Strategic Management Course Overview
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Questions and Answers

What is the meaning of strategy, according to Chandler?

The determination of the long-term goals and objectives of an enterprise and the choice of actions and allocation of resources necessary to achieve them.

What is the central focus of corporate strategy, according to Johnson, Scholes, and Whittington?

The overall purpose and scope of an organization and how value will be added to the different parts (business units) of the organization.

According to Collis and Montgomery, what is the primary way a company generates value through its corporate strategy?

The configuration and coordination of its multimarket activities.

According to Warren Buffett, what is the key to successful investing?

<p>Determining the competitive advantage of any given company and above all, the durability of that advantage.</p> Signup and view all the answers

The ancient Greek term ______ refers to the function of a strategist.

<p>Strategos</p> Signup and view all the answers

What is the core message of Sun Tzu's philosophy in “The Art of War”?

<p>The best strategy is the one that allows you to achieve your goals without having to fight.</p> Signup and view all the answers

What is the concept of 'grand strategy', as articulated by Basil Liddell Hart?

<p>The art of leading, in times of war and in times of peace, all the forces and means of struggle of a nation.</p> Signup and view all the answers

The main difference between strategy and tactics lies in the level of planning.

<p>False</p> Signup and view all the answers

What are the four key elements of a PESTEL analysis?

<p>Political, Economic, Social, Technological, Environmental, and Legal</p> Signup and view all the answers

What are the four key aspects of a strategic diagnosis?

<p>Internal analysis of the organization, External Analysis of the organization, Strategic Capabilities, and the Course of action.</p> Signup and view all the answers

What are the four major categories of business model

<p>The four key categories are Production, Problem solving, Platform/network, and Customer focused</p> Signup and view all the answers

The ______ is a key element in a company's strategic planning, as it sets the overarching direction and purpose.

<p>Vision</p> Signup and view all the answers

What are the core values?

<p>They are the fundamental set of beliefs and principles guiding a stakeholder's actions and decision-making.</p> Signup and view all the answers

What is the key distinction between internal and external growth?

<p>Internal growth involves expanding within the existing organizational boundaries, while external growth involves merging, acquiring, or collaborating with other companies.</p> Signup and view all the answers

What are the two main types of diversification strategies?

<p>Partial diversification and total diversification.</p> Signup and view all the answers

What is the primary focus of a 'specialization' strategy?

<p>To achieve the best possible level of competence in a single activity and to make it a decisive competitive advantage.</p> Signup and view all the answers

What is the key advantage of specialization?

<p>It helps companies achieve a decisive competitive advantage by concentrating their resources and efforts on a specific area, but it can be risky if a company fails to anticipate changes in the market.</p> Signup and view all the answers

What is the main advantage of diversification?

<p>Diversification can reduce risk, generate wealth through synergy, and improve flexibility by expanding into multiple areas of activity</p> Signup and view all the answers

What are the main disadvantages of diversification?

<p>Diversification's main disadvantages include the scale of investments required, the dispersion of resources across various activities, potential loss of company identity, and lack of cohesion between different activities.</p> Signup and view all the answers

What are the four stages of a typical company lifecycle?

<p>Introduction, Growth, Maturity, and Decline.</p> Signup and view all the answers

What are the three main elements of a strategic audit?

<p>Environmental analysis, Business analysis, and Strategic recommendations.</p> Signup and view all the answers

A McKinsey Matrix analysis focuses primarily on a company's market share.

<p>False</p> Signup and view all the answers

What are the four categories that the BCG Matrix classifies company products into?

<p>Stars, Cash Cows, Question Marks, and Dogs</p> Signup and view all the answers

What is the key focus of the Scenario Method?

<p>The Scenario Method aims to construct plausible representations of the evolution of an industry's environment to anticipate which strategy might prove relevant for the company in the future.</p> Signup and view all the answers

What are the 10 roles of a manager?

<p>Figurehead, Leader, Liason, Monitor, Disseminator, Spokesperson, Entrepreneur, Regulator, Resource Allocator, and Negotiator</p> Signup and view all the answers

A PESTEL analysis is designed to identify a company's internal strengths and weaknesses

<p>False</p> Signup and view all the answers

A market analysis should only consider the market strengths of a company.

<p>False</p> Signup and view all the answers

A company's vision is typically a short-term goal.

<p>False</p> Signup and view all the answers

A company's strategic objectives should be vague and open-ended to allow for flexibility and adaptation.

<p>False</p> Signup and view all the answers

Study Notes

Strategic Management Session Notes

  • The course focuses on the business as a whole and the interrelationships between its activities.
  • Challenges faced by CEOs, particularly those leading multi-business companies, are discussed.
  • A suitable toolkit for analyzing and addressing these challenges is introduced.

Research Topics

  • Strategic management
  • Corporate social responsibility
  • Sustainable innovation
  • Dynamic capabilities

Methods of Teaching

  • Workshop method
  • Case-study method

Diplomas

  • PhD in Strategic Management from Paris Saclay, France
  • Master in Organizational Transformation from University of Versailles Saint-Quentin en Yvelines
  • Other diplomas and experiences mentioned in the slides

Professional Experiences

  • Experiences of the instructor (Dr. Imane Bouterfas)
  • Possible collaborations, research, and conferences

Task 1

  • Prepare a brief self-introduction, highlighting unique skills and career aspirations.

Course Overview

  • The course covers the interrelationships of many business activities along with strategies for CEOs in multi-business companies.

Strategic Pyramid

  • The pyramid displays corporate strategy at the top, business strategy in between, and functional strategy at the base.

Strategy 1

  • Introduction to business strategy
  • Key concepts of strategy and tools for strategic company diagnosis

Strategy 2

  • Analytical approach to strategic concepts and strategies for creating a sustainable advantage in difficult competitive environments
  • Topics like goal planning, the strategic management process, portfolio matrices, portfolio strategies, and transition management

Strategy Formulation and Implementation

  • Developing a vision and mission
  • Identifying external opportunities and threats
  • Determining internal strengths and weaknesses
  • Establishing long-term objectives
  • Generating alternative strategies
  • Choosing appropriate strategies to implement. All aspects influence the overall management process.

Strategy Evaluation

  • Monitoring strategies for effectiveness and making necessary adjustments.
  • External and internal factors that influence strategies and require constant modifications.

Case Studies

  • Kodak and the digital revolution
  • Toyota's strategic transformation
  • Mattel and the challenges of influence (Barbie in China) and other topics.

Assessment Methods

  • Continuous assessment (50%): Report (25%) and presentation (25%)
  • Final exam (50%)

Task 2

  • Form groups (4-5 students per group).
  • Choose a company.
  • Document the company name and group members.

Some Examples

  • A list of potential companies (e.g., Microsoft, Disney, Zara, SpaceX, etc.).

Strategy Formulation

  • Developing a vision and mission statement
  • Analyzing external environment
  • Analyzing internal environment
  • Formulating long-term objectives
  • Generating alternative strategies
  • Choosing a strategy

Strategy Implementation

  • Actively engage managers and employees
  • Implement each part of the overall strategy
  • Emphasize pride and enthusiasm to achieve goals

Strategy Evaluation

  • Regularly monitor effectiveness and adjustments as needed

Definitions of Management

  • Various definitions of management from different theorists, including Henry Fayol, Peter Drucker, Yves Evrard, and Raymond-Alain Thiétart.

Key Concepts of Management

  • Performance: Mastering tasks, minimizing costs.
  • Effectiveness: Achieving objectives.
  • Efficiency: Balancing effort and result.

Strategy

  • A coordinated set of company objectives, implemented means, and mobilized resources to achieve goals.
  • This involves defining a structure for the whole organization

Structure

  • Design of the organization's internal architecture. -Interrelations between various elements

Corporate Culture

  • Shared values among organizational actors
  • How values influence organizational behavior

Business Strategy

  • Defining objectives and means to achieve them in a complex environment
  • Competitive advantage and its importance for company survival

Evolution of Strategic Thinking

  • Positioning: Adapting to the environment to achieve a dominant position.
  • Movement: Aiming for permanent transformation within the competitive landscape.

Dynamic Capabilities

  • Organizational abilities for effectively responding to changing circumstances.
  • Adapting to changes and improving resilience.
  • Creating a better overall organization.

The Value Proposition

  • Combining products and services to deliver value to customer segments.
  • Focusing on value, problems, needs, and product combinations for a customer segment.

The Company's Vision

  • Understanding who and what you want to become in a long-term perspective.
  • Clear vision shared by all employees.

Example Visions

  • Toyota ("Mobility for All")
  • Patagonia ("Saving the Earth")
  • Danone ("Health through Food")
  • Michelin (a "better way forward")

Core Values

  • Principles, beliefs, and commitments that structure how the company operates and interacts with stakeholders.

Strategic Objectives

  • Key goals for achieving the vision and values of the companies.

Objectives

  • Targets defined in contexts and impacting success.
  • Vague objectives can contribute to failure.

Goal-Setting Process (SMART)

  • A structured method involving specific, measurable, achievable, relevant, and time-bound objectives.

Planning & Controlling Objectives

  • Using budget planning with financial dashboards
  • Employing strategic planning with experience curves and matrices
  • Utilizing soft planning with scenarios and decision trees
  • Implementing strategic visions for broader management.

Pivot Variables

  • Factors that greatly affect industry structures or markets.

PESTLE Analysis

  • Examining political, economic, social, technological, environmental, and legal factors.

Portfolio Strategies

  • BCG Matrix and McKinsey Matrix
  • Analyzing company position based on market share and market growth rate or competitive position compared to competitors.
    • Differentiating strategies based on these analyses.

Functions of the Decision Maker

  • Solves problems, innovators, political agents, and upholders of cultural values.

Types of Decisions

  • Strategic: Development/sustainability.
  • Operational: Daily tasks within departments and functions.
  • Administrative/Technical: Structure and management choices.

The Decision Process

  • Objective-setting
  • Reflection
  • Choice
  • Implementation
  • Steering
  • Feedback

Case Study: Kodak

  • Key aspects of Kodak, the digital revolution, and the company's response.
  • Strategic decisions and challenges related to that era.

Specialization vs. Diversification Strategies

  • Definition of specialization
  • Types of specialization
  • Advantages and disadvantages of diversification
  • Methods of implementing both strategies
  • Examples of both strategies from various companies.

The Dynamics of the Company

  • The company's life cycle
  • Internal and external growth

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Related Documents

Strategic Management - Management Strategic Chapter 1 to 6 PDF

Description

Explore the fundamentals of strategic management with a focus on interrelationships within business activities. This course addresses challenges faced by CEOs of multi-business companies and provides tools for effective analysis. Gain insights from case studies and workshops led by experienced faculty.

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