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Strategic
Strategic management begins with an evaluation of the organizationfs current mission, goals, and strategic. This evaluation is followed by situation analysis called SWOT analysis. In SWOT analysis Strength and Weakness within the organization is identify and it will examine the opportunity and treat in the external environment. After the situation analysis, management have to formulate the explicit strategic plan, and implement them effectively.
Strategic formulation take place at levels, corporate, business, and functional level. In Corporate grand strategic there are growth, stability, and retrenchment and global. It can achieve by BCG matrix. BCG operate business along two dimensions, business growth rate and market share. Like Gillette has portfolio strategic and planning in different business and products. One approach to business-level business strategic is Porterfs competitive force and strategies. The five forces are 1) Potential new entrants, capital and economic of scale are potential barriers to entry threat can keep out new competitor. ) Bargaining power of buyers, informed customers become empowered customers. ) Bargaining power of suppliers, reduce number of suppliers and selection of good supplier. 4) Threat of substitute products, if there is similar product in the market, may reduce sales, 5) Rivalry among competitors, like Qantas and Virgin, they are continually trying to win the attention and business of customers from each other.
There are strategic call cooperative strategies which emphasis cooperation rather than competition. It includes preferred supplier arrangement, like Dell, in which they has preferred brand of Sony LCD manufacturer, that they can share information on production and reducing cost of salesperson. It promote innovation and expand market, for example, Nike currently making a MP machine with Philip electronic, in which they formed a business partnership strategic to force customerfs attraction with quality and innovative product. Most of the todayfs organization chooses a mix of competitive and cooperative strategies.
After the business strategic is formulated, functional strategic for supporting them can be developed. It is arguable that implementation is the most difficult and important part of the strategic management. It should be notices that strategic are not a static, it require vision, and employee participation. Leadership, in which manager can influence organization member to adopt the new environment needed for strategic implementation. Structural design, it begin with organization chart, it tells manager the managerfs responsibility and degree to authority. By making use of information and control system, include reward system, pay incentive. It can induce employee to work harder and more efficient. For example, Outback Steakhouse has successful incentive program, for manager, by giving manager a significant ownership stake, including 10 % of their restaurantfs cash flows as well as shares in company. Other organization tools for implementation is Human Resource, it function recruit, selects, trains, transfers, promotes, and lay off employees to achieve strategic goals. For example, by training employees can help them understand the purpose and importance of a new strategic or develop the necessary specific skills and behaviours. Sometime old employee who refuse new strategic had to replace and eliminate the barriers to implementation. When implementing global strategies, information and control needs to be fit in the country.
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