2 BUSINESS POLICY AND STRATEGIC MANAGEMENT Learning Objectives • • • • • Learn what business policy and strategy is all about. Know the framework and importance of strategic management. Know the strategic management process. Have an understanding of corporate vision and mission. Learn how strategy operates at different levels of the organization. Without a strategy the organization is like a ship without a rudder. Joel Ross and Michael Kami Strategic management is not a box of tricks or a bundle
Premium Strategic management Management
Mission as distinct guidelines for strategic planning? If so‚ discuss the subtle differences with examples. Ans : Strategic planning is an organization’s process of defining its strategy‚ or direction‚ and making decisions on allocating its resources to pursue this strategy‚ including its capital and people. Various business analysis techniques can be used in strategic planning‚ including SWOT analysis (Strengths‚ Weaknesses‚ Opportunities‚ and Threats) and PEST analysis (Political‚ Economic‚ Social
Premium Strategic management Management Organization
**Instructors’ Manual 1 19/09/2001 9:39 AM Page 1 Contemporary Strategy Analysis Concepts‚ Techniques‚ Applications Fourth Edition Instructors’ Manual by Robert M. Grant 1 **Instructors’ Manual 1 19/09/2001 9:39 AM Page 2 Copyright © Robert M. Grant‚ 2002 The right of Robert M. Grant to be identified as author of this work has been asserted in accordance with the Copyright‚ Designs and Patents Act 1988. ISBN 0-631-23140-4 2 **Instructors’ Manual 1 19/09/2001 9:39 AM
Premium Strategic management Management
suppliers‚ customers‚ competitors‚ partners‚ and industries that analyzes patterns‚ trends‚ and relationships for strategic decision making. True False 3. The information age is the present time‚ during which infinite quantities of facts are widely available to anyone who can use a computer. True False 4. Technology provides countless business opportunities‚ but can also lead to pitfalls and traps for a business. True False 5. Top managers use social intelligence
Premium Strategic management
Strategic Plan – Harley-Davidson The strategic management and execution process involves five tasks including developing a strategic vision‚ mission‚ and values; setting objectives; crafting a strategy to achieve the objectives and move the company along the intended plan; executing the strategy; and monitoring developments‚ evaluating performance‚ and initiating corrective adjustments. A competitive strength assessment entails a representative value chain system including a supplier-related value
Premium Strategic management
Strategic Management Fred R David (1997) states that strategic management can be defined as the art and science of formulating‚ implementing and evaluating cross functional decisions that enable the organisation to achieve its objectives. νAs the definition suggests‚ strategic management focuses on integrating management‚ marketing‚ finance/accounting‚ production/operations‚ research and development and computer information systems to achieve organizational success νStrategic management is a
Premium Strategic management Strategic planning
Country Risk and Strategic Planning Analysis Direct export access to China used to be difficult due to the complexity and slowness of the country ’s customs rules and regulations. But with the relaxation in regulatory restrictions and the opening of its markets to foreign investors‚ China could become the next successful market for cognac and champagne importers. The elimination of tariffs in the wake of China ’s accession to the World Trade Organization may encourage more cognac and champagne importers
Premium Marketing Supply chain management Pricing
Question Chapter 4 (4-2)What is an opportunity cost rate? How is this rate used in discounted cash flow analysis‚ and where is it shown on a time line? Is this opportunity rate a single number that is used to evaluate all potential investment? The rate of return you would earn on an alternative investment of small risk if you don’t invest in the security under consideration. An opportunity cost is the difference in return between an investment that has chosen for investment and one that is inevitably
Premium Investment Time Time value of money
What strategy is TomTom pursuing‚ is it working? 2. Does the satellite navigation industry offer attractive opportunities for growth? What kind of competitive forces are industry members facing and how do the forces influence the outlook for industry profitability? 3. What are the strengths and weaknesses of TomTom? What are the threats and opportunities facing the company? 4. Which strategic problem/challenge is TomTom facing for the future? 5. What recommendations would you make to TomTom management
Premium Strategic management Management
Ribbon Sport grew into one of the world’s most recognised brand. A leader in the field of sport clothing and footwear‚ Nike has always been one that encouraged innovation‚ creativity and growth. Outsourcing of its manufacturing processes‚ created an opportunity for Nike to realign itself and focus on its core competencies‚ doing what they do best research‚ development and advertise. By mid 1990’s the company began fighting attacks on its manufacturing practices in Asia‚ human rights and employee’s exploitation
Premium Strategic management Nike, Inc.