Chapter 6 strategy formulation situation analysis and business strategy pdf

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chapter 6 strategy formulation situation analysis and business strategy pdf

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Terry Life is full of lousy options General P. Kelley Ch 2. Provides a static assessment in time May lead the firm to overemphasize a single internal or external factor in formulating strategies Ch.

Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on the appropriate page within text. All rights reserved. Manufactured in the United States of America.

Chapter 6 Strategy Analysis & Choice

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A6g36s Ux2nti. Download PDF. A short summary of this paper. Wheelen J. David Hunger Alan N. Hoffman Charles E. Basic Concepts of Strategic Management Corporate Governance Social Responsibility and Ethics in Strategic Management Environmental Scanning and Industry Analysis Internal Scanning: Organizational Analysis Strategy Formulation: Corporate Strategy Strategy Implementation: Organizing for Action Strategy Implementation: Staffing and Directing Evaluation and Control Suggestions for Case Analysis Business policy Whatever its name, it's typically considered a "capstone" course in most business schools.

Its primary job is to examine a business firm as a whole and to integrate the various functional disciplines. It generally includes industry analysis and competitive strategy with a healthy dose of SWOT analysis. The course is generally expected to take a practical view of how business corporations actually function "in the real world. Some people are strong proponents of "the case method.

A number of instructors also use experiential exercises, group projects, and audio-visual presentations. Each approach, however, has its strengths and weaknesses. In a strategy course, however, the emphasis is typically on developing integrative and problem-solving skills.

The simulation, in contrast, is an excellent method to develop these skills and to put learning in the hands of the student rather than in the hands of the instructor. It also emphasizes strategy implementation, an aspect of strategic management often receiving little emphasis in most strategy courses.

Its weaknesses include turning the instructor from a teacher into an administrator. If teams are used, there is a strong tendency for students to let the "computer geeks" take charge of decision making as the objective turns from strategy making to "playing the game. Its strengths include a real-world orientation believed to generate student involvement and the ability to focus on developing decision making skills by taking an integrative and conceptual, yet action-oriented approach.

A capable case instructor must be able to force the typical student to go beyond satisficing at a very low level e. For example, if everyone knows that Hershey Foods successfully developed and marketed a new type of sugar-free candy this year, there is a strong tendency to recommend this solution rather than other alternative courses of action. As a result, an instructor new to the case method must ensure that students truly understand that the best solution to any case problem is not a the one the instructor mentions, b what the company actually did, or c the most obvious solution.

The best solution comes from the best analysis. This means that the instructor must work hard to ensure that students don't take the easy route by merely stating the symptoms as if they were underlying problems and going immediately to their desired solution without regard for other alternatives.

Possible Course Syllabus and Outlines A number of policy instructors, including us, have a strong bias in favor of minute classes meeting twice a week. Open class discussion or oral presentations of complex strategy cases usually require at least an hour's worth of time.

Given the usual rigmarole involved in starting and ending a class, it is very difficult to handle a case well in a minute period unless the case is analyzed over two class sessions. The course outlines you see below have been developed with generic activities.

Instructors should explore MyManagementLab to review all possible activities in which students can participate. One other variable, which complicates the development of a course outline, is the decision concerning the timing of the lectures on strategic management. Some instructors choose to spend the first part of their course lecturing over the book while the students quickly read the chapters.

Others attempt to intersperse lectures with case discussions or presentations. This is completely up to the instructor. We believe that a use of the strategic audit will help students to competently analyze their first comprehensive case even if they have not gone beyond corporate strategy in Chapter 7.

We have found this point to be a good time to begin oral presentations, for example. The first case should, however, emphasize strategy formulation over implementation and be reasonably easy to analyze with each following case increasing in difficulty.

It is designed to integrate the accepted theories in the area with real world applications to provide students with the basic knowledge and skills needed for strategic management. Lecture and class assignments given in the course are intended to help students understand the needs of modern public and private organizations, including emerging national and international trends.

Wheelen, J. Hunger, A. Hoffman, and C. The goal is for students to apply the information discussed to these real-world situations to the concepts and principles presented in the course.

For these exercises, students will be required to be actively involved to receive credit — i. Points will be awarded by the instructor based on individual and group participation.

Students should bring their textbook to class as part of their participation grade. Material for in- class assignments can be found at the conclusion of each chapter — see Ethical Dilemmas and Team Exercises. Behavior that violates these standards is not acceptable. Examples are the use of unauthorized material, communication with fellow students during an examination, attempting to benefit from the work of another student, and similar behavior that defeats the intent of an examination or other class work.

Cheating on exams, plagiarism, improper acknowledgement of sources in essays, and the use of a single essay or paper in more than one course without permission are considered very serious offences and shall be grounds for disciplinary action as outlined in the current General Catalogue. It summarizes research supporting the conclusion that those corporations that are able to learn from their experiences and manage strategically perform at a higher level than corporations that do not. It describes a number of triggering events that act to initiate strategic change in most organizations.

A normative model of strategic management is presented as the basic structure underlying the book. Key concepts are defined and explained as part of the discussion of the model. The chapter also introduces the strategic audit as a method of operationalizing strategic decision making.

Understand the benefits of strategic management 2. Explain how globalization and environmental sustainability influence strategic management 3. Understand the basic model of strategic management and its components 4. Identify some common triggering events that act as stimuli for strategic change 5.

Understand strategic decision-making modes 6. The Study of Strategic Management a. Phases of Strategic Management b. Benefits of Strategic Management 2. Impact of Globalization b. Impact of Innovation c. Impact of Sustainability 3. Theories of Organizational Adaptation 4. Creating a Learning Environment 5. Basic Model of Strategic Management a.

Environmental Scanning b. Strategy Formulation c. Strategy Implementation 6. Initiation of Strategy: Triggering Events a. Evaluation and Control b. Strategic Decision Making a. What Makes a Decision Strategic b. How do the three elements of Globalization, Innovation, and Sustainability impact your understanding of Strategy? Globalization is the integrated internationalization of markets and corporations. As more industries become global, strategic management is becoming more important in keeping track of international developments and positioning a company for long-term competitive advantage.

Innovation is meant to describe new products, services, methods and organizational approaches that would position a company to achieve strong returns. Sustainability refers to a set of business practices that focus on the triple bottom line for an organization.

Organizational strategy can be divided roughly into two categories: a formulation and b implementation. While there is legitimate crossover between the two, how would you characterize the issues involved in each effort?

6.-Strategy-Formulation-Situation-Analysis-and-Business-Startegy.pptx

Situation Analysis- the process of finding a strategic fit between external opportunities and internal strengths while working around external and internal weaknesses. Prentice Hall, Inc. Propitious niche- where an organization can use its core competencies to take advantage of a particular market opportunity and the niche is just large enough for one firm to satisfy its demand. Strategic window- a unique market opportunity that is available for a particular time. Performance problems can derive from inappropriate narrow or too broad mission statements and objectives Prentice Hall, Inc.


Chapter 6 Strategy Formulation: Situation Analysis & Business Strategy Chapter Outlines: 1- Situational Analysis: SWOT Analysis. (1) Generating A SFAS.


SWOT Analysis: What It Is and When to Use It

The process of strategic management lists what steps the managers should take to create a complete strategy and how to implement that strategy successfully in the company. It might comprise from 7 to nearly 30 steps [4] and tends to be more formal in well-established organizations. The ways that strategies are created and realized differ. Thus, there are many different models of the process. The models vary between companies depending upon:.

Test Bank Essentials of Strategic Management 5th Edition Hunger

Definition

Your contribution can help change lives. Donate now. Learn more. Change is an inevitable part of community organizing. If you know how to take stock of the strengths, weaknesses, opportunities, and threats, you are more likely to plan and act effectively. Developing a fuller awareness of the situation helps with both strategic planning and decision-making. The SWOT method was originally developed for business and industry, but it is equally useful in the work of community health and development, education, and even for personal growth.

Views 19 Downloads 2 File size KB. According to historical cost system, what is the objective of accounting and. Chapter The Environment Key Multicultural 1. A unique set of issues involving social culture can arises within the. Find the index of difficulty each of the following situation: 1. Answer: FALSE 4 The first firm through a strategic window can occupy a propitious niche and discourage competition if the firm has the required internal strengths.

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