STRATEGIC MANAGEMENT & BUSINESS POLICY 12TH EDITION THOMAS L. WHEELEN J. DAVID HUNGER Strategic Management: a set of managerial decisions and actions that determines the long-run performance of a corporation. Includes: • • • • Internal and external environment scanning Strategy formulation Strategy implementation Evaluation and control Pearson Education © 2010 1-2 Phases of Strategic Management: • • • • Phase Phase Phase Phase 1: 2: 3: 4: Basic financial planning Forecast-based
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* Chapter 1 (introducing strategy) * summarize the strategy of an organization in a strategy statement * identify key issues for an organization’s strategy according to the exploring strategy model * distinguish between corporate‚ business operational strategies * understand how different people contribute to strategy at work * Appreciate the contributions of different academic disciplines and theoretical lenses to practical strategy analysis Focus:
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Chapter 14 – The Congress‚ the President‚ and the Budget * Introduction The battle of the budget is at the center of American politics. Two questions are central to public policy: Who bears the burdens of paying for government? Who receives the benefits? The public budget is a policy document allocating burdens (taxes) and benefits (expenditures). A budget deficit occurs when expenditures exceed revenues in a fiscal year. Americans want the government to balance the budget‚ maintain or increase
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departments Determination of objectives Development of a program of action covering the various activities of the company in the light of direction and unity of purpose provided by the objectives Modern Approach 1. Intuition 2. Disjointed Incrementalism: This approach to strategy making reflects an attitude of management having strong preference for acting only when forced to‚ and then considering a few convenient alternatives involving only small disruptive changes in the organization. 3.
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PUBLIC POLICY Public policy may be defined as a course of action taken by a government to address an issue or a matter of national importance or resolve a problem or a crisis ~ Peter Johnson Other definitions of public policy are: "Public policy is a purposeful and consistent course of action taken as a response to a perceived problem of a nation‚ formulated by a specific political process‚ and adopted‚ implemented and enforced by a public agency." ~ Wayne Hayes " The term public policy
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But a more realistic analysis suggests that bureaucracies often make decisions based on a much more limited range of information and analysis. In one of the earliest formulations of this view‚ bureaucracies make decisions by "muddling through." Charles Lindblom’s classic article "The Science of Muddling Through" (1959) outlined his view that the U.S. executive bureaucracy uses limited policy analysis‚ bounded rationality‚ and limited or no theory at all in formulating policy. In some ways‚ Lindblom
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Press. Kotter‚ J. (2012) Barriers to Change: The Real Reason Behind the Kodak Downfall. Available at: http://www.forbes.com/sites/johnkotter/2012/05/02/barriers (Accessed: 5 August 2012). Porter‚ M.E Quinn‚ J.B. (1980) Strategies for Change: Logical Incrementalism‚ Homewood‚ Ill.: Richard D Irwin. Research In Motion Limited (2012) Company. Available at: http://www.rim.com/company/ (Accessed: 3 August 2012). Shiying‚ L. and Avery‚ M. (2009) Alibaba: The Inside Story Behind Jack Ma and the Creation of
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structures approach to transformation ’ Macintosh‚ R. and MacLean‚ D. (2001) ’Conditioned emergence: researching change and changing research ’ of Operations and Production Management‚ 21(10)‚ 1343-1357. Quinn‚ J.B. (1980) Strategies for Change: Logical Incrementalism‚ lrwin‚ Homewood‚ IL. Stacey‚ R.D. (2003) Strategic Management and Organisational Dynamics: The Challenge of Complexity‚ FT/Prentice-Hall‚ Stickland‚ F. (1998) The Dynamics of Change: Insights into Organisational Transition from the Natural
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be and how often does it occur? 6. What is bounded rationality? 7. What are the alternatives to the rational model of policy making and what are their characteristics? 8. Does politics affect public policy making and‚ if so‚ how? 9. What is incrementalism? Chapter 1 10. How is public policy legitimized? 11. What influences
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MULTIPLE CHOICE TYPE QUESTIONS Choose the one alternative that best completes the statement or answers the question. 1) Which of the decisions listed below is not an example of a strategic decision? A) Decision to launch a new advertising campaign B) Decision to invest in a new production plant C) Decision to launch new product D) Decision to enter a new market 2) Which of the following is an outcome of the analysis of the strategic capability of an organisation? A) An understanding of customer needs
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