ate the relationship between good management and the combination of
good strategy and good strategy execution;
discuss the managerial process of crafting and executing a strategy;
review the kinds of decisions strategic managers make at different levels of
management and the roles and responsibilities of the company’s board of directors
in the strategy-making and strategy-executing process.
What is strategy?
Different authors have defined strategy in different ways. Some of them are:
A company’s strategy is management’s game plan for how to grow the business,
how to attract and please customers, how to compete successfully, how to conduct
operations, and how to achieve targeted objectives (Thompson and Strickland,
2005: 3).
Strategic Management
Module 1: Strategy, The Strategic Management Process and Ethics Page 2
Graduate Studies Program
Strategy consists of the actions and business approaches management employs
to achieve the targeted organisational performance.
Mintzberg (1987) defined strategy as a plan, ploy, pattern, position and
perspective.
Strategy is a unified, comprehensive, and integrated plan … designed to ensure
that the basic objectives of the enterprise are achieved (Glueck, 1980:9).
Strategy involves irrevocable commitment of valuable capabilities.
A company’s actual strategy is partly planned (intended) and partly reactive
(adaptive) to changing circumstances.
Task
You are encouraged to conduct some research on the de无忧论文 【http://www.uklunwen.com】finitions of strategy and
develop your own definition of strategy.
Concept of competitive advantage
A company has a competitive advantage when its profit rate is higher than the average
for its industry and it has a sustained competitive advantage when it is able to maintain
this high profit rate over a number of years (Hill and Jones, 1998:110). A company
achieves sustainable competitive advantage when an attractive number of buyers
prefer its products or services over the offerings of competitors and when the basis for
this preference is durable. Winning a durable competitive edge over rivals hinges more
on building competitively valuable expertise and capabilities than it does on having a
distinctive product.
Company initiatives to build competencies and capabilities that rivals do not have and
cannot readily match can relate to greater product innovation capabilities than rivals,
better mastery of a complex technological process, expertise in defect-free
manufacturing, specialized marketing and merchandising know-how, global sales and
distribution capability, superior e-commerce capabilities, unique ability to deliver
personalized customer service, or anything else that constitutes a competitively
valuable strength in creating, producing, distributing, or marketing the company’s
product or service.
What is strategic management?
The term “strategic management” has yet to find a well-accepted and well-recognised
definition. Viljoen and Dann (2000, p. 5) |
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