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Lecture Strategic management: Competitiveness and globalization, concepts and cases (4/e): Chapter 12 - Michael A. Hitt, R. Duane Ireland, Robert E. Hoskisson

Chapter 12 - Strategic leadership. After reading the material in this chapter, you should be able to: Define strategic leadership and describe the importance of top-level managers, define top management teams and explain their effects on firm performance, describe the managerial succession process using internal and external managerial labor markets,. | Chapter 12 Strategic Leadership Michael A. Hitt R. Duane Ireland Robert E. Hoskisson ©2000 South-Western College Publishing 1 Competitiveness Chapter 3 Internal Environment Chapter 2 External Environment The Strategic Management Process Strategic Intent Strategic Mission Strategic Competitiveness Above Average Returns Feedback Strategy Formulation Chapter 4 Business-Level Strategy Chapter 5 Competitive Dynamics Chapter 6 Corporate-Level Strategy Chapter 8 International Strategy Chapter 9 Cooperative Strategies Chapter 7 Acquisitions & Restructuring Strategy Implementation Chapter 10 Corporate Governance Chapter 11 Structure & Control Chapter 12 Strategic Leadership Chapter 13 Entrepreneurship & Innovation Strategic Inputs Strategic Actions Strategic Outcomes 2 Strategic Leadership involves: Strategic Leadership The ability to anticipate, envision, maintain flexibility and empower others to create strategic change Multi-functional work that involves working through others Consideration | Chapter 12 Strategic Leadership Michael A. Hitt R. Duane Ireland Robert E. Hoskisson ©2000 South-Western College Publishing 1 Competitiveness Chapter 3 Internal Environment Chapter 2 External Environment The Strategic Management Process Strategic Intent Strategic Mission Strategic Competitiveness Above Average Returns Feedback Strategy Formulation Chapter 4 Business-Level Strategy Chapter 5 Competitive Dynamics Chapter 6 Corporate-Level Strategy Chapter 8 International Strategy Chapter 9 Cooperative Strategies Chapter 7 Acquisitions & Restructuring Strategy Implementation Chapter 10 Corporate Governance Chapter 11 Structure & Control Chapter 12 Strategic Leadership Chapter 13 Entrepreneurship & Innovation Strategic Inputs Strategic Actions Strategic Outcomes 2 Strategic Leadership involves: Strategic Leadership The ability to anticipate, envision, maintain flexibility and empower others to create strategic change Multi-functional work that involves working through others Consideration of the entire enterprise rather than just a sub-unit A managerial frame of reference 7 Strategic Competitiveness Above-Average Returns Effective Strategic Leadership influence shapes the formulation of and Strategic Intent Strategic Mission Successful Strategic Actions Formulation of Strategies Implementation of Strategies Strategic Leadership and the Strategic Management Process 11 Managerial Discretion External Environment Industry Structure Rate of market growth # and type of competitors Political/Legal constraints Product differentiation Factors Affecting Managerial Discretion Interpersonal skills Tolerance for ambiguity Commitment to the firm Aspiration level Self-confidence Characteristics of the Manager Employee interaction Organizational Characteristics Resource availability Size and age Culture 15 Top Management Teams Top management teams are comprised of the key managers who are responsible for formulating and implementing the organization’s strategies A heterogeneous top .