Strategic

Management Dening Strategic Management

(1) three ongoing processes
Analysis
ANALYSIS Strategic goals
Internal and external environment of the firm
Decisions
What industries should we compete in?
How should we compete in those industries?
DECISION
ACTION Actions
Allocate necessary resources
Design the organization to bring intended
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strategies to reality
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Dening Strategic management (3) Key Acributes of Strategic

(2) Two fundamental quesXons Management
1. How should we 2. How can we create
compete in order to competitive DirecXng toward overall goals
create competitive advantages in the
advantages in the marketplace that are
marketplace? unique, valuable, Including mulXple stakeholders
in decision making
>>> create and difficult for rivals
to copy or
IncorporaXng both short-term
substitute?
https://www.youtube.com/watch?
v=GQREagFb0J0
and long-term perspecXves
>>> sustain
https://www.youtube.com/watch? Trade-os between eciency
v=37fMdoU8kyY
and eecXveness ( p10)
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Strategic Management
Process(1)
Ambidexterity: Intended strategy
Exploitation and Exploration Decisions are determined only by analysis
The challenge managers face of both aligning Realized strategy
resources to take advantage of existing Decisions are determined by both analysis
product markets as well as proactively and unforeseen environmental developments,
exploring new opportunities unanticipated resource constraints, and/or
changes in managerial preferences

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