Financial Decision

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4/15/2013

STRATEGIC MANAGEMENT
Instructor: Dr. Le Thai Phong Email: lethaiphong@gmail.com Phone: 0975.055.299

Textbooks:
• “Strategic Management: an integrated approach”, 6th edition, Mc.Graw Hill publisher 2005 • “Quản trị chiến lược” (Vietnamese version), compiled by FTU

Assessment
• Attendance 10% • Mid-term coursework: 40% • Coursework (group-based format) • Assessment method: • - Oral presentation • - Written report • Final examination: 50% • Multiple choice • Case study

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Contents
• • • • • • • Chapter 1: Introduction to Business strategy Chapter 2: External Analysis Chapter 3: Internal Analysis Chapter 4: Business-level Strategy Chapter 5: Corporate-level Strategy Chapter 6: International Strategy Chapter 7: Strategy Implementation

Contents

Contents

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CHAPTER 1: INTRODUCTION TO BUSINESS STRATEGY
Sources: Chapter 1, two main textbooks

So, what?

• “Without a strategy the organization is like a ship without a rudder, going around in circles”. Joel Ross and Michael Kami

Strategic Management: History
• “Strategos” referred to a general in command of an army • The art of the general • By 450 B.C. it came to mean managerial skill • By 330 B.C. it referred to the skill of employing forces to overcome positions to create a system of global governance

• “tactics…(involve) the use of armed forces in the engagement, strategy (is) the use of engagements for the object of war” Carl von Clausewitz 1838 On War

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Strategic Management: History
• 1911 Scientific management (Taylor) – Still in place today (UPS), some consider it micromanaging • HBS requires a class in Business Policy in 1912 • Adam Smith’s “invisible hand” (the market) gives way to Alfred Sloan (GM CEO from 1923-1946) concept of the “visible hand”— middle manager • Chester Bernard influential book “The Executive” argues that managers should pay attention to “strategic factors” • Ronald Coase’s 1937 article “why firms exist” (Nobel Prize in economics) and Joseph Schumpter’s concept of “disruptive technologies” written in 1942 bring in organizational economics • Max Weber warns against bureaucratic organizations but sees a shift toward this way of organizing • Academic influence

Strategic Management: History
• 1960s (Strategy and structure; Corporate Strategy)
– 1963 Harvard business conference leads to SWOT analysis – BCG founded in 1963 “strategy boutique” • Created the portfolio analysis • Stars, dogs, cash cows, question marks

• 1980s (Porter’s 5 forces) • 1990s (Resource based view of the firm)

Chapter 1: Outcomes
• Explain what is meant by “competitive advantage” • Discuss the strategic role of managers at different levels in an organization • Identify the main steps in a strategic planning process • Discuss the main pitfalls of planning and how those pitfalls can be avoided • Outline the cognitive biases that might lead to • poor strategic decisions and explain how these biases can be overcome • Discuss the role played by strategic leaders in the strategy-making process

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Strategic management: the concept
• Strategy: A set of related actions that managers take to increase their company’s performance. – “Strategy is what an organization must make based on their strength and weaknesses in context with all the opportunities and threats” (Kenneth Andrew, The concept of corporate strategy) – “Strategy is the process to identify the long-term objectives, select methods or processes of action and allocate necessary resources to achieve the goals” (Alfred Chandler, Strategy and structure). – “Strategy is to determine the allocation of available resources to change the competitive balance and move competitive advantage to their side” (Boston Consulting Group –BCG). – “Strategy to cope with competition is the combination of objectives needed to achieve and means that enterprises need to find to achieve the goals (Michael Porter).

Strategic...
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