Lecture Crafting and executing strategy (17/e): Chapter 2 - Arthur A. Thompson, A. J. Strickland III, John E. Gamble

Chapter 2: Leading the Process of Crafting and Executing Strategy Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy University McGraw-Hill/Irwin Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter Learning Objectives 1. Grasp why it is critical for company managers to think long and hard about where a company needs to head and why. 2. Understand the importance of setting both strategic and financial objectives. 3. Recognize that the task of crafting a company strategy draws on the entrepreneurial talents of managers at all organizational levels. 4. Understand why the strategic initiatives taken at various organizational levels must be tightly coordinated to achieve companywide performance targets. 5. Become aware of what a company must do to achieve operating excellence and to execute its strategy proficiently. 6. Understand why the strategic management process is ongoing, not an every-now-and-then task. 7. Learn what leadership skills management must exhibit to drive strategy execution forward. 8. Become aware of the role and responsibility of a company’s board of directors in overseeing the strategic management process. 2-2 Chapter Roadmap What Does the Strategy-Making, Strategy-Executing process Entail? Phase 1: Phase 2: Phase 3: Phase 4: Phase 5: Developing a Strategic Vision Setting Objectives Crafting a Strategy Implementing and Executing the Strategy Evaluating Performance and Initiating Corrective Adjustments Leading the Strategic Management Process Corporate Governance: The Role of the Board of Directors in the Strategy-Making, Strategy-Executing Process 2-3 Figure 2.1: The Strategy-Making, Strategy-Executing Process 2-4 Developing a Strategic Vision Phase 1 Involves thinking strategically about Future direction of company Changes in company’s product/market/customer technology to improve Current market position Future prospects A strategic vision describes the route a company intends to take in developing and strengthening its business. It lays out the company’s strategic course in preparing for the future. 2-5 ... - tailieumienphi.vn