...Contemporary Issues in Strategic Management Group 2. Business Level Strategy: How Firms choose to Achieve Competitive Advantage Purpose Your presentation is based on Lecture 4 and the aim of your presentation is to explain: * Porter’s generic strategy framework in terms of: * How the alternative strategies are achieved * How they position the firm favourably against the five forces in the competitive environment * What are the risks associated with each strategy * Why Porter thought doing both strategies (stuck-in-the-middle) would result in mediocre performance * How firms can achieve both strategies and succeed – a hybrid or integrated strategy. Structure & Content Your presentation should take about 30 minutes but no longer than 45 minutes. The questions which you need to answer in order to structure your presentation are taken from the Review Questions (page 114) at the end of Chapter 4 in your textbook (Ireland et al.). Answer Review Questions: 3, 4 & 5 in your textbook, Ireland et al chapter 4, pg. 114. To start the Tutorial discussion you must close your presentation by answering the question: Argue why Ireland et al (pg.109) think IKEA is pursuing a focused cost leadership strategy. Do you agree with their conclusion? Assessment Criteria See the assessment criteria for the group presentation on Moodle. Note, you will gain additional marks for demonstrating the depth of your understanding of...
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...Strategic Issues: The Pivotal Process for Strategic Success Thomas E. Ambler Senior Consultant, CSSP, Inc. Tom Ambler REALIZE YOUR POTENTIAL! Is that what you want for yourself and your company? What is your company’s potential? Do you have a vision of it? Yes? That’s why you use Simplified Strategic Planning, isn’t it? In the Simplified Strategic Planning process you build toward your strategy - your vision for the longer term, the course and direction you need to take to maximize your potential. Then, for the short term you make sure that your resources line up and are focused on achieving your vision. Good strategy takes more than just strong desire. Good strategy requires good input and analysis. It also requires good decision-making. That’s what the exercise known as “STRATEGIC ISSUES” is all about. It is a pivotal step in the strategic planning process that deals with answering the “Big Strategic Questions.” Successful identification and resolution of Strategic Issues results from combining both content and process elements, big and small, effectively and smoothly. What is a Strategic Issue? A Strategic Issue is, first of all, an issue - an unresolved question needing a decision or waiting for some clarifying future event. Secondly, it is strategic and has major impact on the course and direction of the business. It probably relates directly to one or more of the fundamental “Three Strategic Questions”: •What are we going to sell? •To whom are we going to sell it...
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...Unit Reference: 7021V1 Unit Title: Introduction to strategic management and leadership Assessment Type: Assignment Assessment Centre: Distance Learning College and Training Written by: Telephone: Date of issue: Week commencing: XX 2014 Unit Reference: 7021V1 Unit Title: Introduction to strategic management and leadership Assessment Type: Assignment Assessment Centre: Distance Learning College and Training Written by: Telephone: Date of issue: Week commencing: XX 2014 Unit Reference: 7021V1 Unit Title: Introduction to strategic management and leadership Assessment Type: Assignment Assessment Centre: Distance Learning College and Training Written by: Telephone: Date of issue: Week commencing: XX 2014 Unit Reference: 7021V1 Unit Title: Introduction to strategic management and leadership Assessment Type: Assignment Assessment Centre: Distance...
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...likely engaging in _________. A) strategic manageme nt B) strategy utilization C) strategic processing D) strategic formali ty A) strategic management Of the following, which one is least likely to be considered a critical task associated with an organization's strategic management proce ss? A) Evaluation of the process for use in future decision making B ) Evaluation of options relative to the company's mission C) Decrea sing the levels of hierarchy present within the company's manage ment structure D) Developing a set of short-term objectives that ar e compatible with the company's grand strategies C) Decreasing the levels of hierarchy present within the company's management structur The We Have It Your Way Organization has an established "game pl an" for its business operations. This game plan reflects the compan y's awareness of how and where it should compete and against wh om the competition should take place. It can be stated this organiza tion has an established _________. A) level of strategy B) formality C) planning mode D) strategy D) strategy Of the following, which statement would most likely not be consider ed a dimension of strategic issues? A) Strategic issues require large amounts of the firm's resources. B) Strategic issues always impact the firm's long-term income. C) Strategic issues require the firm's e xternal environment be considered. D) Strategic issues are future-o riented. B) Strategic issues always impact the firm's long-term...
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...Final Strategic Plan Bus/475 09/19/11 Matthew Nosbisch Introduction Effective cross-functional teaming is vital to the success of a company. Successful companies possess common traits in how its employees execute on tactics. A common trait employees at properious companies have is the ability to collaborate and work well with other employees in different departments that they rely upon for support or assistance to complete a common goal or objective. “Functional tactics are the key, routine activities that must be undertaken in each functional area—marketing, finance, production/operations, R&D, and human resource management—to provide the business’s products and services” (Pearce & Robinson, 2009, p. 309, para 4). Functional managers who provide clear functional tactics enable their employees. Clear functional tactics and direction enable employees to understand what they need to do in their day-to-day work and thereby strengthens accountability. In a present scenario, strategic direction plays a vital role in the overall success or failure of a business organization (Joyce & Woods, 2001). Key strategic elements guide the strategic direction of the organization. Alignment between strategic direction and business activities is essential to ensure the attainment of vision and mission. Strategic Objective According to the vision and mission of Mapua (spring) water company, the main objective of the company is to gain highest shares of the market by providing...
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...INTERNATIONAL STRATEGIC MANAGEMENT: Strategic management for hotel industry CANDY 10182133m Lecturer: Paula Tomsett I-Shou University Contents ABSTRACT 3 INTRODUCTION 4 RELEVANT THEORY 4 Strategic management 4 Globalization 5 IMPLICATIONS FOR INTERNATIONAL STRATEGIC MANAGEMENT 5 The cost of land ownership 6 Costs of funding the projects 6 Official procedure approval 6 Human resource matter 6 The speed of technology development 7 Infrustructure and security matters 7 Strong competitors 7 CONCLUSION 8 REFERENCES 9 ABSTRACT Hotel industry has been chaos period in recent years. What makes a firm differing from the others are well known brand, high standard products and services, as well as an unique strategic management to build short term and long term plans and strategies. In the process of strategic management, firms encounter a number of challenges. In order to compete rivals and get an competitive advantage, it is essential to issue the problems and find out possible and relevent solutions. Key words: hotel industry, strategic management, hospitality INTRODUCTION In recent years, global economy is facing a severe recession that affects almost aspects of business life. Hotel industry is also not an exception, typically Indian hotel industry. In order to grow and expand, hotel industry has to combat a number of challenges in human resources, land acquisition, technology deployment as a strategic tool and understanding the dynamics...
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...Excellence in Financial Management Course 10: Strategic Planning Prepared by: Matt H. Evans, CPA, CMA, CFM This course provides a concise overview of how to do a strategic plan. The entire strategic planning process is outlined within this course. This course is recommended for 2 hours of Continuing Professional Education. In order to receive credit, you will need to pass a multiple choice exam which is administered over the internet at www.exinfm.com/training Chapter 1 Preliminary Considerations What is Strategic Planning? The essence of management includes the ability to plan. As you work your way up the organization, planning moves from operational to strategic. Strategic Planning is one of the principal responsibilities of upper-level management. Once management decides on the Strategic Plan, lower-level managers implement the Strategic Plan through an Operating Plan. Strategic Planning attempts to answer a very fundamental question: Where do we want to be one year from now, two years from now, three years from now, etc.? Strategic Planning requires that an organization develop a vision of itself - how do we see ourselves in the future? Strategic Planning looks at the big picture from a long-range perspective whereas the Operating Plan represents the specific tactics for carrying out the Strategic Plan year to year. Strategic Planning is a process whereby an organization makes choices about: ▪...
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...Introduction: Human resource management works with human to formulate and implement the business strategy. HRM and strategy were not related too much before but nowadays the coordination between them is reasonably common in the competitive world. Every manager needs to know how human resources are associated with strategic management to increase the effectiveness of the organization. This assignment has been prepared to give a clear view about the importance of HRM, formulation and implementation of HR strategies. Therefore, the contemporary issues related to strategic human resource management have been analyzed appropriately to show their impact on strategic HRM. All the topics have been assessed by relating with modern business world to show practical overview of human resource management and strategic human resource management. 1. Understanding the role and importance of HRM: 1.1. Definition of strategic human resource management In general, human resource management refers to a process by which the organization functions are accomplished and objectives are achieved through managing and utilizing experienced and skilled workforce. Human resource management starts with recruiting and selecting employees and then makes sure the utilization of the workforce. Strategic human resource management is defined as macro-organizational approach that designs strategic policies and frameworks to decide how the long-term goals and objectives will be achieved through using trained...
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...Strategy and Planning What is Strategy? The term ‘strategy’ proliferates in discussions of business. The term ‘strategy’ is derived from the Greek word ‘stratēgia’, which means the “art of the troop leader”: a plan, course of action, or a set of decisions creating a pattern or a common link. All the successful business enterprises today constantly take in new information about their markets, customers, and operating environments. Then, management uses that knowledge and data to shape new strategic directions, to reorganise how they respond to marketplace demands, and to ensure that their views regarding all aspects of the business are fresh and viable. Strategy is the direction and scope of an organisation over the long-term, which achieves advantage for the organisation through its configuration of resources within a challenging environment to meet the needs of markets and to fulfil stakeholder expectations. What is the difference between Tactics and Strategy? Strategy differs from tactics. Tactics are schemes for specific manoeuvres, whereas strategy is the overall plan for deploying resources to establish a favourable position. An organisation’s strategy consists of the combination of competitive moves and business approaches that managers employ to please customers and achieve organisational objectives. Strategy is a plan or course of action denoting a pattern which evolves a direction for the organisation. It relates to pursuing those activities which move an...
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...Unit 2 Case Analysis: Infosys: strategic human resource management GB520 Strategic Human Resource Management Kimberly Moreland Background Infosys was the brain child of Narayana Murthy who believed that “every human being needs incentives to move forward, whether in the form of money, recognition, or fame” (DeLong, 2006). He and his partners believed that if they treated their employees, customers, and suppliers fairly and ethically, they were sure to be a successful business. To that end, the company recruited employees from competing firms with offers of perks that were not available at their current employers. They also tapped recent college graduates to join the company again promising them benefits that exceeded what they could find elsewhere. The founding partners of Infosys were so focused on making the business successful that they failed to develop a clear strategic plan that specifically addressed the issues and problems they would face in the early days of starting the company . Therefore, as the company grew, there was no framework to adjust and modify to meet the needs of the company and the employees. Human Resource Management was a specific area in which the management of Infosys was short sighted. The great rewards they promised to new recruits were not always financially or practically available for those employees to enjoy in the early years of the company. As a result of the poor strategically planning at the inception...
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...London 08 Fall Strategic Performance Control Dr Vassili JOANNIDES Kelly Goncalves, ID: 102178 May, 1st 2011 Table of Contents Table of Contents 2 INTRODUCTION 3 I - Critical Strategic Issues in Sainsbury’ s business landscape 3 1 - Background about the company 3 2 - Strategic issues in the Retailer and Consumer Landscape 3 Consumer Market landscape 3 Digital Technology 3 Distribution channel 3 II – Strategic performance control system 3 1 – An integrated risk management approach combined with the Balanced Scorecard 3 Linking risk to tactical plan and strategies 3 Rapid responsiveness toward changing consumer landscape 3 Digital Technology 3 CONCLUSION 3 References 3 INTRODUCTION As the consumer industry landscape increasingly evolves complex, it is crucial for an organization’s ability to manage risk while effectively predicting and responding to changes in key strategic factors for long-term success. Globalization, changes in consumer’s spending habits, rapid advances in media and technology and other factors force today’s business environment into a state of constant evolution. While it is fundamental for organizations to identify their most significant strategic issues, it is equally important to design and implement efficient strategic performance control system towards desired strategies. This paper is aiming to demonstrate the relevance of linking strategic issues to integrated strategic performance control system...
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...DESCRIPTION This course focuses on creating the value proposition as a driver of sustainable competitive advantage. Topics include translating key emerging trends into business opportunities; strategic challenges of global expansion; opportunities and constraints posed by regulatory change; competitor intelligence; scenario planning/planning for multiple futures; maximizing core business value; differentiating the value proposition; distribution channel development and integration; tailoring the value chain; building successful strategic alliances; and off-shoring models and approaches. Week 1 - Topic 1: Mission, Vision, and Values Objectives Distinguish between strategy and tactics. Explain the essential components of the strategic management process. Analyze the relationship among leadership, culture, stakeholder interests, and strategic outcomes. Create vision, mission, and values statements. Materials MIND MAP Mind Map Concept Outline EBOOK EBOOK COLLECTION: Chapter 1 - Pearce & Robinson. (2005). Strategic management (9th ed.). New York: McGraw-Hill. EBOOK COLLECTION: Chapter 2 - Pearce & Robinson. (2005). Strategic management (9th ed.). New York: McGraw-Hill. EBOOK COLLECTION: Chapter 10 - Pearce & Robinson. (2005). Strategic management (9th ed.). New York: McGraw-Hill. ARTICLES ARTICLE: Required Articles for Week One Assessment Mission, Vision, and Values Paper Submit a 700-word to 1,050-word...
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...MBA Essentials Information Technology for Strategic, Competitive Advantage Virginia Franke Kleist, Ph.D. Assistant Professor Division of MIS/Management Welcome to the Technology Part of the Program • How are you using information technology (IT) today in your firms and businesses? • How successful has this been for your firm? • Do you have problems that are still unresolved with Information Technology? • Can IT give competitive advantage, anyway? • How can one identify which technologies will best give strategic advantage? MBA Essentials Session X Information Resources Management 2 Contact Information • • • • • • Virginia Franke Kleist, Ph.D. Virginia.kleist@mail.wvu.edu www.be.wvu.edu/divmim/mgmt/kleist 304-293-7939 I welcome your comments and contacts! Several drawings are adapted from Laudon and Laudon, (2005), Management Information Systems: Managing the Digital Firm, New Jersey: Prentice Hall (8th ed.). • Some material adapted from Burgelman, Christensen and Wheelwright, (2004), Strategic Management of Technology and Innovation, Boston: McGraw-Hill Irwin (4th ed.). MBA Essentials Session X Information Resources Management 3 MBA Essentials Session X Information Resources Management 4 MBA Essentials Session X Information Resources Management 5 What will we learn? • Strategic advantage from information technology • Latest information technologies • How do you successfully select, implement...
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...Literature Review: Strategic Management BUSI 600 Business Research Methods Thomas Sheppard Liberty University October12, 2012 Abstract In order to have a successful study, a review of the literature will be undertaken. Then the methods and standards that were used will be addressed, and any questions that are being considered for further research into the area of strategic management will be discussed. From that point, it is vital that conclusions be drawn and recommendations be offered to wrap up the study. Without these components, it is often not clear whether a researcher has a thorough understanding of what the study was designed to do, and it is also not clear if said researcher is certain as to what else should be done in the area and should be questioned when it comes to that particular issue. In short, studies without these components lack completeness and that can make it difficult for anyone in the future to use the study as a jumping off point for similar studies or studies into related issues. The concept of strategic management is one that is highly important to organizations around the world (David, 2009). It involves taking a look at the top management of a company and the resources that management team is using on behalf of the company's owners and in order to show a specific level of performance. The mission, vision, and objectives of the organization must be examined, and it is necessary for them to...
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...Strategic Management Process Paper Kenneth Worley MGT/498 February 19, 2014 Patty Murphy Strategic Management Process Paper Having a set of rules, is not the only way to approach management. There is a process to follow. There is a philosophical/strategic thought to it. Management of a business must implement this process. Best way to process it is when everyone in upper management understands the strategy and goal of the business. Goal-setting- is one of the process patterns to illuminate the vision of a business. Also identifying some facets like short, long term objectives and knowing how to accomplish those objectives. Customizing the tasks to the staff for them succeed toward the goals set. Making sure the goals are realistic and detailed, and relate to the vision verbally and written to staff and shareholders of the business. Analysis is very important process, accomplishing your vision is for you to gathering all the relevant data and information. Analyzing what the business need on a sustainable entity, identifying initiatives and strategic direction of your vision and the growth of business. Analyzing external and internal problems which may affect the goals and objectives, which plays to the weakness and strengths of the businesses. Strategy Formulation- is after the completion of the information analysis. Identifying areas might need external resources and identify resources currently the business has to accomplish goals and objectives. To start formulating...
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