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Lecture Exploring management - Chapter 7: Strategy and strategic management

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After reading this chapter, you should be able to answer the following questions: Identify the types of strategies used by organizations, understand how managers formulate and implement strategies. | Chapter 7 Strategy and Strategic Management Exploring Management Chapter 7 What types of strategies are used by organizations? How do managers formulate and implement strategies? 7.1 Types of organizational strategies Strategy is a comprehensive plan for achieving competitive advantage Organizations use corporate, business, and functional strategies Growth strategies focus on expansion Restructuring and divestiture focus on consolidation Keep in mind that a strategy is how to achieve the objective. Many people confuse the strategy with the objective. 3 7.1 CONTINUED Types of organizational strategies Global strategies focus on international business initiatives Cooperative strategies focus on alliances and partnerships E-business strategies focus on using the Internet for business success TYPES OF STRATEGIES Competitive Advantage Strategy a comprehensive plan guiding resource allocation to achieve long-term organization goals. Strategic Intent focuses organizational energies on achieving a compelling goal. Competitive Advantage operating in successful ways that are difficult to duplicate. Information technology and the Internet make it easier to quickly duplicate a competitive advantage. 5 TYPES OF STRATEGIES Corporate Strategy Corporate Strategy Directions and guidelines for use of resources Business Strategy Identifies how a strategic business unit or division will compete in its product or service domain Functional Strategy Guides activities within one specific area of operations Strategies follow the same organizational structure as objectives 6 TYPES OF STRATEGIES Growth and Diversification Strategies Growth Strategy Expansion through current operations Concentration Expansion within an existing business area Diversification Expansion occurs by entering new business areas Vertical Integration Expansion by acquiring existing suppliers or distributors All of these are growth strategies. It’s a matter of how you plan to grow. 7 TYPES OF STRATEGIES Restructuring | Chapter 7 Strategy and Strategic Management Exploring Management Chapter 7 What types of strategies are used by organizations? How do managers formulate and implement strategies? 7.1 Types of organizational strategies Strategy is a comprehensive plan for achieving competitive advantage Organizations use corporate, business, and functional strategies Growth strategies focus on expansion Restructuring and divestiture focus on consolidation Keep in mind that a strategy is how to achieve the objective. Many people confuse the strategy with the objective. 3 7.1 CONTINUED Types of organizational strategies Global strategies focus on international business initiatives Cooperative strategies focus on alliances and partnerships E-business strategies focus on using the Internet for business success TYPES OF STRATEGIES Competitive Advantage Strategy a comprehensive plan guiding resource allocation to achieve long-term organization goals. Strategic Intent focuses organizational energies on .