what is need of strategic management

Essentials of Strategic Management 5th Edition_1 ppt

... Introduction to Strategic Management Chapter 1 Basic Concepts of Strategic Management 1.1 The Study of Strategic Management 1.2 Initiation of Strategy: Triggering Events1.3 Basic Model of Strategic Management 1.4 ... wrote this book to provide you with a short, concise explanation of the most important concepts and techniques in strategic management. There is no fluff in thisbook. Essentials of Strategic Management ... Klepetar, Management Department Chair of Saint John’s University/College of Saint Benedict, for her support of this endeavor. Both of us thank Mary Clare McEwing and Michael Payne of Addison Wesley...

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Essentials of Strategic Management 5th Edition_2 pdf

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... acceptable, what specific actions should management undertake? What risks and payoffs are involved?1.1 THE STUDY OF STRATEGIC MANAGEMENT Strategic management is that set of managerial decisions ... propose a strategic decision-making framework that can help members of organizations make these types of decisions. What Makes a Decision Strategic? Unlike many other decisions, strategic decisions ... distinguishing characteristic of strategic management is its emphasis on strategic decision making. As organizations grow larger and more complex with moreuncertain environments, decisions become increasingly...

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Essentials of Strategic Management 5th Edition_3 potx

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... justice?14Discussion Questions 1. When does a corporation need a board of directors?2. Who should and should not serve on a board of directors? What of environmentalists or union leaders?3. What ... likely to bias both their perception of what is important to monitor in the external environment and their interpretations of what they perceive. This is known as strategic myopia: the willingness ... strategic alternative. What seems at first to be the best decision because it appears to be the most profitable may actually result in the worst set of consequences to the corporation. What is...

Essentials of Strategic Management 5th Edition_4 doc

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... 4.1 Marketing Mix Variables WHAT IS THE PRODUCT LIFE CYCLE? One of the most useful concepts in marketing insofar as strategic management is concerned is that of the product life cycle. As ... the area of skilled human resources. What are the Strategic Information Technology Issues? The primary task of the manager of information technology is to design and manage the flow of information ... basis of someaccepted criteria or hurdle rate (e.g., years to pay back investment, rate of return, or time to break-even point) for the purpose of strategic decision making. What are the Strategic...

Essentials of Strategic Management 5th Edition_5 docx

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... or service. This strategy is one of the business competitive strategies discussed in this chapter.5.1 SITUATIONAL (SWOT) ANALYSIS Strategy formulation is often referred to as strategic planning ... identification of opportunities that the firm is not currently able to take advantage of due to a lack of appropriate resources. SWOT analysis, by itself, is not a panacea. Some of the primary criticisms ... weakness).ã There is no obligation to verify opinions with data or analysis.ã It only requires a single level of analysis.ã There is no logical link to strategy implementation.1 What Is a Strategic...

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Essentials of Strategic Management 5th Edition_7 doc

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... charges on a percentage of sales basis. When this is done, profitable accounts tend tosubsidize unprofitable ones—without anyone’s knowledge. What is ignored is that the amount of time and expense ... implementation process. The job of theintegrator is to prepare a competitive profile of the combined company in terms of its strengths and weaknesses, draft an ideal profile of what the combined companyshould ... These new employees begin as management trainees. Instead of regularraises, their pay is tied to branch office profits.Another key to implementation at Enterprise is leading—specifying clear...

Essentials of Strategic Management 5th Edition_8 docx

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... One framework is SWOT analysis, followed by a discussion of strategic alternatives and a recommendation; another is the strategic audit as discussed in Appendix 11.C. Regardless of the framework ... Figure 1.3, the strategic decision-making process. The strategic audit provides a checklist of questions, by area or issue that enables a person to make a systematic analysis of various corporate ... perform this function. One of the key reasonsfor the success of Wal-Mart has been management s use of the company’s sophisticated information system to control purchasing decisions. Cash registers...

Essentials of Strategic Management 5th Edition_9 docx

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... external hires?4. Has it established a systematic approach to strategic management? 5. What is its level of involvement in strategic management? 6. How well does top management interact with lower ... appropriately?g. What is the role of outsourcing and temporary employees in HRM planning?h. What is the role of the HRM manager in strategic management? 6. Information Technology (IT)a. What are the ... evaluate management s proposals in terms of environmental sustainability?B. Top Management 1. What person or group constitutes top management? 2. What are top management s chief characteristics...

Essentials of Strategic Management 5th Edition_10 doc

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... mapping, 42–43 Strategic incentive management, 157 Strategic inflection point, 5 Strategic information systems, 156 Strategic management, 2model, 5process, 5 Strategic myopia, 36 Strategic planningconcurrent, ... units, 58, 124 Strategic choice, 111, 116 Strategic decision-makingmodes, 12process, 13 Strategic decisions, 11 Strategic factorsexternal, 36internal, 53 Strategic flexibility, 4 Strategic- funds ... 36 Strategic planningconcurrent, 24process, 24 Strategic planning staff, 24 Strategic questions, key, 2 Strategic type, 43 Strategic vision, 23–24 Strategic windows, 76Strategy/strategies, 7to...

Essentials of Strategic Management The Quest for Competitive Advantage_1 pptx

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... renderingprofessional services. If professional advice or other expert assistance is required, the services of a competent professional person should be sought.This title is available in print as ISBN ... H.Davenport, Mission Critical—Realizing the Promise of EnterpriseSystems. For those digging more deeply into issues related toenterprise-wide software, we highly recommend this book. Also,Professor ... withthese changes is known as priority planning.So, did this breakthrough regarding priorities solve all the prob-lems? Was this all that was needed? Hardly. The issue of priority is only half the...

Essentials of Strategic Management The Quest for Competitive Advantage_2 pdf

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... consists of; how it operates; and what is requiredto implement and use it properly. This is necessary to afﬁrm the di-rection set by audit/assessment I and to effectively prepare the visionstatement ... installed a few mod-ules of an ES). ERP is a higher priority than ES; thus software issues will be subordinated to the ERP initiative. This company has what we call a “clean sheet of paper” and the ... let’s double backon the software issue. Software for ERP is like a set of golf clubs. Youcould give the greatest, most expensive set of golf clubs ever made toeither one of your friendly authors,...

Essentials of Strategic Management The Quest for Competitive Advantage_3 docx

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... keep in mind that this ERP/MRP II software is not an ES; it won’t be truly stand-alone software;and it will in effect be “bolted-on” to your existing software.ENTERPRISESOFTWARENow that we ... candid appraisal of your business needs. Ifthe software provider seems to have software organized most likeyour current systems, then they win this part of the sweepstakes foryour vote. This would ... business.” Chris Gray says: “ES systems are ﬂex-Software 65 error of assuming that if a given function isn’t in the software pack-age, it’s not needed for your company. The new software may need tobe...

Systems Essentials of Strategic Management_2 pdf

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... justice?14Discussion Questions 1. When does a corporation need a board of directors?2. Who should and should not serve on a board of directors? What of environmentalists or union leaders?3. What ... likely to bias both their perception of what is important to monitor in the external environment and their interpretations of what they perceive. This is known as strategic myopia: the willingness ... run.Approaches of this type include time-series methods, which attempt to carry a series of historical events forward into the future. The basic problem with extrapolation is that a historical trend is based...

Systems Essentials of Strategic Management_5 doc

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... Consider Management s Attitude Toward Risk? The attractiveness of a particular strategic alternative is partially a function of the amount of risk it entails. Risk is composed not only of the ... which is why corporations commonly reorganizeafter an acquisition. The acquisition or development of additional product lines is often justified on the basis of achieving some advantages of scale ... will this decision affect eachstakeholder? (2) How much of what each stakeholder wants is it likely to get under this alternative? (3) What is each stakeholder likely to do if it doesn’t get what...

Systems Essentials of Strategic Management_6 pdf

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... charges on a percentage of sales basis. When this is done, profitable accounts tend tosubsidize unprofitable ones—without anyone’s knowledge. What is ignored is that the amount of time and expense ... characteristics in common: ã The CEO and other top managers had a strategic vision of what the company could become and communicated this vision to employees at all levels. The currentperformance of ... implementation process. The job of theintegrator is to prepare a competitive profile of the combined company in terms of its strengths and weaknesses, draft an ideal profile of what the combined companyshould...