MGT4380 Strategic Management Creating Competitive Advantages Introduction Prepared by Shawna Chen STRATEGIC MANAGEMENT What is strategy? DEFINITIONS Strategy is the ideas, decisions, and actions that enable a firm to succeed. Shawna Chen MGT4380 Strategic Management 3 TRANSLATION… PLEASE? Strategy defines the boundary of what a company does and what it will and will not do. What is the company’s core value? Shawna Chen MGT4380 Strategic Management 4 STRATEGIC MANAGEMENT What is strategic management? DEFINITIONS Strategic Management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Shawna Chen MGT4380 Strategic Management 6 TRANSLATION… PLEASE? Strategic Management is the “big picture” idea of how to run a business What determines the total performance? Why do some companies succeed while others fail? How can you (the managers) do about it? Shawna Chen MGT4380 Strategic Management 7 THE GOLDEN TRIANGLE OF A GOOD STRATEGY Strategic Formulation & Implementation Execution Internal Analysis External Analysis Resources Shawna Chen Challenge MGT4380 Strategic Management 8 STRATEGIC MANAGEMENT Why study strategic management? COURSE DESCRITION 4380. Strategic Management (3). Prerequisite: Business students in their final semester with a C or better in BLAW 3391, ISQS 3344, FIN 3320, MKT 3350, MGT 3370, and MGT 3373. Strategy is an integrative course focusing on an organization’s pursuit of superior economic performance by deciding what business to be in and how to compete. Shawna Chen MGT4380 Strategic Management 10 CONGRATULATIONS! Shawna Chen MGT4380 Strategic Management 11 CONGRATULATIONS? Shawna Chen MGT4380 Strategic Management 12 WHEN IN DOUBT… #WWHD Shawna Chen MGT4380 Strategic Management 13 SO YOU’VE LEARNED… Shawna Chen MGT4380 Strategic Management 14 IT’S TIME TO PIECE THEM TOGETHER Shawna Chen MGT4380 Strategic Management 15 COURSE DESCRITION (REVISED) 4380. Strategic Management (3). Prerequisite: Business students in their final semester with a C or better in BLAW 3391, ISQS 3344, FIN 3320, MKT 3350, MGT 3370, and MGT 3373 to piece together the “big picture”. Strategy is an integrative course focusing on an organization’s pursuit of superior economic as well as social and environmental performance by deciding what business to be in and how to compete in the real world. Shawna Chen MGT4380 Strategic Management 16 STRATEGIC MANAGEMENT Learning Objectives COME UP WITH CREATIVE SOLUTIONS Bloom’s Taxonomy of Learning Domains Shawna Chen MGT4380 Strategic Management 18 REMEMBERING Shawna Chen MGT4380 Strategic Management 19 UNDERSTANDING Shawna Chen MGT4380 Strategic Management 20 APPLYING Shawna Chen MGT4380 Strategic Management 21 ANALYZING Shawna Chen MGT4380 Strategic Management 22 EVALUATING & CREATING Shawna Chen MGT4380 Strategic Management 23 STRATEGIC MANAGEMENT Good Reads HBR’S 10 MUST READS ON STRATEGY What is strategy? (1996) The five competitive forces that shape strategy (2008) Building your company’s vision (1996) Reinventing your business model (2008) Blue ocean strategy (2004) The secrets to successful strategy execution (2008) Using the balanced scorecard as a strategic management system (2007) Transforming corner-office strategy into frontline action (2001) Turning great strategy into great performance (2005) Who has the D? How clear decision roles enhance organizational performance (2006) Shawna Chen MGT4380 Strategic Management 26 OTHER Bloomberg Businessweek Inc. The Economist Entrepreneur Forbes Fortune McKinsey Quarterly MIT Sloan Management Review Harvard Business Review Knowledge@Wharton strategy+business Wall Street Journal Wired Shawna Chen MGT4380 Strategic Management 27