Overview Strategy: A View From The Top ASHLEY BURNETT SHAWN BUCK WHITNEY HORTON KELLY RIESTER JENNIFER SHOTTS SAM SNELLING MICKEA SMITH Strategy Strategy is about positioning an organization for a competitive advantage Good strategies:
Reflect a companys clear strategic intent Have a deep understanding of a companys core competencies Create the best value Strategies are not all planned Many things can change as the plan is implemented. Important to be open-minded and realize that many factors can influence and change intended strategy Vision and Mission Statements Vision Statement: a road map for upper managements long run goals for their organization. Inspirational image that will be remembered and become synonymous with your establishment Frames a companys strategic focus on the future
Expresses core competencies used or needed to attain goals Mission Statement: Purpose for an organizations existence A guide for management to use to reach their goals Important values and ethics that are essential to the company The Importance of Stakeholders Stakeholders include partners, suppliers, and even competitors Internal stakeholders include employees, managers, top executives, and directors Motivating these stakeholders is vital; companies greatly rely on them to supply their customers with value
A mistake with any stakeholder can affect a company for years Stakeholders have different types of stakes held with a company Formal, Economic, or Political Four Primary Practices Product Life Cycle Model Definition: Based on the theory of diffusion of innovations and its logical counterpart and the pattern of acceptance of new ideas The model states that industry passes through stages:
Introduction Growth Maturity Decline These stages are defined by changes in the rate of growth of industry sales Ratio Analysis Financial Ratio Analysis Can provide a quick overview of a companys or businesses units current or past profitability, liquidity, leverage, and activity Profitability Ratios
Measures how well a company is allocating its resources Liquidity Ratios Focus on cash flow generation and a companys ability to meet its financial obligations Leverage Ratios May suggest potential improvements in the financing of operations Activity Ratios Measure productivity and efficiency Profit Impact of Market Strategy (PIMS)
Was developed with the intention of providing empirical evidence of which business strategies lead to success, within particular industries. Seeks to answer three basic questions: What is the typical profit rate for each type of business? Given current strategies in a company, what are the future operating results likely to be? What strategies are likely to help improve future operating results? Six Major Findings: characteristics of the business environment competitive position of the business structure of the production process how the budget is allocated
strategic movement operating results. Source: Wikipedia Value Disciplines The different ways a company can create value for customers Choosing a value discipline and focusing on it sharpens a companys strategic focus Three different value discipline strategies: Product leadership Operation excellence Customer intimacy Business Models
Creating an effective model requires a clear understanding of how the firm will generate profits and the strategic actions it must make to succeed over the long term Is a critical part of formulating a business unit strategy The two most important productive questions asked of executives: What is our business model? How do we make a profit? Business Unit Strategy In order to identify a clear business unit strategy, a company must analyze the industry characteristics in which it will be competing
First, we look at three contexts that relate to the various evolutionary stages of an industry: Emerging Growth Mature Decline Next, we discuss three industry environments that pose a unique strategic challenges:
Fragmented Deregulating Hypercompetitive Global Strategy Formulation Going Global Gradual process Core competencies, mission, structure, culture, and processes of international corporations evolve in the creation of global corporations Truly global strategies are extremely rare To create a vision, a company must accurately define what globalization means for its particular business Each company and industry will have very different
requirements for global success Four Types of Global Strategy Formulation: Multinational International Global Transitional 9 Laws of Globalization 1. Size means scrutiny 2. Cutting costs raises compliance risk 3. Strategy must involve society 4. Reducing risks means building trust 5. Satisfying shareholders means satisfying 6. 7.
8. 9. stakeholders Global growths requires global gains Productivity requires sustainability Differentiation relies on reputation Good governance needs good representation
Professional Codes of Ethics. Purposes. General obligations and admonitions. Capture a vision of excellence. Institutional & symbolic. Boundaries of behavior. Expectation for behaviors. Not synonymous with law. Framework of professions. Hippocratic Oath
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