TAILIEUCHUNG - Lecture Essentials of strategic management: The quest for competitive advantage (4e) - Chapter 2

After studying this chapter, you should be able to: Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why, understand the importance of setting both strategic and financial objectives, understand why the strategic initiatives taken at various organizational levels must be tightly coordinated to achieve companywide performance targets,. | Student Version What Does the Strategy-Making, Strategy-Executing Process Entail? Developing a strategic vision Setting objectives Crafting a strategy Implementing and executing the chosen strategy Monitoring developments, evaluating performance, and initiating corrective adjustments Stage 1: Developing a Strategic Vision, a Mission, And Core Values Strategic Vision Is top management’s view of “where we are going”— the firm’s direction and its future product-market-customer-technology focus to stakeholders. Is distinctive and specific to a particular organization. Avoids use of generic, innocuous, and uninspiring language that could apply to most any firm. Definitively states how the company’s leaders intend to position the firm beyond where it is today. The Importance of Communicating the Strategic Vision An engaging, inspirational vision Provides direction and energizes employees Makes the organization’s case for “where we are going and why” Evokes positive support and excitement Enlists the commitment of company personnel to engage in actions that move the company in its intended direction 4 Expressing the Essence of the Vision in a Slogan Nike To bring innovation and inspiration to every athlete in the world. The Mayo Clinic The best care to every patient every day Greenpeace To halt environmental abuse and promote environmental solutions. 5 Why a Sound, Well-Communicated Strategic Vision Matters It crystallizes senior executives’ own views about the firm’s long-term direction. It reduces the risk of rudderless decision making by management at all levels. It is a tool for winning the support of employees to help make the vision a reality. It provides a beacon for lower-level managers in forming departmental missions. It helps an organization prepare for the future. Strategic Vision versus Mission Statement A strategic vision concerns a firm’s future business path—“where we are going” Markets to be pursued Future product/ market/customer/ technology focus The

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• Competitive advantage
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• Executing the strategy
• Company’s strategy
• Charting a companys direction
• The mediating effect of entrepreneurial marketing
• The relationship between environmental turbulence
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• Fundamentals of marketing
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• Marketing mix
• Marketing task
• Marketing management
• Creating competitive advantage
• Strategic management
• Executing strategy
• Business models
• Management information systems
• Introduction to management information systems
• Business information technology
• Information systems
• Achieve competitive advantage
• Differential Advantage
• Identity ManagementStrategic Branding Decisions
• Destination Branding
• Advantage of the firms
• Capital or unskilled labour
• Human resource capital
• Role of human resources
• Five competitive strategies
• Low cost provider strategies
• Best cost provider strategies
• Company’s resources
• Competitive assets
• Principles of Marketing
• Lecture Principles of Marketing
• Marketing strategy
• Competitor analysis
• Competitive strategies
• Market positioning
• Company’s competitive position
• Operations management
• Operations strategy
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• Strategy design process
• Productivity measures
• Modern competitive strategy
• Competitive strategy
• Strategic planning
• Strategy execution
• Growth and innovation
• Strategy over time
• Company’s external environment
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• Small and medium enterprises
• Strategic alliances
• Acquisition strategies
• Vertical integration strategies
• Foreign markets
• Strategy options
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• Emerging industries
• High velocity markets
• Maturing industries
• Entering new businesses
• Strategic partnerships