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Strategic Management (Prelims)

This document provides an overview of a module on strategic management that will be covered in an introductory lesson. It outlines the key topics to be addressed including strategic competitiveness, the external and internal organizational environment, and resources and capabilities. Specific learning objectives are defined which aim to help students understand business development and complexity, and predict medium to long term events. The lesson proper then defines and explains important strategic management terms like strategy, competitive advantage, strategic flexibility, and vision and mission. Students are assigned an activity to distinguish between strategy and tactics, relate strategic direction to a company's vision, and provide an example vision and mission statement.

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frederick lipon
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82 views5 pages

Strategic Management (Prelims)

This document provides an overview of a module on strategic management that will be covered in an introductory lesson. It outlines the key topics to be addressed including strategic competitiveness, the external and internal organizational environment, and resources and capabilities. Specific learning objectives are defined which aim to help students understand business development and complexity, and predict medium to long term events. The lesson proper then defines and explains important strategic management terms like strategy, competitive advantage, strategic flexibility, and vision and mission. Students are assigned an activity to distinguish between strategy and tactics, relate strategic direction to a company's vision, and provide an example vision and mission statement.

Uploaded by

frederick lipon
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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JE MONDEJAR COMPUTER COLLEGE

Brgy. Naga-Naga, Tacloban City

MODULE IN STRATEGIC MANAGEMENT


(FOR PRELIMS)

MODULE 1: STRATEGIC MANAGEMENT INPUTS

LESSONS: >> STRATEGIC MANAGEMENT AND STRATEGIC COMPETITIVENESS


>>THE EXTERNAL ENVIRONMENT: OPPORTUNITIES, THREATS,
INDUSTRY
COMPETITION, AND COMPETITOR ANALYSIS
>>THE INTERNAL ORGANIZATION: FRESOURCES, CAPABILITIES,
CORE
COMPETENCIES, AND COMPETITIVE ADVANTAGE.

LEARNING OBJECTIVES: At the end of the lesson, the students are expected to:

a. AIMS TO APPREHEND THE RAPID DEVELOPMENT IN THE BUSINESS


ENVIRONMENT AND ITS GROWING COMPLEXITY,
b. AIMS TO PREDICT THE COURSE OF THE MEDIUM- AND LONG-TERM EVENTS,
IT INTRODUCES NEW ELEMENTS OF ANALYSIS IN ADDITION TO TECHNICAL
AND ECONOMIC CONSIDERATION WITH A FRIENDLY APPROACH.

“If you don’t know where you’re going to, any road will get you there”

I) SUBJECT MATTER:

A) MEANING OF STRATEGIC MANAGEMENT


B) STRATEGIC COMPETITIVENESS
C) A STRATEGY
D) COMPETITIVE ADVANTAGE
E) ABOVE AVERAGE RETURNS
F) RISK
G) STRATEGIC MANAGEMENT PROCESS
H) THE COMPETITIVE LANDSCAPE
I) HYPERCOMPETITION
J) THE GLOBAL ECONOMY
K) THE INFORMATION AGE
L) INCREASING KNOWLEDGE INTENSITY
M) STRATEGIC FLEXIBILITY
N) RESOURCES
O) CAPABLITY
P) CORE COMPETENCIES
Q) VISION AND MISSION
R) STAKEHOLDERS

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LESSON PROPER

A) STRATEGIC MANAGEMENT- It involves the formation and


implementation of the major goals and initiatives taken by an organization’s
top managers on behalf of owners, based on consideration of resources and an
assessment of the internal and external environment in which the organization
operates.

>>>Provides overall direction to an enterprise and involves specifying the


organization’s objectives, developing policies and plans to achieve those
objectives and then allocating resources to implement the plans.

B) STRATEGIC COMPETITIVENESS- Is achieved when a firm successfully


formulates and implements a value creating strategy.

C) A STRATEGY- Is an integrated and coordinated sets of commitments and


actions designed to exploit core competencies and gain competitive advantage.

D) COMPETITIVE ADVANTAGE- When it implements a strategy that creates


superior value for customer and that competitors are unable to duplicate or
fund too costly to try to imitate.

E) ABOVE AVERAGE RETURNS- Are returns in excess of what an investor


expects to earn from other investments with a similar amount of risk. While
AVERAGE Returns are to those an investor expects to earn from other
investment with a similar amount of risk.

F) RISK- Is an investor’s uncertainty about the economic gains or losses that will
result from a particular investment. The most successful companies learn how
to effectively manage risk.

G) STRATEGIC MANAGEMENT PROCESS-Is the full set of commitments,


decisions, and actions required for a firm to achieve strategic competitiveness
and earn above average returns.

H) THE COMPETITIVE LANDSCAPE-The fundamental nature of competition


in many of the world’s industries is changing. Although financial capital is no
longer scarce due to the deep recession, markets are increasingly volatile.
Because of this, the pace of change is relentless and ever-increasing. Even
determining the boundaries of an industry has become challenging. Consider,
for example, how advances in interactive computer networks and
telecommunications have blurred the boundaries of the entertainment industry.
Today, not only do cable companies and satellite networks compete for
entertainment revenue from television, but telecommunication companies are

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moving into the entertainment business through significant improvements in
fiber-optic lines.

I) HYPERCOMPETITION- Describes competition that is excessive such that it


creates inherent instability and necessitates constant disruptive change for
firms in the competitive landscape.

J) THE GLOBAL ECONOMY- Is one in which goods, services, people, skills,


and ideas move freely across geographic boarders. Relatively unfettered by
artificial constraints, such as tariffs, the global economy significantly expands
and complicates a firm’s competitive environment. Interesting opportunities
and challenges are associated with the emergence of global economy. For
example, the European Union (a group of European countries that participates
in the world economy as one economic unit and operates under one official
currency, the EURO) has become one of the world’s largest markets, with 700
million potential customers.

K) THE INFORMATION AGE- Dramatic changes in information technology


(IT) have occurred in recent years. Personal computers, cellular phones,
artificial intelligence, virtual reality, massive databases (“big data”) and
multiple social networking sites are only a few examples of how information
is used differently as a result of technological development. An important
outcome of these changes is that the ability to effectively and efficiently
access and use information. IT has become an important source of competitive
advantage in virtually all industries.

L) INCREASING KNOWLEDGE INTENSITY- Knowledge (information,


intelligence, and expertise) is the basis of technology and its application. In
the competitive landscape of the twenty-first century, knowledge is a critical
organizational resource and an increasingly valuable source of competitive
advantage. Indeed, starting in the 1980’s, the basis of competition shifted from
hard assets to intangible resources. For example, WALMART transformed
retailing through its proprietary approach to supply chain management and its
information-rich relationships with customers and suppliers. Relationships
with customers and suppliers are an example of an intangible resource which
needs to be managed.

M) STRATEGIC FLEXIBILTY-Is set of capabilities used to respond to various


demand and opportunities existing in a dynamic and uncertain competitive
environment. Thus, strategic flexibility involves coping with uncertainty and
its accompanying risks. Firms should try to develop strategic flexibility in all
areas of their operations.

N) RESOURCES- Are inputs into a firm’s production process, such as capital


equipment, the skills of individual employees, patent, finances, and talented
managers. In general, a firm’s resources are classified into three categories:

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Physical, Human, and Organizational Capital. Resources are either, tangible
or intangible.

O) CAPABILTY- Is the capacity for a set of resources to perform a task or an


activity in an integrative manner.

P) CORE COMPETENCIES-Are capabilities that serve as a source of


competitive advantage for a firm over its rival.

Q) VISION-Is a picture of what the firm wants to be and, in broad terms what it
wants to ultimately achieve. Thus, vision statement articulates the ideal
description of an organization and gives shape to its intended future. In other
words, a vision statement points the firm in the direction of where it would
like to be in the years to come.

R) MISSION-The vision is the foundation for the firm’s mission. A mission


specifies the businesses in which the firm intends to compete and the
customers it intends to serve. The firm’s mission is more concrete than the
vision. However, similar to the vision, a mission should establish a firm’s
individuality and should be inspiring a relevant to all stakeholders.

S) STAKEHOLDERS- Are the individuals, groups, and organizations that can


affect the firm’s vision and mission, are affected by the strategic outcomes
achieved, and have enforceable claims on the firm’s performance.

“Tell me and I Forget, teach me and I may Remember, involve me and I Learn” (B. Franklin)

Here’s your activity, please answer independently. Thank you!

1. Distinguish between Strategy and Tactics


2. Establish a relationship between “Strategic Direction & Vision of the Company”
3. Please write an example of VISION & MISSION statement of a company of your
choice.

PREPARED BY:

KLAUS GONZALES RAMA


Instructor

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