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The Strategic Management Process by Robert Pitts David Lei Slides prepared by John P. Orr Cameron University What you will learn… The importance of strategy and why it matters to organizations The key roles of vision, mission, and goals in shaping an organization’s future The four stages of the strategic management process What you will learn… The concept of a SWOT analysis The concepts of corporate and business strategies The central role of ethics in strategy The different stakeholders of an organization Basic Strategy Concepts Distinctive Competence The special skills, capabilities, or resources that enable a firm to stand out from its competition Terrain The environment (or industry) in which competition occurs Exhibit 1-1: Military Strategy Corporate Variety in Fast Foods McDonald’s Hamburgers Brinker International Gourmet hamburgers and similar cuisines Tricon Global Restaurants Non-hamburger cuisines Exhibit 1-2: Business Strategy Charting a Direction Vision – What a firm wants to be Mission – Describes the organization in terms of the: Business it is in Customers it serves Skills it intends to develop to fulfill its vision Goals and Objectives – Results to be achieved within a specific time period Strategic Management Process Analysis Formulation Implementation Adjustment/ Evaluation Exhibit 1-3:The Strategic Management Process Ex. 1-4: Multibusiness Enterprise Exhibit 1-5: Different Strategic Imperatives Characteristicsof Strategic Decisions Large financial outlay Long-term impact Controversial nature Who Are Strategic Managers? Business Managers Manage and operate a single line of business Corporate Managers Oversee and manage a portfolio of businesses Key Stakeholders Difficulties in DealingWith Stakeholders Legal Obligations Societal Expectations Personal Standards Copyright ?2003 by South-Western, a division of Thomson Learning. All rights reserved. * Chapter 1 Slide 1 of 2 Slide 2 of 2 Match Internal Special capabilities Battle
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