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Lecture Essentials of contemporary management (6e): Chapter 6 - Gareth R. Jones, Jennifer M. George

Chapter 6 - Planning, strategy, and competitive advantage. After reading the material in this chapter, you should be able to: Identify the three main steps of the planning process and explain the relationship between planning and strategy, differentiate between the main types of business-level strategies and explain how they give an organization a competitive advantage that may lead to superior performance, describe the vital role managers play in implementing strategies to achieve an organization’s mission and goals. | Planning, Strategy, and Competitive Advantage Chapter Six Learning Objectives LO6-1 Identify the three main steps of the planning process and explain the relationship between planning and strategy LO6-2 Differentiate between the main types of business-level strategies and explain how they give an organization a competitive advantage that may lead to superior performance LO6-3 Differentiate between the main types of corporate-level strategies and explain how they are used to strengthen a company’s business-level strategy and competitive advantage LO6-4 Describe the vital role managers play in implementing strategies to achieve an organization’s mission and goals. Planning and Strategy Planning Identifying and selecting appropriate goals and courses of action for an organization Strategy A cluster of decisions about what goals to pursue, what actions to take, and how to use resources to achieve goals 3 Planning and Strategy Mission Statement A broad declaration of an organization’s purpose that identifies the organization’s products and customers and distinguishes the organization from its competitors 4 Levels and Types of Planning Business-Level Plan Divisional managers’ decisions pertaining to divisions long-term goals overall strategy, and structure Business-Level Strategy outlines the specific methods a division, business unit, or organization will use to compete effectively against its rivals in an industry 5 Levels and Types of Planning Functional-Level Plan Functional managers’ decisions pertaining to the goals that they propose to pursue to help the division attain its business-level goals Functional-level strategy A plan of action to improve the ability of each of an organization’s functions to perform its task-specific activities in ways that add value to an organization’s goods and services. 6 Standing Plans Policies general guides to action. Rules formal written specific guides to action. Standard operating procedures (SOP) specify an exact series of actions to follow Three Mission Statements Figure 6.4 Determining the Organization’s Mission and Goals Strategic leadership the ability of the CEO and top managers to convey a compelling vision of what they want the organization to achieve to their subordinates Planning and Strategy Formulation Figure 6.5 Formulating Corporate-Level Strategies Concentration on a Single Industry reinvesting a company’s profits to strengthen its competitive position in its current industry Stages in a Vertical Value Chain Figure 6.6 Diversification Diversification expanding a company’s business operations into a new industry in order to produce new kinds of valuable goods or services Four Ways of Expanding Internationally Figure 6.7 International Expansion Exporting making products at home and selling them abroad Importing selling at home products that are made abroad