Session_01_CSAC4900-AS

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Introduce myself Amal Shabana, MBA, CPA, CMA • 3 years at York U. teaching intermediate I and II, Advanced Accounting and Strategic Management • CPA and board panelist Capstone case • MBA, strategic management • Accounting professor at Centennial College- (Management Accounting)
Today’s Agenda • Record class • Housekeeping stuff • Communication with me through emails. The course name on the subject line. • Number of students attendance/online guest speaker • Always check your email before class • Break time/ your name on zoom screen • Course Introduction (Moodle) • Group work agreement- File name (Group#- Group Work Agreement)-Submit in Moodle week-1 • Academic honesty (Plagiarism)-submit with every Assignment (Same file name) • Participation (Peer review feedback form+ deadline submission)- Folder name • Writing a report- next slide
The key elements of a report 1. Title page including (who did what + Group #) 2. Table of contents 3. Executive summary 4. Introduction 5. Discussion/analysis 6. Conclusion 7. Recommendations, if any 8. References. 3
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Learning Objectives 1. What are strategic management and strategy? 2. Why does strategic management matter? 3. Why it is valuable to consider different definitions of strategy 4. How do strategic choices affect a firm performance? 5. What is meant by each of the 5 P’s of strategy? 6. What is meant by intended and emergent strategies and the differences between them 7. Understand the four steps in the strategic management process .
What is Strategy and Why is It Important? CSAC 4900 Strategic Management & Corporate Governance
WHAT IS STRATEGY AND WHY IS IT IMPORTANT? What Is Strategy About? Strategy is all about How : • outcompete rivals. • respond to economic and market conditions and growth opportunities. • manage functional pieces of the business. • improve the firm’s financial and market performance. How to...
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Why Do Strategy ? A firm does strategy: • To improve its financial performance. • To strengthen its competitive position. • To gain a sustainable competitive advantage over its market rivals. A creative, distinctive strategy: • Can yield above-average profits. • Makes competition difficult for rivals.
WHAT IS STRATEGY AND WHY IS IT IMPORTANT? What Do We Mean By Strategy ? What is our present situation? Where do we want to go from here? How are we going to get there? • Business environment and industry conditions • Firm’s financial and competitive capabilities • Creating a vision for the firm’s future direction • Crafting an action plan that will get us there
WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Strategy and Competitors Strategy is about competing differently from rivals. • Doing what they don’t do or doing it better! • Doing what they can’t do! • Doing that which sets the firm apart and attracts customers. • Doing what we should or should not do to produce a competitive edge.
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? “Why do some firms outperform other firms?” BlackBerry and Apple’s strategic management example will help answering this question. Strategic management examines how actions and events involving top executives (such as Steve Jobs), firms (Apple), and industries (the wireless market) influence a firm’s success or failure. Formal tools exist to help us better understanding these relationships. Many of these tools will be explained and applied in this course. But formal tools are not enough; creativity is just as important to strategic management. Mastering strategy is therefore part art and part science .
WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Defining Strategy: The Five P’s Understanding different ways of thinking about strategy is the first step toward mastering the art and science of strategic management.
WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Defining Strategy: The Five P’s Plan : A carefully crafted set of steps that a firm intends to follow in order to be successful. Virtually every firm creates a strategic plan to guide its future. If you are reading this, you probably have a plan that requires a college degree or diploma. Ploy : A specific move designed to outwit or trick competitors. For example, a grocery chain might threaten to expand a store so that a competitor doesn't move into the same area; or a telecommunications company might buy up patents that a competitor could potentially use to launch a rival product. Pattern : The degree of consistency in a firm’s strategic actions. Apple has very consistent in its strategic pattern: it always responds to competitive challenges by innovating.
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Defining Strategy: The Five P’s Some of these innovations are was a tablet-like device that may have been ahead of its time Position : A firm’s place in the industry relative to its competitors. Loblaw Companies Ltd. offers Zehr’s, a higher-end grocery store, as well as No Frills, Extra Foods and SuperValu, which are positioned at different pricing levels. Perspective : How executives interpret the landscape around them. In the mid-1990s, the Internet was mainly a communications tool. Jeff Bezos of Amazon saw it as a sales channel for selling books online. Now Amazon.com—the business he created—is a diversified consumer products store.
WHAT IS STRATEGY AND WHY IS IT IMPORTANT? What Is Strategic Management? What Is Strategic Management? Strategic management is the management of an organization’s resources to achieve its goals and objectives. Strategic management involves: • setting objectives, • analyzing the competitive environment, • analyzing the internal organization, • evaluating strategies, • and ensuring that management rolls out the strategies across the organization. https://www.investopedia.com/terms/s/strategic-management.asp
Key attributes of Strategic Management • Directs the organization toward overall goals and objectives . • Includes multiple stakeholders in decision making. • Needs to incorporate short-term and long-term perspectives. • Recognizes trade-offs between efficiency and effectiveness . Stakeholders = individuals, groups, and organizations that have a stake in the success of the organization. These include owners (shareholders in a publicly held corporation), employees, customers, suppliers, and the community at large. Efficiency = performing actions at a low-cost relative to a benchmark, or “doing things right.” Effectiveness = tailoring actions to the needs of an organization rather than wasting effort, or “doing the right thing.”
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What is meant by intended and emergent strategies and the differences between them Intended Strategy It is the strategy that an organization hopes to execute. Intended strategies are usually described in detail within an organization’s strategic plan it is called a business plan. Example: As an undergraduate student at Yale in 1965, Frederick Smith had to complete a business plan for a proposed company as a class project. His plan described a delivery system that would gain efficiency by routing packages through a central hub and then pass them to their destinations. A few years later, Smith started Federal Express (FedEx), a company whose strategy closely followed the plan laid out in his class project. Today, FedEx ranks eighth among the World’s Most Admired Companies.
What is meant by intended, emergent and realized strategies Emergent Strategy It is an unplanned strategy that arises in response to unexpected opportunities and challenges. Sometimes emergent strategies result in disasters. Example: In the mid-1980s, FedEx deviated from its intended strategy’s focus on package delivery to capitalize on an emerging technology: facsimile (fax) machines. The firm developed a service called ZapMail that involved documents being sent electronically via fax machines between FedEx offices and then being delivered to customers’ offices
What is meant by intended, emergent and realized strategies Realized Strategy It is the strategy that an organization actually follows. Realized strategies are a product of a firm’s intended strategy (i.e., what the firm planned to do), the firm’s deliberate strategy (i.e., the parts of the intended strategy that the firm continues to pursue over time), and its emergent strategy (i.e., what the firm did in reaction to unexpected opportunities and challenges). Example: In the case of FedEx, the intended strategy devised by its founder many years ago—fast package delivery via a centralized hub—remains a primary driver of the firm’s realized strategy
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Intended vs. Realized Strategies. Intended Strategy • Organizational decisions are determined only by analysis. • Intended strategies rarely survive in the original form. Realized Strategy Decisions are determined by both analysis (deliberate) and unforeseen environmental developments, unanticipated resource constraints, and/or changes in managerial preferences (emergent ).
WHAT IS STRATEGY AND WHY IS IT IMPORTANT? One More Example …
WHAT IS STRATEGY AND WHY IS IT IMPORTANT? An Example …
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Another Example …
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ The realized strategies of a firm A. are a combination of deliberate and emergent strategies. B. are a combination of deliberate and differentiation strategies. C. must be based on a company’s strategic plan. D. must be kept confidential for competitive reasons
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ The realized strategies of a firm A. are a combination of deliberate and emergent strategies. B. are a combination of deliberate and differentiation strategies. C. must be based on a company’s strategic plan. D. must be kept confidential for competitive reasons Answer: A
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Building Competitive Advantage What is Competitive Advantage? • It refers to the ways that a company can produce goods or deliver services better than its competitors. • It allows a company to achieve superior margins and generate value for the company and its shareholders. A competitive advantage is something that cannot be easily replicated and is exclusive to a company or business. This value is created internally and is what sets the business apart from its competition .
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Building Competitive Advantage Components of Competitive Advantage Value proposition: A company must clearly identify the features or services that make it attractive to customers. Target market: A company must establish its target market to further engrain best practices that will maintain competitiveness. Competitors: A company must define competitors in the marketplace, and research the value they offer. To build a competitive advantage, a company must be able to identify its value proposition that will be sought after by the target market , which cannot be replicated by competitors.
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ Anything that a firm does especially well compared to rival firms is referred to as A) competitive advantage. B) comparative disadvantage. C) unsustainable advantage. D) an external opportunity.
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ Anything that a firm does especially well compared to rival firms is referred to as A) competitive advantage. B) comparative disadvantage. C) unsustainable advantage. D) an external opportunity. Answer: A
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ The goal of strategic management is to A) achieve competitive advantage. B) maintain competitive advantage. C) achieve and maintain competitive advantage. D) eliminate competitive advantage.
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ The goal of strategic management is to A) achieve competitive advantage. B) maintain competitive advantage. C) achieve and maintain competitive advantage. D) eliminate competitive advantage. Answer: C
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Strategic Approach Choices Low-cost provider Differentiation on features Focus on market niche Best-cost provider Building Competitive Advantage
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Strategic Approach Choices 1. Cost leadership • The goal of a cost leadership strategy is to become the lowest cost provider of a good or service • Providing standard quality for consumers, at a price that is lower and more competitive than other comparable product(s). • Combing low profit margins per unit with large sales volumes to maximize profit. Example : Walmart excels in a cost leadership strategy. The company offers “Always Low Prices” through economies of scale and the best available prices of a good.
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Strategic Approach Choices 2. Differentiation • A differentiation strategy is one that involves developing unique goods or services that are significantly different from competitors. • Companies that employ this strategy must consistently invest in R&D to maintain or improve the key product or service features. • By offering a unique product with a totally unique value proposition, businesses can often convince consumers to pay a higher price which results in higher margins. Example: Apple uses a differentiation strategy to appeal to its consumer base. It provides iconic designs, innovative technologies, and, therefore, highly sought- after products; this ensures that consumers are willing to pay a premium for Apple devices.
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Strategic Approach Choices 3. Focus on market niche Strategy • It is an approach to identifying the needs of a niche market and then developing products to align to the specific need area. • The focus strategy has two variants: a. Cost focus: Lowest-cost producer in a concentrated market segment b. Differentiation focus: Customized or specific value-add products in a narrow-targeted market segment Example: Whole Foods Market: Whole Foods Market’s advantage relies on a differentiation focus strategy. The company is a leader in the premium grocery market and charges more premium prices because its products are unique. This is appealing to a niche market with higher disposable income.
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Strategic Approach Choices 4. The best-cost Strategy • It is a hybrid. It balances a strategic emphasis on low- cost against a strategic emphasis on differentiation. • It is considered as the most powerful competitive strategy of all. • It presupposes ‘relentlessly striving to become a lower-and-lower cost provider of a higher-and-higher caliber product.’ Example: Toyota Company of Japan followed the best-cost strategy for its Lexus cars to beat Mercedes-Benz and BMW cars.
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Strategic Approaches Building a competitive advantage by: Focusing on better serving a niche market’s needs ( efficiency and/or effectiveness ). Offering the lowest (best) prices for differentiated goods ( best-cost provider ). Striving to become the industry’s low- cost provider ( efficiency ). Outcompeting rivals on differentiating features ( effectiveness ). 1 2 3 4
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Gaining Sustainable Competitive Advantage How to create a sustainable competitive advantage: Develop valuable expertise and competitive capabilities over the long-term to provide unique products and services rivals cannot readily copy, match or best. Put the constant quest for sustainable competitive advantage at center stage in crafting your strategy.
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ To gain ________ firms need to provide unique products and services. A) a bank loan B) governmental legitimacy C) a sustainable competitive advantage D) competitors
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ To gain ________ firms need to provide unique products and services. A) a bank loan B) governmental legitimacy C) a sustainable competitive advantage D) competitors Answer: C
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? The Relationship Between a Firm’s Strategy and its Business Model Realized Strategy Competitive Initiatives Business Approaches Business Model Value Proposition Profit Formula $$$?
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The Relationship Between a Firm’s Strategy and its Business Model Business Strategy The term "business strategy" describes the methods a business uses achieve its mission and objectives. A business' mission encompasses its overall purpose, core values and long-term goals. Example: A grocery store might have the mission of making profit while providing the best food to customers, minimizing its impact on the environment and promoting strength in the local economy. The company's strategy might involve buying products from local food producers, encouraging customers to bring their own grocery bags, advertising in local newspapers and buying recycled product packaging materials. A business’ strategy includes how it deals with the opportunities and threats it faces.
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The Relationship Between a Firm’s Strategy and its Business Model Business Model A company's business model describes the basic means by which it creates value, delivers value to consumers and collects revenue from customers to make a profit. Business models can vary greatly from one company to another. Example: A local grocery store's business model might involve buying food at wholesale prices and selling it to end consumers at a higher price to make profit. A website might have a business model based on providing video content to customers and generating revenue through advertisements placed on the site.
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The Relationship Between a Firm’s Strategy and its Business Model How they are related? • A company's business model is a part of its business' overall strategy: • It is the nuts and bolts behind how the company plans to achieve its goals, such as making a profit. • A company can change its business model over time as a part of its profit-making strategy. Example, if website does not make enough revenue from advertisements to make profit, managers might decide implement a new business model, such as selling T-shirts and other goods though an online store, as a strategy to boost profit.
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Why Crafting and Executing Strategy are Important Tasks Strategy provides: • A prescription for doing business. • A road map to competitive advantage. • A game plan for pleasing customers. • A formula for attaining long-term standout marketplace performance. Good Strategy + Good Strategy Execution = Good Management
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Understanding the Strategic Management Process The four steps in the strategic management process: 1. Understanding strategy and performance 2. Environmental and internal scanning 3. Strategy formulation 4. Strategy implementation
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? 1- Understanding strategy and performance The strategic management process begins with an understanding of strategy and performance. As we have noted in this introductory chapter, strategic management is both an art and a science Before starting the process first ask: Where are we now? Where do we want to go? How are we going to get there?
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? 2- Environmental and internal scanning • Managers must constantly scan the external environment for trends and events that affect the overall economy and industry in which the firm operates i.e., Apple’s decision to create the iPhone • Then the firm must evaluate their own resources to understand how they might react to changes in the environment. • A classic management tool is SWOT (strengths, weaknesses, opportunities, and threats) analysis. Strengths and weaknesses are assessed by examining the firm’s resources (Controllable) , while external opportunities and threats refer to external events and trends (Uncontrollable) . The value of SWOT analysis parallels ideas
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? 3- Strategy formulation Based on strategy analysis, strategy formulation is developed at several levels. ( establishing long-term objectives) Business-level strategy: How to compete in a given business to attain competitive advantage. Corporate-level strategy: What businesses to compete in; how businesses can be managed to achieve synergy. International strategy: What strategies are needed as the business ventures beyond its national boundaries. Entrepreneurial initiatives: How can businesses create new value.
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3- Strategy Formulation-Continued Formulating business-level strategy. Successful firms develop bases for sustainable competitive advantage through: Cost leadership and/or: Differentiation, as well as: Focusing on a narrow or industrywide market segment. Formulating corporate-level strategy. Addresses a firm’s portfolio (or group) of businesses. What business or businesses should we compete in? How can we manage this portfolio of businesses to create synergies?
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3- Strategy Formulation- Continued Formulating international strategy. What is the appropriate entry strategy? How do we go about attaining competitive advantage in international markets? Entrepreneurial strategy and competitive dynamics. How do we recognize viable opportunities? How do we formulate effective strategies?
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4- Strategy Implementation It takes action to implement the formulated strategy. Ensure proper strategic control systems. Establish an appropriate organizational design, coordinating and integrating activities within the firm. Coordinate activities with suppliers, customers, alliance partners. Leadership ensures organizational commitment to excellence and ethical behavior. Promote learning and continuous improvement. Act entrepreneurially in creating new opportunities.
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? 4- Strategy Implementation-Continued It requires a firm to establish annual objectives , devise policies, motivate employees, and allocate resources so that formulated strategies can be executed often called the action stage Creating effective organizational designs. Organizational structures must be consistent with strategy. Organizational boundaries must be flexible and permeable. Strategic alliances must capitalize on capabilities of other organizations.
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives? A) Strategy formulation B) Strategy evaluation C) Strategy implementation D) Strategic management
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives? A) Strategy formulation B) Strategy evaluation C) Strategy implementation D) Strategic management Answer: D
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ Generally, external opportunities and threats are A) uncontrollable by a single organization. B) unable to have a significant impact on an organization. C) not worth monitoring and evaluating. D) key functions in strategy implementation.
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ Generally, external opportunities and threats are A) uncontrollable by a single organization. B) unable to have a significant impact on an organization. C) not worth monitoring and evaluating. D) key functions in strategy implementation. Answer: A
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ Which phase of strategic management is most strongly associated with "action"? A) Strategy formulation B) Strategy implementation C) Strategy evaluation E) Measuring performance
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ Which phase of strategic management is most strongly associated with "action"? A) Strategy formulation B) Strategy implementation C) Strategy evaluation E) Measuring performance Answer: B
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ In which phase of strategic management are long-term objectives especially important? A) Formulation B) Control C) Evaluation D) Implementation
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? QUIZ In which phase of strategic management are long-term objectives especially important? A) Formulation B) Control C) Evaluation D) Implementation Answer: A
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? What Makes a Strategy a Winner? Winning Strategy The Strategic Fit Test The Competitive Advantage Test The Performance Test
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? What Makes a Strategy a Winner? A winning strategy must pass three tests: The Strategic Fit Test Does it exhibit dynamic fit with the external and internal aspects of the firm’s overall situation? The Competitive Advantage Test Can it help the firm achieve a significant and sustainable competitive advantage? The Performance Test Can it produce good performance as measured by the firm’s profitability, financial and competitive strengths, and market standing?
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? Understanding the Strategic Management Process
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WHAT IS STRATEGY AND WHY IS IT IMPORTANT? The Road Ahead Strategy is about asking the right questions: • What must managers do, and do well, to make a firm a winner in the marketplace? Strategy requires getting the right answers: • Good strategic thinking and good management of the strategy-making, strategy-executing process. • First-rate capabilities and skills in crafting and executing strategy are essential to managing successfully.
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Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
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