1. Strategy and Strategic Management
An introduction

2. STRATEGY…….
Johnson and Scholes (Exploring Corporate Strategy) define strategy as follows:
"Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations".

3. STARTEGY…. Direction: Where is the business trying to get
Scope: Which markets should a business compete in/ what kind of activities
Resources: What resources (skills, assets, finance, relationships, technical competence, facilities) are required
Market : Local or international
Environment: What external, environmental factors affect
Stakeholders: What are the values and expectations

4. Plan Versus Strategy A plan is an arrangement,
a pattern, a program, or a scheme for a definite purpose.
A plan is very concrete in nature and doesn’t allow for deviation
A strategy, on the other hand, is a blueprint, layout, design,
idea used to accomplish a specific goal.
A strategy is very flexible and open for adaptation and change when needed.

5. Mintezberg’s Five Ps of Strategy
Plan – of action
Pattern – emerges out of action
Position – defines firm’s place in market
Ploy – a tactic or a maneuver
Perspective – a vision or a direction

6. Strategic management – the need
Globalization – technology driven
Boundryless Organisations
Changing socio cultural dynamics
Rising consumerism
Escalating competition
Need for multipronged planning
Rise of Strategic management

7. Three
Perspectives on SM
Traditional
Perspective
Resource-Based
View
(RBV)
Stakeholder
Origin
Economics, other
business disciplines,
Economics,
distinctive
competencies,
Business ethics and social responsibility
View of Firm
An economic entity
A collection of
resources, skills, and
abilities
A network of
relationships among
the firm and its
stakeholders
Competitive
advantage
Situation analysis
of internal and external
environments
leading to formulation of mission and
strategies
Possession of
abilities that are
valuable, rare, inimitable
Superior linkages
with stakeholders
leading to trust,
goodwill, reduced
uncertainty,

8. Process of strategic managment
The Strategic Planning Process
Vision and Mission
| V
Objectives
Situation Analysis
Strategy Formulation
Implementation
Control

9. Benefits of Strategic Managment
Identification, prioritization and exploitation of resources
Forward thinking
Change orientation
Resource utilization
Coordination communication and control
Facilitates Decision making
Culminates in organisational integration
Establishes positive culture

10. Limitations of Strategic Managment
Hasty implementation
Overenthusiastic implementer
Lack of clarity
Risk or rigidity
overriding Regulatory mechanism
Lack of top management commitment
Employee involvement
System and process reorientation
Lack of supportive organizational climate