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Summary of strategic management slides (result achieved 16:20)
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Samenvatting strategic managementConcepts and schools of thought
The Concept of Strategy: 4 BIG ISSUES
1. Concepts and evolution of strategic “schools of thought” WHAT?
2. Boundaries of the firm: WHERE?
• Horizontal: size of the company (producing how much?)
• Vertical: what will we produce? Ourselves (“make or buy”)?
• Corporate (company as a whole): on which market(s) do we want to be?
3. Competition: WHO and HOW?
• Type of market business is operating in: WHO?
• E.g. airplane industry versus consumer products (e.g. Boeing versus
unilever)
• Kind of interaction of rivals: HOW?
4. Positioning and dynamics: WHY?
• Where do we want to be? low cost, differentiation, …
• Which competitive advantage do we want to have? Do we have the resources
and capabilities for that?
What is Strategy?
• Distinguishing strategy from tactics:
• Strategy is the overall design and philosophy to plan for deploying resources
to establish a favorable position / reach success
• Tactic is a scheme for a specific maneuver
• Characteristics of strategic decisions:
• Important
• Involve a significant commitment of resources
• Not easily reversible
The Role of Analysis
• Strategy analysis improves/supports decision processes, but doesn’t give answers
• Strategy analysis assists us to identify and understand the main challenges of
organisations/businesses
• Strategy analysis helps us to manage complexity
• Strategy analysis can enhance flexibility and innovation by supporting learning
,Strategy Making Processes within the Company: Multiple Roles of Strategy
What Makes a Successful Strategy?
,The Basic Framework Strategy: the Link between the Firm and its Environment
Sources of Superior Profitability
Components of “Success”
, The Evolution of Strategic Management
Strategy Making : Design or Process?
Strategy Safari
“AND OVER HERE, LADIES AND GENTLEMEN: THE STRATEGIC MANAGEMENT BEAST”
➢ Ancient Sufi tale – the blind man & the elephant
➢ Analogy of the blind men trying to describe an elephant
➢ Ten schools – groupings: framework that can be used to categorize the field of
Strategic Management.
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