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Week 1 what is strategy? Strategic mgmt - Coggle Diagram
Week 1 what is strategy? Strategic mgmt
Organisations
Organisations
Firms, enterprises, businesses and companies
Public sector
police
Public limited companies
equity is divided into shares, on stock market.
Third sector
social or environmental mission,
non-governmental organisations (NGOs),
not-for-profit organisations
Strategic Management
about the broad general direction
are initiatives, decisions that are then transformed into action.
usfel for Private and public orgs
Strategy is result of managers work
Ownership can be employees and the public , general stakeholders as well as shareholders
how is end result measured? ethics green? profits? shareprice? Measured by creating value
Extenal Environment
Environment' encompasses everything outside the organisation,
differ according to who manages them
can self unfold develop
strategic management
strategic thinking
path dependency
industrial economics
Week 1 notes STRATEGY
Mitnzberg -5 Ps of strategy
plan
‘course of action’
pattern
pattern in a stream of actions’
position
A means of locating an organization in what organization theorists like to call an “environment”’ (p. 15).
sense is a worldview shared by people ie. Strategy position viewed by all Apple employees
perspective
‘Strategy is a perspective, its content consisting not just of a chosen position, but of an ingrained way of perceiving the world’ (p. 16).
ploy
‘A specific “maneuver” intended to outwit an opponent or competitor’ (p. 12).
defensive action against some threat
The interactions between the 5 Ps
Conventional hierachy approach (linking org perspective, plan, patterns for action)
3 Strategies are like dreams searching for persective
4 plan =Strategies are like dreams searching for persective
1 Strategies are like dreams searching for persective
2 persective =plan
Formalising an emergent strategy
1 Perspective defines shared view of org
2 Inentions are developed in form of sequences and actions
3 Once actions proven to be successful, tey are formed into strategy
Patten or position producing persective
in formative years org develops it own experences in form of patterns
2 The "charachter" of org develops through experiences consolidatiing what worked into perspective
A perspective constraining the shift in position
1 strategy may be stable concept for org
2 Coherent position held by org
3 in this case position can shift rom A to B
4 But not poss to move position X as contrasts with world view (org view)
could there be other elements to a strategy?
Deliberte V Emergent Strategies (alternative to 5 Ps)
emergent strategy (emerges as you do it)
Realised strategy
or deliberate strategy
Intended strategy
What you actual do vs what you intend to do
Types of strategy
planned
planned not yet done
unrealised
unable to do it
emergent
3 possible soiurces of emergent strategies
Serendipity
(unexpected)
Actions by lower-level managers:
unplanned change of strategy by top level managers
what about customers? or other means? like the internet AI creatin ideas to imrpove startegy
a new strategy appears
realised
they did it
A realised strategy derives from a combination of deliberate strategy and
emergent strategy
Management of org is probs a top-down hierarchical
prescriptive approach - important for managers to identify/nuture emergent strategies
deliberate
Different levels of strategy
Network
like ebay bringing cust and seller together
coporate
business and copr most common
refers to the decisions on what industries the company is or should be in, and how
to create coherence and synergies across its business units.
funtional
Business and corporate startegies can be transformed into this level
department specific . ie tesla aim to produce in department certain number of cars
business
defines the strategic initiatives undertaken within a specific industry or market.
oftern called "compeititve strategy"
innovations, what comp doing, change positioning
Strategy dimensions
Cores areas of strategy management Johnson et al. (2017, p. 12) and Lynch (2015, p. 16)
Decision making
developing and selecting
Strategy in action (implementation)
all actitivies aimed at developing new strategic initiatives (
stratgegic analysis
involves understanding the organisation, its purpose and performance, and analysing its core resources and capabilities and its relationship with its immediate and broader context.
The prescritpive model in linear and sequence
from strategic analysis, moving to decision-making and ending in implementation
Emergent model
the analytical phase develops first, but then the decision-making and the implementation phases are strongly interrelated and iterative because the organisation engages in an experimental process of trial and error
Strategy Content, Conext, Process
Strategy Dimensions
Strategy content
Startegy context
Strategy process
David Kryscynski video additional reading - 4 questions
Where do we compete
What unique value do we bring to market?
what resources and capabilities to we utilise to deliver that value?
how do we sustain the ability to provide that unique value?
Strategy is a long term plan- usually over 5 years or so -info from tutorial