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STRATEGY (HRM) - Coggle Diagram

- - - - Hopper Method = feeds variables into the strategy process (Andrews 1987)
      - Recipe View = provides structured procedures for determining strategy (Johnson et al)
        
        3 Dimensional Models of strategic management
        
        Strategic Choice
        
        Strategic Implementation
        
        Strategic Analysis
        
        Levels of Organizational Strategy
        
        Business Unit
        
        Operational
        
        Corporate
      - Linear Sequential approach = logical rationalist approach to conceptualize corporate strategy using model of input, process and output (Higgins and Vincze, David 2013)
        
        5 stages (Higgins & Vincze)
        
        Formulation of strategies
        
        Implementation of strategies
        
        Determination of strategic objectives
        
        Evaluation and Control of strategies
        
        Formulation of vision statement, mission statement and goal
        
        David 3 main stages in Strategic Management
        
        Strategic Implementation
        
        Devise policies
        
        Motivate employees
        
        Establish annual objectives
        
        Allocate scarce resources
        
        Strategic Evaluation
        
        Measuring performance
        
        Taking corrective actions
        
        Reviewing internal and external factors
        
        Strategic Formulation
        
        What new business enter
        
        What business to abandon
        
        Generating alternatives strategies and choosing particular strategies to pursue
        
        Establishing long-term objectives
        
        How to allocate resources
        
        Whether to expand operations or diversify
        
        Whether to enter International markets
        
        Whether to merge or to form joint ventures
        
        How to avoid a hostile take over
        
        Determining internal strengths and weaknesses
        
        Identifying external opportunities and threats
        
        Developing business mission
        
        Lynch (2012) Corporate strategy
        
        CORE AREAS
        
        Strategic Development
        
        Strategic options
        
        Rational selection
        
        Strategic route
        
        Strategy, structure and style
        
        Strategic Implementation
        
        Strategic Analysis
        
        Resources
        
        Mission, Vision
        
        Organizational external contexts
        
        Objectives
        
        Five KEY ELEMENTS
        
        Distinctiveness
        
        Competitive Advantage
        
        Sustainability
        
        Exploitation of linkages between organizations
        
        External contexts and vision
        
        FACTORS impacting Corporate Strategy
        
        Chep telecommunications and computer technology
        
        Consolidation and development of trading areas
        
        Increased in Global competition
- - - - Business level = operating units within the organization can compete in particular markets
      - Operational level = how various functions contribute to Corporate and Business levels
      - Corporate level= type of business the firm is in
    - - Top-down approach
      - Bottom-Up Approach
      - Interactive approach
    - - Nine Cell General Electric (GE) Matrix
      - Horizontal Strategy (Porter 2004)
      - BCG (Boston Consultancy Group ) Matrix
        
        Cash Cows = high market share low growth industry (valuable resource )
        
        Stars = strong market share and high growth industry (profit & growth opportunities)
        
        Dogs = low market share and low growth industry (poor competitive position)
        
        Question Marks = low market share and high growth industry (low cash generation)
      - SWOT Analysis
        
        Weakness
        
        Opportunities
        
        Strengths
        
        Threats