Strategic Management - I-Introduction Session - 2013-14
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Transcript of Strategic Management - I-Introduction Session - 2013-14
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Strategic Management - IAn overview of the coursePROF. SABYASACHISINHA
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Agenda for today
Objectives of SM
How do we achieve the objectives
Major takeaways Key Success Factors
Performance Evaluation
The administrative norms
What is Strategy and Strategic Management Process
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Objectives of SM
Develop the competencies to practice strategy to develop abilities of ageneral manager
Ability to disintegrate and integrate (microscopic and telescopic views)
Ability to balance between what your mind say (the rational manager), andwhat your heart says ( the emotional leader)
Ability to see, think, and empathize a situation from multiple perspectives, anddecide accordingly, knowing the trade-offs made in the process
Across time (long term and short term)
Across functions
Across hierarchy
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Objectives of SM
Integrate the learning from various functional management courses (toolsand concepts)
Offer strategy contexts for additional learning in functional courses, anddevelop the ability to think across time, function, and hierarchy
Understand frameworks and check lists helpful in strategy formulation and
review
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How do we achieve these objectives
Involve you in strategic decision making situations (cases) faced by varioustypes of organizations
Prompt you to go through relevant articles and chapters from books
Urge you to build illustrations from contemporary developments
Inspire you to abstract from cases and build your own concepts andframeworks
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How should you involve yourself
Taking Charge and Enacting the Role of the Leader in the situation
Scripting the role yourself and Playing the script
Defending and Improvising
Reflecting on the role played in the context of colleagues efforts , readingsand contemporary developments, and building your own KASH
Applying the lessons learnt to the next situation
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MyInvolvement
Interconnectionwith other
situations I havestudied
Dec isionmaking and
Action Building
Abstractionsinto newconcepts and
frameworks
IllustratingConcepts and
Frameworks
Your involvement and learning in thecourse: isolated or liked efforts
The four-cycle circus
Why circus? balance, co-ordination, innovation, risk-taking, team work
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Organizations
Biocon
Walmart
Nestle
Apple
Easy jet
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Starbucks
Nintendo
Newell
Cemex
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Key takeaways
Strategy is a holistic concept
Each one has his/her own way of defining it
Appreciate the differences and boundaries
Strategy links all resources of the firm with all developments in theenvironment
Recognition that all resources have their own potential and limitations
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Key takeaways
There are trade off with every strategy. There is a need to explicitly statethem
Data for strategic dec ision making is not on the platter. Hence makeassumptions
Day to day developments can be understood through the lens of ourframeworks and concepts
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Key takeaways
When you dec lare your strategy and take it up for implementation ensurethat you are
Clear on your comprehension, analysis, assumptions and ethical implications
Complete on all dimensions of strategy and their linkages with all aspects of theenvironment
Consistent
Within dec isions
With the resources you have
With the opportunities and threats in the environment
Concrete enough to handover the strategy for actions
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Key success factors
Preparation before the class
You are required to
Comprehend the situation
Relate to the concepts and frameworks wherever relevant
Identify all the areasneeding managerial intervention
Decide and develop your strategy sheet
Discuss your strategy sheet with your group members
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Key success factors
Discussion in the class
Contribute as totally as you can
Do not stop with one or two sentences
Build on each others contribution
Compare totality A with totality B and not point x with point y
Complement wherever you can
Be Clear, Complete, Consistent and Concrete
Be patient and optimistic
Post Class Reflection: Review your stra te g y d e c isio n she e t, makemodification and reflect on learning; and make notes on the strategyc irc us she e t*
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Why should we have a structuredapproach to strategic decision making?
Why not rely on intuitive approaches?
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Performance evaluation
Class Presence, Preparation and Participation 10%
Quizzes and individual assignments 20%
Group Project 15%
Mid Term 25%
End Term 30%
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Administrative norms
All students are expected to be seated in their respected seats only
Mobiles and/or any other communicating devices should be switched off
No plagiarism in any of the submissions
Do not miss any session to be eligible for attendance based grade; and
dont be late
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What is strategy
Some definitions
Strategy is an integrated and coordinated set of commitments and actionsdesigned to exploit core competencies and gain competitive advantage
A firms strategy is defined as its theory about how to gain competitiveadvantages
Strategic management is defined as consisting of the analysis, dec isions, and
actions an organization undertakes in order to create and sustain competitiveadvantages
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Purpose of Strategy
Strategy is what makes a firm a winner or a survivor
Quest for sustainable competitive advantage
a unique advantage that is still obtained despite competitorsconstant attempts at replication
Importance of strategy language emphasizing difference and uniquenessnot convergence and similarity
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Timeline of Strategic Management Discipline
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Military origins
Porter (1980)
Porter (1985)
Barney (1991)
Stalk et al (1992)
Grant (1996)
Teece (2007)
Stacey (1995)
Chesbrough and
Appleyard (2007)
Strategy future(s)?
1960s
Planning
1970s80s
Positioning
Chandler (1962)
Ansoff (1965)
Andrews (1971)
1990s
Capabilities
2000s
Networked
innovation/
Dynamic
capabilities
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What is strategy
Its based on assumptions and hypothesis made closer the assumptionsare to reality higher the chances of a good strategy
The concern is firm performance having greater share of the cake
Two major decision it deals with
What business to be in (drawing and managing the boundary)
How be ahead of others in the chosen business
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What is strategy
Some key attributes
Its a question of trade-offs; you cannot have all; resources are limited
Short term vs. long term
Emergent vs. deliberate
Requires integrated view and synchronized actions
Multiple stakeholders interests needs to be taken care
Dealing with strategic issues is becoming more challenging increasinglydynamic environment
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Strategic management process
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Vision/Mission Objectives
External analysis
Internal analysis
Strategic choice StrategyImplementation
SCA Firm
performance
Strategic thinking / formulation Strategic action
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Some challenges of SM
O rien ta t ion c ha llen g e
Tra d e -o ff c ha lle ng e
Releva nc e c ha lleng e
Cont inuous-c ha ng e c ha lleng e
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Thank you