Bhagat MCom MPhil MBA NET PhDCommerce PhD Management Studies Strategic Management MCom Semester I 20202021 Syllabus 1 Introduction to Strategic Management 15 ID: 1003065
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1. Dr. (Mrs) Kishori J BhagatM.Com., M.Phil., M.B.A., NET, Ph.D.(Commerce), Ph.D. (Management Studies)Strategic ManagementMCom Semester I2020-2021
2. Syllabus 1Introduction to Strategic Management152Strategy Formulation, Implementation and Evaluation 153Business, Corporate and Global Strategies154Emerging Strategic Trends 1560
3. Introduction to Strategic ManagementModule I
4. Introduction to Strategic ManagementConcept of Strategic Management, Strategic Management Process, Vision, Mission and Goals, Benefits and Risks of Strategic Management. Levels of Strategies: Corporate, Business and Operational Level Strategy • Functional Strategies: Human Resource Strategy, Marketing Strategy, Financial Strategy, Operational Strategy Business Environment: Components of Environment- Micro and Macro and Environmental Scanning
5. Strategic ManagementA strategy is a unified, comprehensive and integrated plan that relates the strategic advantages of the firm to the challenges of the environment. It is designed to ensure that the basic objectives of the enterprise are achieved through its proper execution by the organizationLong term, broad based, action plan
6. Nature Unified, comprehensive and integratedUniversal applicableStrategy alternativesStrategic reviewApplicable to all functional areasAllocation of resourcesObjective orientedRelates to environmentFuture orientedLevels of strategy
7. Strategic Management ProcessStrategy formulationFrame missionAnalysis of internal environment- SWAnalysis of external environment - OTSetting objectivesGap analysisFraming alternative strategiesAnalysis of alternativesChoice of best strategyStrategy implementationFormulation of planIdentify activitiesGroup activitiesOrganizing resourcesAllocation of resources
8. Strategic Management ProcessStrategy evaluation Setting standardsMeasurement of performanceComparison of actual with standardsFinding out deviationsAnalyzing deviationsTaking corrective measures
9. MissionStatement on organizational philosophy and purposeWhat are we
10. Vision What do we want to be
11. Goals/Objectives ProfitsGrowthWealthCustomer satisfactionEmployees satisfactionProductivity Corporate image enhanceSocial responsibilityEfficiency
12. Importance Define organizationFacilitate planningFacilitate organizingFacilitate direction EvaluationFacilitate decision-making in all functional areasHelp co-ordinationMotivates personnel Reduces wastageTeam workHigher efficiencySurvival & growth
13. Benefits – Strategic ManagementChoice of strategyCompetitive advantageCorporate image enhanceOrganizational efficiencyOrganizational objectivesOrganization resourcesSWOT analysisFacilitate planningFacilitate organizingFacilitate direction Evaluation and controlCommunication Coordination Reduce disputes
14. Risk/ Limitations - Strategic Management Limitation of AssumptionsProblem in Analyzing environmentUnrealistic mission and objectivesProblem in setting targetProblem in ImplementationLack of evaluationLack of communication – lower levelProblem of resistanceTheoretical in natureProblem of internal politicsProblem of Traditional Management
15. Levels of Strategies
16. Corporate StrategiesStabilityGrowthInternal- expansion, diversificationExternal – merger, amalgamation, joint ventureRetrenchment/RetreatTurnaroundDivestment Liquidation Combination
17. Business Competitive strategyCooperative strategy
18. FunctionalProduction strategiesR & DProduction capacityLocation /Plant siteTechnology Quality controlProduct strategiesModernization
19. Functional- Marketing strategiesPriceSkimming Rapid - price high & promotion highLow - price high & promotion lowPenetration Rapid - price low & promotion highLow - price low & promotion lowPromotionPush – dealers Pull – consumers AdvertisementSales promotionPublic relationPlace / DistributionChannelsAreas Dealers Other – branding, packaging, positioning, pace
20. FunctionalFinancial strategiesMobilization of fundsUtilization of fundsOther – dividend, credit, depreciation, retained earningsPersonnel strategies (HR)Recruitment & selectionTraining & developmentPerformance AppraisalPromotionCompensation & motivationSalaries & wagesBonusMedical benefitIncentives Other – transfer
21. Business EnvironmentEnvironment of the business means the aggregate of all conditions, events and influences that surround and affect it.Keith DavisDynamicDirect and indirect impactInternal and external factorsInseparable Multi-dimensional Proactive and ReactiveRegulates scope of business
22. Business Environment
23. Business Environment
24. SWOT AnalysisStrengths Internal Environment WeaknessesOpportunities External Environment Threats SCOT- strength, constraints, opportunities, threatsSWOC- strength, weaknesses, opportunities, challenges
25. Environmental ScanningIdentify Strengths SIdentify Weaknesses WIdentify Opportunities OIdentify Threats TEffective planningOrganizing of resourcesOptimum use of resourcesFlexibility in operationsSurvival and GrowthCorporate ImageInnovationMotivation to Employees
26. Environmental Scanning- TechniquesForecastingQualitativeQuantitative ScenariosScenario IScenario IIScenario IIISpyingGathering verbal informationMeetingsEmployees, suppliers, consultantsManagement Information SystemQUEST – Burt NanusQuick Environmental Scanning TechniqueObservation, deliberate, report, scenarios
27. Environmental Scanning-ProcessDecisions – environmental factorsIdentify sources of informationFormal surveyInternal sources- MISPublished documentsTechniques of scanningCollection of informationData analysisObjectives setStrategy FormulationStrategy ImplementationStrategy Evaluation