CONCEPTS & DEFINITIONS WHAT IS STRATEGIC MANAGEMENT? Definition of Thompson & Strickland, 1987: Strategic management is the ongoing process whereby managers establish an organizations long-term direction, set specific performance objectives, develop strategies to achieve these objectives in the light of all the relevant internal and external circumstances, and undertake to execute the chosen action plans. CONCEPTS & DEFINITIONS WHAT IS STRATEGIC MANAGEMENT? Definition of Dess, Lumpkin & Taylor, 2004: Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. CONCEPTS & DEFINITION
Process - comprises a sequence of activities
Competitive advantage - is a distinctive competence that allows firms to consistently outperform their rivals.
Strategy - management's game plan for strengthening the performance of the company (how the company will be unique, how the company will build its competitive advantage, how the company will sustain that advantage over time), the result of choices made, on where to play and how to win, to maximize long-term value.
CONCEPTS & DEFINITION Strength = a resource or competence (ability) of a firm to carry out well an activity. Core competence = a competence that matters for the firm's profitability and competitiveness. Key success factors consist of the several activities which are the primary determinants of success in the industry. Distinctive competence = a competitively valuable core competence better than what competitors might possess.
CONCEPTS & DEFINITIONS Key attributes of strategic management Directs the organization toward overall goals and objectives. Includes multiple stakeholders in decision making Needs to incorporate short-term and long-term perspectives Recognizes trade-offs between efficiency and effectiveness CONCEPTS & DEFINITIONS Thinking strategically means answering three questions: 1. WHERE ARE WE NOW? 2. WHERE DO WE WANT TO GO? (strategic and financial outcomes) 3. HOW WILL WE GET THERE? CONCEPTS & DEFINITIONS Strategic management is the study of: -why some firms outperform others? -how to compete in order to create competitive advantages in the marketplace (unique, valuable, and sustainable, difficult for competitors to copy or substitute) THE STRATEGIC MANAGEMENT PROCESS Situation Analysis Evaluation of the external environment and the organization Strategic Direction
Creation of organizational vision, mission and strategic objectives Strategy Formulation
Development of corporate, business and functional strategies Strategy Implementation, Follow-up & Evaluation
Design of organizational structure, control, informational and decisional systems, and performance indicators. THE STRATEGIC MANAGEMENT PROCESS Situation Analysis (external and internal environments analyses) Direction settings (develop a strategic vision & mission, and setting strategic objectives) Strategy formulation Strategy implementation and Evaluation of performance, reviewing new developments, and initiating corrective adjustments
Предметно-интегрированное обучение (Clil: Content And Language Integrated Learning) английскому языку на основе применения дистанционных образовательных технологий