Summary
Summary - Introduction to Strategic Management (03SMBOEC0352)
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Summary of the lecture slides of the Introduction to Strategic Management course
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Porters five forcesStrategy:
• long-term direction of an organization
• pattern in a stream of decisions
• determination of the long-run goals and objectives of an enterprise and the adoption of courses of action and the
allocation of resources necessary for carrying out these goals
• process of negotiating decisions in the organization
Strategy at different levels of the company
Strategic management process
1. strategic analysis
2. strategy creation
3. strategy implementation
Strategic analysis: layers of business environment
Different types of change
• incremental change: “normal” change
• discontinuous change: technology, political events
PESTEL-model
Scenario planning
1
, • method for learning about the future by understanding the nature and impact of the most important driving
forces affecting our future
Strategies based on scenarios
• robust – perform well over full range of scenarios
• flexible – keep options open
• multiple – pursue multiple strategies
• gambling – one strategy that works very well but only in one/few scenario(s)
Steps industry analysis
• define the industry: what is in, what is out
• identify the players: customers, competitors
• assess the relationships among players
• sniff-test
- is the assessment in line with actual profitability?
- are more profitable players better positioned vis-à-vis competitive forces?
Value net Ecosystems
Competitors analysis Strategic groups
Value curves
Performance logic of Porters five forces
External environment -> attractive industry -> strategy formulation -> assets and skills -> strategy implementation ->
superior returns
2
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