BMM6422 Business And Management Strategy

BMM6422 Business and Management Strategy
Question
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Task:

• Understand the characteristics of strategic decisions
• what is meant by strategy and strategic management, distinguishing them from operational management
• Understand how strategic priorities vary by level: corporate, business, and operational
• Understand the three key elements of the Exploring Corporate Strategy strategic management model. The Strategy Concept
• Strategies: General
• The science of planning and directing military operations (Webster’s New World Dictionary)  Strategic management is…
• Concerned with the long term direction and development of an organisation
• The direction and scope of an organisation over time
• Competitive advantage
• The search for ‘strategic fit’ – trying to match the organisations activities to match the environment in which it operates
• Organisation resources and competences
• Influenced by the values and expectations of stakeholders. Involves decisions and processes at all levels of an organisation
• Is distinguished from operational management by the complexity of its influences on decisions, with organisation wide implications
• Can be seen as involving:
Strategic analysis
Strategic choice
Strategic implementation
Fundamental questions for Strategic choice
• How should individual business units compete?
• Which businesses to include in the portfolio?
• Where should the organisation compete internationally?
• Is the organisation innovating appropriately?
• Should the organisation buy other companies, form alliances or go it alone? Fundamental questions for Strategy in action
• Which strategies are suitable, acceptable and feasible?
• What kind of strategy-making processes are needed?
• What are the required organisation structures and systems?
• How should the organisation manage the change needed?
• Who should do what in the strategy process? Which people and what activities.