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Strategic management- unit 1, Apuntes de Finanzas Empresariales

Universitat Pompeu Fabra (UPF)Finanzas Empresariales

Asignatura: Direcció Estratègica I, Profesor: , Carrera: Ciències Empresarials-Management, Universidad: UPF

Tipo: Apuntes

2015/2016

Subido el 02/02/2016

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Manuel Martínez Martínez
2.C.EMP.-MNG.
Strategic Management I
Strategic management I. Unit 1: Introducing strategy!
!
Definitions of strategy!
- Alfred D. Chandler: “… The determination of the long-run goals and objectives of an
enterprise and the adoption of courses of action and the allocation of resource necessary
for carrying out these goals”.!
- Michael Porter: “Competitive strategy is about being different. It means deliberately
choosing a different set of activities to deliver a unique mix of value”.!
- Henry Mintzberg: “A pattern in a stream of decisions”.!
- Exploring strategy: “The long-term direction of an organisation”.!
!
Strategic decisions!
Strategic decisions are about:!
- The long- term direction of an organisation!
- The scope of an organisation’s activities!
- Gaining advantatge over competitors!
- Addressing changes in the business environment!
- Building on resources and competences (capability)!
- Values and expectations of stakeholders!
Therefore they are likely to:!
- Be complex in nature!
- Be made in situations of uncertainty!
- Affect operational decisions!
- Require an integrated approach (both inside and outside an organisation)!
- Involve considerable change!
!
Three horizons for strategy!
- Horizon 1: extend and defend core business!
- Horizon 2: build emerging businesses!
- Horizon 3: create viable options!
Unit 1- 1
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Strategic management I. Unit 1: Introducing strategy

Definitions of strategy

  • Alfred D. Chandler: “… The determination of the long-run goals and objectives of an enterprise and the adoption of courses of action and the allocation of resource necessary for carrying out these goals”.
  • Michael Porter: “Competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value”.
  • Henry Mintzberg: “A pattern in a stream of decisions”.
  • Exploring strategy: “The long-term direction of an organisation”. Strategic decisions Strategic decisions are about:
  • The long- term direction of an organisation
  • The scope of an organisation’s activities
  • Gaining advantatge over competitors
  • Addressing changes in the business environment
  • Building on resources and competences (capability)
  • Values and expectations of stakeholders Therefore they are likely to:
  • Be complex in nature
  • Be made in situations of uncertainty
  • Affect operational decisions
  • Require an integrated approach (both inside and outside an organisation)
  • Involve considerable change Three horizons for strategy
  • Horizon 1: extend and defend core business
  • Horizon 2: build emerging businesses
  • Horizon 3: create viable options

Stakeholders Stakeholders are those individuals or groups that depend on an organisation to fulfil their own goals and on whom, in turn, the organisation depends. Levels of strategy (1): Corporate-level strategy: Vice Media diversifying from the original magazine into other activities including retail, publishing and video.

  • Is concerned the overall scope of an organisation and how value is added to the constituent business units. (2): Business-level strategy: Marketing and content improvements in the Vice magazine to attract more readers.
  • Is concerned with the way a business seeks to compete successfully in its particular market. (3): Operational strategy: Vice’s operational strategies are geared to meeting its investment needs and rising finance.
  • Is concerned with how different parts of the organisation deliver the strategy in terms of managing resources, processes and people. Strategy statements Is how the company summarize what the company is. Strategy statements should have three main themes:
  • The fundamental goals that the organisation seeks, which reflect the stated mission, vision and objectives.
  • The scope or domain of the organisation’s activities.
  • The particular advantages or capabilities it has to deliver all of these. The ‘Exploring Strategy ’ model Strategic position The strategic position is concerned with the impact on strategy of the external environment , the organisation’s strategic capability (resources and competences), the organisational’s goals and organisation’s culture. Related with where is the company.

The strategy checklist Working with strategy All managers are concerned with strategy:

  • Top managers frequently formulate and control strategy but may also involve others in the process.
  • Middle and lower level managers have to meet strategic objectives and deal with constraints.
  • All managers have to communicate strategy to their teams.
  • All managers can contribute to the formation of strategy through ideas and feedback. Organisation may also use strategy specialists:
  • Many large organisations have in-house strategic planning or analyst roles
  • Strategy consultants can be engaged from management consulting firms (e.g. Accenture, IBM Consulting, PwC).
  • There are a growing number of specialist strategy consulting firms (e.g. McKinsey & Co, The Boston Consulting Group). Strategy three branches Context — internal and external Content — strategic options Process — formation and implementation Exploring strategy in different contexts The Exploring Strategy Model can be applied in many contexts In each context the balance os strategic issues differs:
  • Small businesses (e.g. strategic purpose, growth issues and retaining independence).
  • Multinational corporations (e.g. geographical scope; cultural issues ans structure/ control issues).
  • Public sector organisations (e.g. service/ quality and managing change issues).
  • Not for profit organisations (e.g. purpose and funding issues).

The strategy lenses The strategy lenses are ways of looking at strategy issues differently in order to generate additional insights. Looking at problems in different ways will raise new issues and new solutions. Strategy can be seen as:

  • Design:
    • Strategy can be designed in advance and a detailed plan concived by strategists
    • This approach is rational and objective
    • Little attention is paid to cultural, political or unpredictable aspects of strategy
    • The design lens is systematic, analytical and logical
  • Experience
    • Strategy is influenced by the experience of managers
    • The organisation’s culture and the taken-for-granted assumptions and ways of doing things are key drivers of strategy
    • Strategy is likely to build on and continue what has gone before
  • Variety
    • Strategy ‘emerges’ from an uncertain and changing environment
    • Strategy comes from a variety of initiatives
    • New ideas ‘bubble up’ from unpredictable sources and no just the top
    • Organisations need to encourage diversity and look for initiatives at the bottom or the periphery of the organisation.
  • Discourse
    • Attention is focused on the way managers use language to frame strategic problems, make strategy proposals, debate issues and communicate strategic decisions. -The way managers ‘talk’ about strategy matters — it influences decisions
    • The discourse lens helps to uncover the personal and ‘politicking’ of managers.