Preview Download CHAPTER 1 Basic Concepts of Strategic Management 2. The Azhar Kazmi, Business Policy and Strategic Management (Second. Azhar Kazmi, Business Policy and Strategic Management (Second. 5 Pages Preview Download CHAPTER 1 Basic Concepts of Strategic Management 2. Download free ebooks at ukraine-europe.info 2 Figures taken from London Business School's Masters in Management employment report .. The outcome of this approach is a deliberate policy of small strategic changes within the.
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Editorial Reviews. About the Author. ukraine-europe.infoppa.B, is a Ph.D., MPhil., MCom. Coordinator Business Policy and Strategic Management - Kindle edition by B. Hiriyappa Ph.D. Download it once and read it on your Kindle Books With Free. Library of Congress Cataloging-in-Publication Data. Wheelen, Thomas L. Strategic management and business policy: toward global sustainability / Thomas L. The evolution of Business policy to strategic management summaried below: 8 .. through (a) Error-free service delivery, (b) Innovative products and services.
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Click the button below to see the full list of eBooks, templates and checklists available for free download right now. See the full list of Strategy Skills eBooks, templates and checklists available for free download right now. Download over 50 free Strategy Skills eBooks, templates and checklists! See All Strategy Skills Titles. The Business Model Canvas has quickly become a popular tool for those planning out a new business venture. While this[ Read More. Understanding what you have available to you as a business owner or manager is a crucial part of the overall[ As someone who is charged with leading your organization into the future, you already know that you have plenty of[ In this context, a strategist has to scan the environmental trend to select only the most prominent environmental factors which affect the business.
This step paves the way of environment analysis and forecasting. A concept can be interpreted as a series of different variables. For example, the economic environment might cover many variables such as Per Capita Income, GDP, and eco- nomic policies that can be further classified into many other variables.
These variables can be used in different ways to envision the clearer picture of the broader concept. Some of the major methods of analysis can be Scenario Building, Benchmarking, and Network methods. It consists of and focuses on the factors typical and specific to the organization concerned. These factors are internal to the business, some of which can be easily changed or improved upon. These are generally as follows: Add 2 Exhibit - 3.
The Complete Environmental Influences on the Organizations 3. Tax changes, new laws, trade barriers, demographic change, government policy changes etc. In order to analyze these factors, the strategists can categorize them using the following model and the variants: It is a useful strategic tool for understanding market growth or decline, business position, potential and direction for operations.
These may have direct or indirect impact on the organization's operation. Various factors which are analysed using this toals are: This includes the political system, the government policies and attitude towards the business community and the unionism. All these aspects have a bearing on the strategies adopted by the business firms.
The stability of the government also influences business and related activities to a great extent. The social structure and the values that a society cherishes have a considerable influence on the functioning of business firms. For example, during festive seasons there is an increase in the demand for new clothes, sweets, fruits, flower, etc.
Due to increase in literacy rate the consumers are becoming more conscious of the quality of the products. Due to change in family composition, more nuclear families with single child concepts have come up. This increases the demand for the different types of household goods.
It is noteworthy that the consumption patterns, the dressing and living styles of people belonging to different social strata and culture vary significantly. The important socio-cultural factors can be enumerated as below: Technological change plays an important role in shaping how organizations operate.
These are important in gaining competitive advantage. Technological innovations can improve production efficiency, quality and speed. New technology is changing how organizations operate. They can determine barriers to entry, mini- mum efficient production level and influence outsourcing decisions.
The varying technological environments of different countries affect the designing of products. For example, in USA and many other countries electrical appliances are designed for volts.
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But when these are made for India, they have to be of volts. In the modern competitive age, the pace of technological changes is very fast. Hence, in order to survive and grow in the market, a business has to adopt the technological changes from time to time.
It may be noted that scientific research for improvement and innovation in products and services is a regular activity in most of the big industrial organizations.
Today, no organization can afford to continue with the obsolete technologies. The important technological factors can be enumerated as below: They relate to the legal environment in which firms operate. In recent years there have been many significant legal changes that have affected firms' behavior. The introduction or change in laws affects an organization's actions.
For example, an increase in the minimum wage and greater requirements for firms to recycle are few of the recent examples that have an impact on the costs and demand of the products. This refers to set of laws, regulations, which influence the business organizations and their operations. Every business organi- zation has to obey, and work within the framework of the law.
The important legislations that concern the business enterprises include: The provisions of the Articles of the Indian Constitution, particularly directive principles, rights and duties of citizens, legislative powers of the central and state govern- ment also influence the operation of business enterprises.
The judiciary has to ensure that the legislature and the government function in the interest of the public and act within the boundaries of the constitution. The various judgments given by the court in different matters relating to trade and industry also influence the business activities.
It is more important to think about which factors are most likely to change and which ones will have the greatest impact on the firm. They must identify the key factors in their own environment.
For some such as pharmaceutical companies' government regulation may be critical; for others, perhaps firms that have bor- rowed heavily, interest rate changes may be a huge issue.
Managers must decide on the relative importance of various factors.
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The higher the likelihood of a change occurring and the greater the impact of any change the more significant this factor will be to the firm's planning. However, decision-makers naturally try where they can to shape the external environment in their favor. These bodies represent many firms and therefore may have more power than any individual firm when it comes to influencing government.
The larger organizations may also involve their own public relations departments or agencies that work with lobbying companies to try and introduce or delay particular forms of legislation. The microenvi- ronment examines the general business climate as it relates to the organization within its industry. The mi- croenvironment consists of stakeholder groups that a firm has regular dealings with.
The way these relation- ships develop can affect the costs, quality and overall success of a business. Issues in the microenvironment include: The suppliers are the underlying force to provide high quality products at a good price in required volume.
Some firms take quite an aggressive attitude towards their suppliers by trying to push down the prices and delay payments.
Others view the relationship more as a partnership in which they are working together with suppliers and that by helping each other both can benefit. The importance of suppliers can be seen if things go wrong.
In Ford's image was damaged when tyres on its Explorer vehicles started exploding. Bridgestone produced these tyres and the supplier ended up re-calling over 6. In Sony batteries in several Dell laptops caught fire which caused a terrible public relations issue for the computer manufacturer and led to over 4 million laptop batteries being recalled. These are the major agents for getting products to the end customers and can be a major issue for firms.
Good negotiating skills and offering appropriate incentives may achieve get- ting the stores to stock the particular product. The distributors used will determine the final price of the product and how it is presented to the end customer. When selling via retailers, for example, the retailer has control over where the products are displayed, how they are priced and how much they are promoted in-store.
A competitive advantage can be gained by changing distribution channels. Banks, insurance companies, holiday firms, hotels and many others businesses have seen the op- portunities created by the internet.
Direct Line insurance, Dell computers and Amazon have re- duced costs by selling direct. They are the key to sales. Decision makers must monitor customer needs and try to anticipate how these will develop so that they can meet these requirements effectively in the present as well as the future.
To help understand their customers organizations are increasingly trying to gather information on them through various mechanisms. Many firms are also trying to develop relationships with customers to help ensure they come back time and time again. The growth of the internet has enabled customers to search quickly for alternatives and compare deals more easily; this puts pressure on firms to either provide better value for money or else lose their customers.
The success and behavior of any business will depend on the degree of competition in its market. This interaction is further determined by the monopoly or oligopoly or oligopolistic or competitive market conditions.
In more competitive markets where there are many firms providing similar products customers have more choice; this may put downward pressure on prices and means that excellent customer service is essential. The power of buyers - The stronger the power of buyers in an industry the more likely it is that they will be able to force down prices and reduce the profits of firms that provide the product. Buyer power will be higher if: If they have the resources to buy the provider this threat can lead to a better service because they have real negotiating power 3.
The power of suppliers - The stronger the power of suppliers in an industry the more difficult it is for firms within that sector to make a profit because suppliers can determine the terms and condi- tions on which business is conducted. Suppliers will be more powerful if: The degree of rivalry - This measures the degree of competition between existing firms. The higher the degree of rivalry the more difficult it is for existing firms to generate high profits.
Rivalry will be higher if: This means that existing firms will fight hard to survive because they cannot easily transfer their resources elsewhere.
The substitute threat - This measures the ease with which buyers can switch to another product that does the same thing e. The ease of switch- ing depends on what costs would be involved e. Reshaped global power structure. As the world recovers from the worst recession in decades, the rise of relationships between the public and private sectors has shifted the balance of global power faster than most could have imagined just a few years ago.
Disruptive innovation. Innovations in technology continue to have massive effects on business and society. The emerging markets have become hotbeds of innovation, especially in efforts to reach the growing middle class and low-income consumers around the globe. Faced with complexity, the trends are going to unfold and a clear picture emerges in the time to come. The organizations have to gear up before that. The trends that have been initiated by the above-mentioned driving forces are: Emerging markets increase their global power: Today, emerging markets serve as the world's economic growth engine, and the far-reaching effects of their spectacular rise continue to outplay even developed economies of the world.
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But their risks are often downplayed. Therefore an orga- nization has to focus on taking advantage of emerging-market opportunities but with careful plan- ning. Adjusted for variations in pur- chasing power parity, the ascent of emerging markets is even more impressive: Emerging economies are characterized by fierce competition, not only from global players but from local ones.
Cleantech becomes a competitive advantage: Renewable energy is still expensive in most places, which will limit its use in the short run. But as wind, solar and other renewable projects scale up, their prices will continue to fall.
The IEA predicts that power generation using renewable will triple between and Fossil fuels such as oil and coal will lose market share over time, as natural gas and nuclear power contribute to the diversified energy mix. Hence, governments and organizations are announcing plans to shrink their carbon footprints.
The move to CleanTech may represent a second industrial revolution that will have effects as great as the first. Green technology is now regarded as a strategic advantage. Global banking seeks recovery through transformation: The global financial system remains in flux. The uncertain scenario poses both opportunities and risks for financial institutions, alterna- tive asset managers and other enterprises that need funding to meet growth objectives.
The system will soon have to find answer to the critical issues of growth, regulatory issues, data and capital in the time to come. Governments enhance ties with the private sector: The recent time has been one of readjust- ment between developed and emerging economies, between the public and private sectors and between global institutions and nations. These adjustments will continue as governments, organiza- tions and institutions define their roles in the post-crisis world.
Rapid technology innovation creates a smart, mobile world: Smart technology offers the promise of remote access to health care and education, while blurring boundaries between indus- tries.
The power of the individual will grow and new competitors will emerge, disrupting industries and creating new business models. Now, every business is going to be in the 'tech-world'.
This framework categorizes environmental influences into 6 main types - political, economic, social, technological, environmental and legal. Factors, which have the likely effect on the structure of an indus- try or on the competitive environment.
Refers to the situation which organization's face within its specific arena of operation. A means for achieving a long-range strategic goal; explains how the goal will be attained. Identify few key active political forces. Discuss how they are shaping the overall environment in the country. Suppose the foreign exchange reserves in the country gets depleted by half of the present level because of few developments in the outside world.
Discuss the environmental effects it may lead to. There has been a thrust on women literacy. Discuss the influences you see in the social envi ronment and their impact on business.
Enumerate few of the technological advances in the field of agriculture and discuss its role in tapping better opportunities in the overseas market. List out five major industries, which in your view, pose danger to environmental conditions.
Mentioning your reasons suggest how these industries may correct the situation. Briefly explain the following: Exploring Corporate Strategy. Arthur, Jr. Strategic Management, Concepts and Cases, Thirteenth edition. Environmental Scanning Unit Structure: Dynamic nature of the environment along with vast multitude of factors, of which it is comprised of, makes it very difficult to predict.
Changing external variables make the environment of any organization uncertain. An organization which operates in a highly volatile environment is difficult to understand, because various factors change frequently and affect its performance,. Elements like technology, competitive situations, and income, attitude and value systems etc.
Another reason is globalization due to which the degree of this uncertainty has increased. As the environment, an organization is facing is having complex variables, it becomes essential for the organization to carefully and effectively appraise it. Its success depends on its ability to foresee the changes and to modify its business strategies accordingly. For example-When an issue related decision has to be taken, periodic monitoring of the environment may be done.
Also, systematic and ad-hoc approaches are used for the relevant environment of the organization, white the processed form approach can be used to approach both the relevant and the general environment.
It allows the organization in summarizing the impact of various sectors of the environment. There are different methods of environmental scanning. The external environment of any organization consists of a host of various factors. These factors are also termed as influences-known as events, trends, issues and expectations of different interested groups.
By monitoring the environment through environmental scanning, the impact of different events, trends, issues and expectations, on strategic management process is studied by an organization.
Some of the important sources of information are given below: While using any of the above sources of information, the validity, reliability and time frame of the source should be checked to ensure the authenticity of the source used. It provides a framework within which an organization can develop and alter its strategies.
It gives an organized basis for discussion and information sharing to improve managerial strategic decision making. Strengths- Strengths are the strong areas or attribute of the company, which are used to overcome weakness and capitalize to take advantage of the external opportunities available in the industry.
Strength is an inherent capacity which an organization can use to gain strategic advantage over it competitors. Thus, SWOT Analysis is a broad conceptual approach which has some limitations like overemphasizing internal strengths or downplaying external threats. Westbrook criticizes SWOT analysis because it generates lengthy list where some factors can be placed in two categories i.
Anf other limitation is that it uses no weights to reflect priority and use ambiguous words and phrases. Yet SWOT provides a generalized view to assess internal capabilities in light of key external opportunities and threats. Weihrich which overcomes the weaknesses of SWOT. In SFAS, weights are given to different identified factors. An ETOP involves dividing the environment into different sectors and then analysing the impact of each sector on the organization.
By means of an ETOP, the organization comes to know where it stands.
All the organizations must examine the ETOP to reduce the degree of threats on the basis of their competencies and capabilities. It identifies the relevant environmental factors. Such factors might be general environment factors and task environment factors. Thereafter, it is necessary to identify their nature. Some factors are positive to the organization whereas others are negative.
Therefore, it is necessary to find out their impact to the organization. The table uses positive, neutral, and negative signs in ETOP to denote the relevant impact of environmental factors. Here is an example of a hypothetical bicycle manufacturing company. Exhibit 5: Up arrows indicate favourable impact; down arrows indicate unfavourable impact, while horizontal arrows indicate a neutral impact. Various sectors of external environment i.
In SWOT, after examining different sectors of external and internal environment, a list of strengths, weaknesses, opportunities, and threats is prepared. This list becomes a source of information which is used by the strategists in forming compelling strategies. The TOWS Matrix developed by Heinz Weihrich, is an important systematic approach of scanning environment which helps in selecting strategic alternatives most suitable in the existing environment. Environmental Threat and Opportunity Profile method of environmental scanning is a profile of opportunities and threats existing in external environment.
For an organization, ETOP provides a clear picture to the strategists so that they can capitalize on an existing opportunity and formulate strategies to take its advantage and avoid an approaching threat. The environmental scanning is also structured by preparation of Strategic Advantage Profile, which involves dividing internal environment different sectors and then in identifying the impact of each sector on the organization.
These methods of environmental scanning not only help the strategists, in appraising the mass of information available which is related to dynamic and complex environment, which an organization faces, but also present a clear picture of the strengths, weaknesses, opportunities and threats operating in the environment of the organization.
Organizational Diagnosis Unit Structure: Organizational diagnosis is an effective way of looking at an organization to determine gaps between current and desired performance and how it can achieve its goals. The organizational diagnosis is the basis for sound growth and organizational development. The essential elements are structure, procedures, relationships and the cooperation within an organization. Each organization can be seen as consisting of various subsystems.
Effective functioning of each of these elements is essential for smooth functioning of the organization. Moreover the coordinated functioning of these subsystems also contribute to organizational effectiveness.
For making organizational diagnosis the strengths, weaknesses and potential of each of the subsystems need to be examined. In addition the various processes that contribute to the effective functioning of the organization as a whole also needs to be examined. They are: The assessment of production levels in terms of output and the efficiency of the organisation in achieving targets in terms of productivity and quality standards should be considered Stock levels need to be optimum along with lead times and quality, and it also needs to be evaluated if new technology should be implemented or needs to be implemented to achieve better levels of production.
The market share needs to be analyzed to verify if it is growing, stable or declining and that potential markets are being developed and targeted. The profitability of the product or brand needs to be analyzed with respect to pricing structure. This will lead to the apportionment of costs to the cost of sales in terms of promotion.
The overall turnover of the product or service will be marked from the overall sales figure in terms of targets. Resourcing takes into account such things as purchasing costs and how the purchasing of the organization is done. Human resources such as staff retention, wage and salary costs and staff training and promotion need to be assessed. It is also viewed as a skill for coordinating resources and putting them to productive use. Organizational Capabilities are developed in specific areas.
We have divided an organization into six largely accepted functional areas as described below: Financial Capability: Factors influencing financial capability are: Marketing Capability: Factors influencing marketing Capability: Operations Capability: Factors influencing Operations Capability are: Personnel Capability: Factors influencing Personnel Capability are: Information Management Capability: Factors influencing information management capability: Human ResourceAnalysis There are many techniques for analysis that can be undertaken to diagnose organizational productivity.
These include the following: Mostly it is said that employee turn over is not good for the organizations. But employers should remember that turnover is not that bad either. What is required is an optimum mix of turnover, not too high-not too low. A low rate of employee turnover may result into: Bringing in new ideas and skills from new hires. Better employee-job matches. More staffing flexibility. Facilitate change and innovation.
High rate of turnover may lead to decrease in: Productivity 2. Service delivery 3. Spread of organizational knowledge 2 Grievances and Disputes: A grievance arises when an employee feels that something has happened or is happening to him which he thinks is unfair, unjust or inequitable. Grievances are symptoms of conflicts in the organization. Therefore, management should be concerned with both complaints and grievances, because both may be important indicator of potential problems within the workforce.
Without a grievance procedure, management may be unable to respond to employee concerns since managers are unaware of them. Hence, a formal grievance procedure is an important communication tool for the organization.
Employee attitude survey is a valuable tool for any organization. The survey provides information that may be used to improve productivity and commitment. By identifying the basic causes of negative attitude in the workplace, organization can take appropriate create a positive environment and action to maximize overall job satisfaction. Taking action as a result of the information gathered from an employee survey will lead to improved productivity.
And, improving employee attitude throughout the workplace will lead to better cooperation and communication. Surveys can also uncover many cost saving opportunities. Organisational Structure Analysis The main aim of the analysis is to determine if: It may be used to describe an entire value stream, individual business processes that comprise a value stream, or individual activities that comprise a business process.
Value chain was introduced by Porter. It is a chain of value creating activities in an organization.
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This book is an attempt to provide an insight into the various elements which constitute Human Resource Management. Every project and as a consequence every project manager has to deal with different targets, different environments and, last but not least, with different people.
This book in two volumes offers a quick guide to all major disciplines in business management for both students and practitioners. The main topics in this book such as planning, organizing, leading and controlling are covered, as well as issues such as competitive advantage, team structure, business ethics, trust and flowcharting.
Strategic Marketing is aimed as an introduction to Strategic Marketing Management for students on Marketing and Business strategy courses. Drawing on the scholarly writings of the late professor Richard S. In a world of geo-political, social and economic uncertainty, Strategic Financial Management is under pressure. This study guide provides an overview of the most important topics and current debates covered in Human Resource Management HRM field.
This book introduces students to business concepts experientially as they develop a business plan for a fictional business the student creates. Quality Management thinking has influenced a revolution in the way organizations are managed over the past few decades. This book provides an overview of strategic planning. It explores the importance of planning to small organisations along with major influences on strategy competitors and the industry environment.
This is a short, focused text, considering a range of methods, issues and concepts in management decision making. Corporate Social Responsibility CSR has been in existence for a while but recently it has become central to the strategic decision making of every organisation.
This guidebook provides a 3-step systematic problem solving process. It contains a detailed step-by-step process highlighting the various TRIZ tools that may be used to define, solve. Six Sigma is one of the most important developments in the field of business improvement. This volume considers innovation and small business with particular reference to the innovation process.
This book covers all areas of Operations Strategy including formulation methods for operations strategy and improvement approaches. Disruptive technologies have a huge impact on the future of work.
Many jobs will become automated and a lot of new and very different jobs will be created. Are you ready for a new job or career? This book introduces you to the basic knowledge you need to understand what business models are and how they can be analysed and communicated.
It is clearly accepted that good governance is fundamental to the successfully continuing operating of any organisation. This second volume considers industrial settings and essentially attempts to apply the theory considered in volume one. It requires significant investment and supports critical business processes.
The intention of this book is to serve as a compendium which contributes to a better understanding of major ethical terminology and basic ethical systems orientated towards business ethics. This book offers practical, proven ways to maximise your success in all aspects of essay writing, for example by undertaking the necessary research.
This book is a collection of word essays on a variety of business and management topics and is a companion to "Management Briefs: Management and Leadership Theory Made Simple. This book analyses design choices to satisfy customer demands. It starts at strategic intent, recognizes market imperatives then examines the supply chain infrastructure and systems choices. Lean Six Sigma: Research and Practice demonstrates the power of synergy Lean Six Sigma: Research and Practice is an ebook to download free of charge.
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