with constructors and accessors - Why is eggshell a good material for edta to chelate - General capitulary for the missi summary - The californian's tale by mark twain essay - New york circle of translators - Allyn and bacon guide to writing fiu pdf - Magic whiteboard dragons den - Compare and contrast utilitarianism deontology and virtue ethics - Premier inn guest agenda - IFSM 300 Stage 4 Assignment - Www library cornell edu resrch citmanage apa - Find the eigenvalues of the given matrix - Student central western sydney - Robin hood case study