Amity Business School
Why does a firm
need to have a
strategy?
1
Benefits of Strategic
Management
Amity Business School
External Environment
Optimal Usage of Resources
Benefits of Strategic
Management
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Improved Understanding of Environmental
Conditions
Clarity in Strategic Vision
Sharper Focus on Strategically Important
Domains
3
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What makes Big
Bazaar succeed?
5
Big Bazaar Success
Factors
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Sufficient Product Range
Sufficient & Qualified Staff
Price-Quality Combination of Goods
WellDesigned Layout
Good Relationship with Suppliers
6
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What makes Air
Deccan succeed?
7
Air Deccan Success
Factors
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Created Uncontested Market Space using
Low Cost Business Model
Low Operational Cost
No Frills Service
Targeted AC Coach Rail Travelers
Target Segment: Lower Middle Class
Targeted Tier 2 Cities
8
Big Bazaar & Air Deccan
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Success Factors
Understanding Market Dynamics
Understanding of Customer Needs
Understanding Market
Dynamics
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Current Market Structure
Market Economic Features
Competitive Landscape
10
Understanding Customer
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Needs
Present Customer Needs
Demand-Supply Gap
Hidden/Unexposed/Untapped Customer
Needs
11
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Understanding of Prevalent Market
Conditions
Industry
Attractiveness
Understanding of Customer Needs
Unexposed or Untapped
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Industry Attractiveness
Analyze Companys
Resources
Analyze Companys
Competitive Position
Identifying
Competitive Position
Strategic
Management
Strategy Formulation
Strategy
Implementation
Strategy Evaluation
and Control
13
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What is Strategy?
14
Strategy
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Where We Are?
Where Do We Want to Reach?
By When Do We Want to Reach There?
How Will We Reach There?
15
What is Strategy
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A flexible approach for
achieving the desired results,
with suitable success
16
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Organizational Analysis
or Internal Scanning
Industry Attractiveness
Identifying
Competitive Position
Strategic
Management
Strategy Formulation
Strategy
Implementation
Strategy Evaluation
and Control
17
Strategic ManagementAmity
Defined
Business School
The set of managerial decisions and actions that determines
the long-run performance of a corporation. It includes:
environmental scanning (internal & external)
strategy formulation
strategy implementation
evaluation and control
It focuses on integrating management, marketing,
finance/accounting, production/operations, research and
development, and computer information systems to achieve
organizational success.
Three Key Strategic Questions
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Where is the organization now?
If no changes are made, where will the
organization be in one, two, five or ten
years? Are the answers acceptable?
If the answers are not acceptable, what
specific actions should management
undertake? What are the risks and payoffs
involved?
Benefits of Strategic
Management
Amity Business School
Historically, the principal benefit of
strategic management has been to help
organizations formulate better strategies
through the use of a more systematic,
logical, and rational approach to strategic
choice
1-20
Copyright 2013 Pearson Education, Inc.
Benefits of Strategic
Management
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Communication is a key to successful
strategic management
Through dialogue and participation,
managers and employees become
committed to supporting the organization
1-21
Financial Benefits
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Businesses using strategic-management
concepts show significant improvement in
sales, profitability, and productivity compared
to firms without systematic planning activities
High-performing firms seem to make more
informed decisions with good anticipation of
both short- and long-term consequences
1-22
Copyright 2013 Pearson Education, Inc.
Nonfinancial Benefits
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It allows for identification, prioritization,
and exploitation of opportunities.
It provides an objective view of
management problems.
It represents a framework for improved
coordination and control of activities.
It minimizes the effects of adverse
conditions and changes.
1-23
Copyright 2013 Pearson Education, Inc.
Nonfinancial Benefits
Amity Business School
It allows major decisions to better support
established objectives.
It allows more effective allocation of time and
resources to identified opportunities.
It allows fewer resources and less time to be
devoted to correcting erroneous or ad hoc
decisions.
It creates a framework for internal
communication among personnel.
1-24
Copyright 2013 Pearson Education, Inc.
Strategic Management Model
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Environmental
Scanning
External
Societal
Environment
General Forces
Task
Environment
Industry Analysis
Internal
Structure
Chain of Command
Culture
Beliefs, Expectations,
Values
Strategy
Formulation
Strategy
Implementation
Evaluation
and Control
Mission
Reason for
existence
Objectives
What results
to
accomplish
by when
Strategies
Plan to
achieve the
mission &
objectives
Policies
Broad
guidelines for
decision
making
Programs
Activities
needed to
accomplish
a plan
Resources
Assets, Skills
Competencies,
Knowledge
Budgets
Cost of the
programs
Procedures
Sequence
of steps
needed to
do the job
Feedback/Learning
Process
to monitor
performance
and take
corrective
action
Performance
Environmental Scanning
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Monitoring, evaluating and disseminating information
from the environment to key people within the
corporation.
Scan via SWOT analysis:
Look for opportunities/threats in the external
environment
Look for strengths/weaknesses in the internal
environment
Strategy Formulation
Amity Business School
The process of developing long-range plans to deal effectively
with environmental opportunities and threats in light of corporate
strengths and weaknesses.
Composed of:
Mission
Objectives
Strategies
Policies
Mission
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The purpose or reason for the corporations
existence. It tells who the company is, what they
do as well as what theyd like to become.
Good mission statements identify:
Customers
Products and/or services
Location
Underlying philosophy
An important test of the mission is how well it
serves the organizations stakeholders.
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Figure 9.2 How external stakeholders can be valued
as strategic constituencies of organizations.
Management - Chapter 9
29
Objectives
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The end results of planned activity. They state
WHAT is to be accomplished by WHEN. They
should be quantified, if possible.
Should be specific, measurable and obtainable.
Strategies
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A strategy is a comprehensive master plan stating HOW the corporation
will achieve its mission and objectives. There are three types:
Corporate - a corporations overall direction and the management of its
businesses.
Business - emphasizes improving the competitive position of a
corporations products or services in a specific industry or market
segment.
Functional - concerned with developing a distinctive competence to
provide a company or business unit with a competitive advantage.
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Hierarchy of Strategy
Corporate
Headquarters
Strategic
Business
Unit
Manufacturing
Finance
Strategic
Business
Unit
Marketing
Corporate
Strategy
Business
(Division
Level)
Strategy
Strategic
Business
Unit
Research
and
Development
Human
Resources
Functional
Strategy
Amity Business School
Study Question 3: What types of strategies
are used by organizations?
Questions addressed by different strategic level:
Corporate strategy
In what industries and markets should we
compete?
Business strategy
How are we going to compete for customers in this
industry and market?
Functional strategy
How can we best utilize resources to implement
our business strategy?
Policies
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Broad guidelines for making decisions.
E.g. - 3Ms policy requiring researchers to spend
15% of their time working on something other
than their primary project.
Strategy Implementation
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The process of putting strategies and policies into action through
the development of:
Programs - statements of activities or steps needed to
accomplish a single-use plan.
Budgets - statements of a corporations programs in dollar
terms.
Procedures - systems of sequential steps or techniques
that describe in detail how to perform particular tasks or
jobs.
Evaluation and Control
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The process of monitoring corporate
activities and performance results so
that actual performance can be
compared with desired performance.
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Business School
Strategic Decision-Making
Process
3(b)
3(a)
Scan and
Assess
External
Environment:
Societal
Task
1(a)
Evaluate
Current
Performance
Results
1(b)
Examine and
Evaluate the
Current:
Mission
Objectives
Strategies
Policies
Analyze
External
Factors:
Opportunities
Threats
5(a)
Select
Strategic
Factors
(SWOT)
in Light of
Current
Situation
Review
Corporate
Governance:
Board of
Directors
Top Management
4(a)
5(b)
Review and
Revise as
Necessary:
Mission
Objectives
6(a)
Generate
and
Evaluate
Strategic
Alternatives
6(b)
Select
and
Recommend
Best
Alternative
8
Implement
Strategies:
Programs
Budgets
Procedures
Evaluate
and
Control
4(b)
Scan and
Assess
Internal
Environment:
Structure
Culture
Resources
Analyze
Internal
Factors:
Strengths
Weaknesses
Strategy
Formulation:
Steps 1 6
Evaluation
Strategy
and
Implementation
Control:
Step 7
Step 8
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Establishing Strategic Intent
38
Strategic Intent
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Strategic Intent
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Strategic intent:
1. Is an expression of pragmatic, realistic, and beneficial goals
and objectives.
2. Provides a clear and sturdy framework upon which precise
strategic and tactical plans can be crafted.
3. Should be in harmony with the firm's vision and mission.
4. Should be appropriate to the realities of:
a) Environmental conditions
b) The firms specific set of corporate capabilities.
5. They may be expressed in terms of hierarchy of Strategic
Intent
Stretch, Leverage
and Fit
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Stretch Misfit between resources and
aspiration
Leverage concentrating, accumulating,
complementing, conserving, recovering and
utilizing resources in such a way that
resource base is stretched to meet
organizational aspiration
Fir positioning the firm by matching the
resources to its environment
41
Strategic Mindsets
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STRATEGIC FIT
MODEL
Strategic thinking is driven by
the match between current
capabilities and existing
opportunities
Searching for sustainable
advantages
Finding protected niches
STRATEGIC INTENT
MODEL
Strategic thinking is driven by
bridging gap between todays
reality and tomorrows vision
Finding ways to leverage
resources
Outpacing competitors in building
new advantages
Making new industry rules
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Hierarchy of Strategic Intent
1. Vision
2. Mission
3. Objectives
4. Goals
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Vision
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Defining Vision
description of something in the future
mental perception of the kind of
environment
an
individual,
or
an
organization, aspires to create within a
broad time horizon and the underlying
conditions for the actualization of this
perception
Vision
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Strategic intent should lead to an end.
That end is the vision of an organization or
an individual.
It is what the firm or a person would
ultimately like to become.
Examples
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BSNL Vision Statement
To become the largest telecom service
provider in Asia.
Walt Disney vision Statement
Make people happy
Stokes Eye Clinic, Florence, South Carolina
Our vision is to take care of your vision.
Benefits of having a vision
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Good visions are inspiring and exhilarating.
Good vision foster long term thinking.
Good
vision
foster
risk-taking
and
experimentation.
Good vision help in the creation of a common
identity and a shared sense of purpose.
Good visions are competitive, original and unique.
Good visions represent integrity, they are truly
genuine and can be used for the benefit of people.
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Vision Statement
A vision statement answers the question,
What will success look like?
The pursuit of this image of success is what
motivates people to work together.
Example vision statement
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Infosys
Vision To be a globally respected
corporation that provides best-ofbreed business solutions, leveraging
technology, delivered by best-inclass people."
VISION
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Our Vision is to be the worlds mobile
communication leader enriching
customers lives, helping individuals,
businesses and communities be more
connected in a mobile world.
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Missio
n
Mission
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Organizations relate their existence to satisfying
a particular need of the society. They do it in
terms of their mission.
Mission is a statement which defines the
role that an organization plays in a society.
It refers to the particular need of that society for
instance, its information needs.
Defining Mission
Amity Business School
essential purpose of the organization,
concerning particularly why it is in
existence, the nature of the business it is
in, and the customers it seeks to serve
and satisfy.
purpose or reason for the organizations
existence.
mission is an enduring statement of
purpose that distinguishes one firm
from other similar firm.
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In short the mission describes the
product, market and technological
areas of emphasis for the business.
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Example Mission Statement:
NewPort News Shipbuilding
We shall build good ships here
at a profit if we can at a loss if we
must but always good ships
Characteristics
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1. Feasible
2. Precise
3. Clear
4. Motivating
5. Distinctive
6. Indicates major components of strategy
Need for an explicit mission
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To ensure unanimity of purpose within the
organization.
To provide a basis for motivating the use of the
organizations resources.
To develop a basis, or standard, for allocating
organizational resources.
To establish a general tone or organization
climate.
To serve as a focal point for those who can
identify
direction.
with
the
organizations
purpose
and
Mission Statement
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A mission statement is an enduring
statement of purpose that distinguishes
one business from other similar firms. A
mission statement identifies the scope of
a firms operations in product and market
terms.
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BSNL mission
To provide world class state of art technology
telecom services to its customers on demand
at competitive prices.
To provide world class telecom infrastructure
in its area of operation and to contribute to the
growth of countrys economy.
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The mission statement of an organization is normally short,
to the point, and contains the following elements:
Provides a concise statement of why the organization
exists, and what it is to achieve;
States the purpose and identity of the organization;
Defines the institution's values and philosophy; and
Describes how the organization will serve those
affected by its work.
Formulating mission
1.
What
is
the
basic
Amity Business School
purpose
of
your
organization?
[Link] is unique about your organization?
[Link] is in your company that will make it
stand out in a crowd?
[Link] are, and who should be, your principal
customers?
[Link] are the basic beliefs, values and
philosophical priorities of your firm?
MISSION
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Driving in a wireless world
Vodafone is primarily a user of technology
rather than a developer of it, and this fact is reflected
in the emphasis of our work programme on enabling
new applications of mobile communications, using
new technology for new services, research for
improving operational efficiency and quality of our
networks, and providing technology vision and
leadership that can contribute directly to business
decisions.
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Infosys
Mission
"To achieve our
objectives in an environment of
fairness, honesty, and courtesy
towards our clients, employees,
vendors and society at large."
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A Vision statement describes what the
organization would like to become.
A Mission statement describes what the
organization is now.
What the company is providing to society?
Example Mission Statements
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Wal-Mart "To give ordinary folk the chance to buy
the same thing as rich people."
Mary Kay Cosmetics "To give unlimited
opportunity to women."
3M "To solve unsolved problems innovatively"
Google's mission is to organize the world's
information and make it universally accessible
and useful.
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Objectives
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Objectives
Objectives represent a managerial commitment to
achieve specified results in a specified period, of
time. They clearly spell out the quantity and quality
of performance to be achieved, the time period,
the process and the person who is responsible for
the achievement of the objective.
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Objectives are end results of
planned activity
Objectives state what is to be
accomplished by when and should
be quantified if possible.
Example Objectives
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Minnesota Mining & Manufacturing
(3M)
Financial objectives
[Link] achieve 10% growth in earnings
per share.
[Link] achieve 20% - 25% return on
equity.
[Link] achieve 27% return on capital
employed.
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Characteristics
[Link] form a hierarchy
[Link] form a network
[Link] of objectives
[Link] and short range objectives
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Areas of objectives
[Link]
[Link]
[Link]
[Link]
[Link]
[Link] resources
[Link] facilities
[Link] structure and activities
[Link] performance and
development
10. Employee performance and attitude
11. Customer service
12. Social responsibility
Importance of objectives
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[Link] help to define the organization in its
environment
[Link] help in coordinating decisions and
decision-maker
[Link] help in formulating strategies
[Link] provide standards for assessing
organizational performance
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Objectives of BSNL
National Plan Target of 500 million subscriber base
for the country by December 2010.
Broadband customers base of 20 million in the
country by 2010 as per Broadband policy 2004.
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Factors affecting Objectives
[Link] in the environment
[Link] forces
[Link] value systems of the top executives
Balanced Scorecard
for Goal Setting
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BSC seeks to do away with over emphasis on short term
financial objectives and seeks to improve organizational
performance by focusing on long term non-financial and
operational objectives
Evaluates the organizational performance from four different
perspectives
Financial
Customer
Internal Business
Learning and Growth
The utility of BSC lies in prioritizing the key strategic objectives
and identification of measures to evaluate organizational
progress.
76
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Goals
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Goal
Goal is defined as an intermediate result
to be achieved by a certain time as part of
the grand plan . A plan can, therefore,
may have many goals.
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Goals are short term (one year or less) milestones
or bench marks that organizations must achieve in
order for long term long term objectives to be
reached.
Goals
should
be
measurable,
quantitative,
challenging, realistic, consistent and prioritized.
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A set of goals is needed for
each
objective
that
is
established
in
an
organization.
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Goals have the following features
They:
[Link] derived from objectives
[Link] a standard for measuring performance
[Link] expressed in concrete terms
[Link] time bound and work oriented.
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Goals are important in Strategy
implementation
Objectives are in strategy formulation
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Goals are an expected or desired outcome of a
planning process. Goals are usually broad,
general expressions of the guiding principles
and aspirations of an organization.
Objectives are precise targets that are
necessary to achieve goals. Objectives are
detailed statements of quantitatively or
qualitatively measurable results the plan hopes
to accomplish.
San Antonio Multi-Service MarketAmity Business School
Mission: Maximize Utilization of the Direct Care System in the San
Antonio Multi-Service Market Area
Vision: A World-Class, Multi-Service, Unified Health System Serving San
Antonio and Referred Beneficiary Market
Goals:
Optimize efficiency between direct and private sector care markets
Eliminate duplicate services
Increase synergy and cooperation among San Antonio MTFs
Ensure patient satisfaction with access and quality service
Strengthen Readiness by allocating appropriate mix of resources
Collaborate support functions across the market
Objectives:
Establish the Consult and Appointing Management Office
Increase RWPs / RVUs in the direct care system per the business plan
Consolidate logistical and contracting functions
Realign staff resources to meet patient demand
Establish enrollment sites to meet changing patient demographics
Enroll eligible beneficiaries up to capacity
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Strategic Management
Process
85
Strategic Management
Process
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Stage I: Environmental Scanning
Stage II: Strategy Formulation
Stage III: Strategy Implementation
Stage IV: Evaluation and Control
86
Environment
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Its the aggregate of all conditions, events and
influences that surrounds and affect any
organization
Environment is
Complex
Dynamic
Multi-Faceted
Perception based. Problem for one is viewd as
opportunity by another
Has Far reaching Impact
87
Environmental
Scanning
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Analyzing External Environment
Analyzing Internal Environment
Analyzing Companys Resources
Analyzing companys Behavior
88
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Organizational Analysis
or Internal Scanning
Industry Attractiveness
Strategic
Management
Strategy Formulation
Strategy
Implementation
Strategy Evaluation
and Control
89
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Factors to be Considered
Events
Trends
Issues
Expectations
90
External Environment
Analysis Methods
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SWOT Analysis
PESTEL Analysis
Environmental Threat and Opportunity Profile
(ETOP)
Porters Five Forces Model
David Aakers Model of Market Analysis
Scenario Analysis
External Environment
Analysis
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Industry Economic Features
Impact of Competitive Forces in Industry
Change Driving Forces in Industry
Competitor Profile
Key Success Factors
Economic Features
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Market structure, size and growth rate
Buyer needs and requirements
Drivers and challenges
Number of rivals
Scope of competitive rivalry
Pace of technological change
Vertical integration
Product innovation
Degree of product differentiation
Economies of scale
Market Structure, Size
and Growth Rate
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What are the key segments of the market?
How big are various segments and how fast are
these growing?
What is the industrys position in the life cycle?
Buyer Needs and
Requirements
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How many buyer segments are present in
market?
Which are the most dominant buyer segments?
What are the key needs for each buyer
segments?
External Environment
Analysis
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Industry Economic Features
Impact of Competitive Forces in Industry
Change Driving Forces in Industry
Competitor Profile
Key Success Factors
5-Forces Model
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To understand how competitive forces
are impacting the profitability of an
industry; and
To find whether an industry is
financially attractive or not for existing
and new players
97
Competitive Forces
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Threat of substitute
of products
Bargaining power of
suppliers
Rivalry among
current competitors
Bargaining power of
buyers
Threat of new
entrants
98
Threat of New Entrants
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Barriers to Entry High Due to
Economics of Scale
Product Differentiation
Capital Requirement
Cost Advantage Independent of Size
Access to Distribution Channels
Government Policy
Threat of Substitutes
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Competitive Pressure from Substitutes High
Due to
Readily Available
Buyers willingness to switch
Competitive Positioning
Low Switching Cost
Powerful Suppliers
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Powerful Supplier Side Due to
Dominated by a Few Players
More Concentrated than Customer Group
Unique Patented Product
High Switching Cost
Ease of Forward Integration
Ease of Finding New Customers
Powerful Buyers
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Powerful Buyer Side Due to
Highly Concentrated
Large Volume Purchase
Standard and/or Undifferentiated Product
Lack of Significance in Overall Product
Ease of Backward Integration
Declining Profits and/or Low Profit Margins
Impact on Overall Product Cost or Quality
Rivalry Intensity
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Structure of Competition
Will be more if there are many small or equal sized
competitors
Rivalry is less if there is a clear market leader
Industry/Product Life cycle stage
At introduction and growth rivalry is less as compared to
maturity
Structure of industry cost
Industry with high fixed cost will force players to work at
full capacities, by cutting prices if needed
Degree of product differentiation
Industries where product are commodities (coal, steel,
coffee, grains) have high rivalry
103
Rivalry Intensity
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Switching Cost
Less rivalry with increased switching cost
Strategic objectives
If competitors have aggressive growth strategies rivalry
is more intense
If competitors are merely milking profits in a mature
industry, rivalry is less
Exit Barriers
With high exit barriers from an industry, rivalry
increases.
104
External Environment
Analysis
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Industry Economic Features
Impact of Competitive Forces in Industry
Change Driving Forces in Industry
Competitor Profile
Key Success Factors
Change Driving Forces
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Changes in Economic, Attitudes and
Lifestyles
Entry of New Customers
Regulatory Influences and Government
Policy Changes
Innovations Process or Product
Rate of Globalization
Adoption of Technology/Internet
Entry or Exit of Major Firms
External Environment
Analysis
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Industry Economic Features
Impact of Competitive Forces in Industry
Change Driving Forces in Industry
Competitor Profile
Key Success Factors
Market Positions of
Competitors
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Identify competitive characteristics
Product Portfolio
Quality/Price Range
Geographic Coverage
Degree of Vertical Integration
Strategic Moves of
Competitors
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Present Strategy of Competitors
Flaws and Strengths of Existing Strategies
Future Plans
External Environment
Analysis
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Industry Economic Features
Impact of Competitive Forces in Industry
Change Driving Forces in Industry
Competitor Profile
Key Success Factors
Key Success Factors
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Doing things cheap COST
Doing things right QUALITY
Doing things fast SPEED
Doing things on time DEPENDABILITY
Changing what you do FLEXIBILITY,
INNOVATION, Degree of CUSTOMIZATION
Key Success Factors
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Manufacturer Auto Manufacturer
Service Hospital
112
Doing things cheap
Auto Manufacturer
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Reducing Cost through
Bought-in materials and services
Staff costs
Technology and facilities costs
Hospital
Reducing Cost through
Staff costs
Technology and facilities costs
Bought-in materials and services
113
Doing things right
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All parts are made to specification
Auto Manufacturer
All assembly is to specification
The product is reliable
The product is attractive and blemish-free
Patients receive the most appropriate
Hospital
treatment
Treatment is carried out in the correct
manner
Patients are consulted and kept informed
114
Doing things fast
Auto Manufacturer
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The time between dealers requesting a
vehicle of a particular specification and
receiving it kept to a minimum
The time to deliver spares to service
centers kept to a minimum
The time between requiring treatment and
Hospital
receiving treatment kept to a minimum
The time for various test results like Xrays and MRI to be returned kept to a
minimum
115
Doing things on time
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Auto Manufacturer
On-time delivery of vehicles to dealers
On-time delivery of spares to service
centers
Proportion of appointments which are
Hospital
cancelled kept to a minimum
Keeping to appointment times
Test results are provided on time
116
Changing what you do
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Auto Manufacturer
Product/service flexibility
Volume flexibility
Delivery flexibility
Hospital
Product/service flexibility
Volume flexibility
Delivery flexibility
117
Importance of
KSFs
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Basis of comparison between
competitive products
Order Winners, Order Qualifiers, Least
Important
Competitive Drivers
and PLC
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Intro
Growth
Maturity
Decline
Customer
Innovators
Early
Adopters
Bulk of
market
Laggards
Competitors
None/Few
Increasing
Stable
Declining
Dominant
Drivers
Flexibility
Speed
Flexibility
Quality
Cost
Dependability
Cost
Qualifiers
Range
Quality
Quality
Range
Price
Quality
Dependable
Supply
Specifications
Specifications
Availability
Low Price
Dependable
Supply
Low Price
Order Winners
119
Industry Attractiveness
Amity Business School
Economic Features
Competitive Forces
Change Driving Forces
Strategic Moves of Competitors
Key Success Factors
Industry
Attractiveness
