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Strategic Management - Coggle Diagram
Strategic Management
Chapter 3 : Internal Audit / Assessment
Key Internal Forces
Distinctive Competencies -> Competitive Advantage
Resources-Based View (RBV) Approach
Tangible Sources and Intangible Sources
Characteristics = rare, hard to imitate, not easy to substitutable
Company Asset's Analysis ( Assess company's asset still efficient or not )
Integrating Strategic Culture ( Organization Culture )
Organization 4 Functions
Functions of Marketing
Marketing Research
Systematic recording
Systematic gathering
Systematic analysing
Pricing
Promotion
Distribution
Target Market Analysis
Product Planning
Packaging
Determining product option, feature, style and quality
Test Marketing
Function of Management
Planning - Strategy Formulation
Organising - Strategy Implementation
Three sequential organising activities :
Combining jobs to form department
Delegating Authority
Breaking down tasks into job
Controlling - Strategy Evaluation
4 basic controlling steps
Measuring individual and organisational performance
Comparing actual performance to planned performance
Establishing Performance standard
Taking corrective actions
Motivating - Strategy Implementation
4 motivating activities
Leadership
Group Dynamic
Communication
Organisational Change
Function of Finance and Accounting
Investment Decision ( Capital Budgeting )
Financing Decision
Dividend Ddecision
Function of Production / Operations
Values Chain Illustrated ( identify low-cost advantage or disadvantage throughout the production to. finished goods process )
Internal Factor Evaluation ( I F E ) Matrix
List Key Internal Factors
Assign a weight
Assign a 1 - 4 rating
Multiply each factor's weight
Sum the weighted scores
Chapter 2 : External Audit / Assessment
Key External Forces ( PESTEL / PEST C )
Political Forces
Economic Forces
Social, Cultural, Demographic and Natural Environmental Force
Technological Forces
Environmental Forces
Legal Forces
Competitive Forces
Porter's Five Forces Model ( Michael E. Porter)
Rivalry Among Competing Firms
Potential Entry of New Competitors
Potential Development of Substitute Product
Bargaining Power of Suppliers
Bargaining Power of Consumers
External Factor Evaluation ( E F E ) Matrix
List 20 key external factors
Weight from 0.0 to 1.0
Assign a 1 - 4 rating
Multiply each factor's weight
Sum weighted score
Competitive Profile Matrix ( C P M )
Identifies the major competitors and their strengths and weaknesses
Stakeholder Mapping ( Mendelow's Matrix)
Key Players
High Power +
High Interest +
E.g. : Directors and Major Shareholders
Key Satisfied
High Power +
Low Interest -
E.g. : Customers, Staffs and National Government
Key Informed
Lower Power -
High Interest +
E.g. : Suppliers, Banks, Pressure Group ( GoGreen Group )
Minimal Effort
Low Interest -
E.g. : Small Shareholders and General Public ( not Customer )
Low Power -
Chapter 4 : Strategy in Action
Long-Term Objectives
Five Characteristic of Objectives
Quantitative
Understandable
Challenging
Compatible
Obtainable
Can be divided into two Objectives
Financial Objectives ( Monetary )
Growth in Revenue
Growth in Earning
Higher Dividend
Larger Profit Margin
Strategic Objectives ( Not related to Monetary )
Larger Market Share
Lower Costs Than Rivals
Higher Product Quality Than Rivals
Wider Geographic Coverage Than Rivals
4 Broad Types of Strategies
Integration Strategies
Forward Integration
Backward Integration
Horizontal Integration
Intensive Strategies
Market Penetration
Market Development
Product Development
Diversification Strategies
Related Diversification
Unrelated Diversification
Defensive Strategies
Retrenchment
Divestiture
Liquidation
Leveraging & Turnaround Strategy
Leveraging Strategy
Turnaround Strategy
Competitive Position
Michael Porter's Two Generic Strategies
Cost Leadership
Types 1 : Low-cost strategy that offers products or services to a wide range of customer at the lowest price available on the market
Types 2 : Narrow or focused low-cost strategy that offers product or services to a small range of customers at one of the lowest prices in the market.
Differentiation
Type 3 : Wide Target Market
Type 4 : Narrow Target Market
Chapter.1 : The Nature of Strategic Management
Stages of Strategic Management
Strategic Formulation
Strategic Implementation
Strategic Evaluation
Business Statement & Business Vision and Mission
Core Value Statement
Vision Statement ( What do we want to become ? )
Mission Statement ( What is our business ? )
Mission Statement 9 Characteristics
Broad in Scope
Fewer than 150 words
Inspiring
Identifies the utility of the firm's product
Reveals that the firm is social responsible
Reveal that the firm is environmental responsible
Include the 9 components
Reconciliatory ( include fine and balance claims / concerns by various stakeholders
Enduring ( continuing relevant for a long time )
Mission Statement 9 Components
Customers
Products Or Services
Markets
Technology
Survival, growth, and profitability
Philosophy
Self-Concepts
Public Image
Employees