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Strategic Management: A Comprehensive Guide to Planning, Implementation, and Evaluation, Study notes of Business Strategy

Christ UniversityBusiness Strategy

A comprehensive overview of strategic management, covering key concepts, processes, and tools. It explores the importance of goal setting, environmental scanning, swot analysis, and change management in strategic planning. The document also delves into the pestel analysis, a framework for understanding external factors influencing an organization. It concludes with examples and practical applications of strategic management principles.

Typology: Study notes

2024/2025

Available from 03/05/2025

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Unit03-StrategicManagement
StrategicManagement
TheStrategic Managementprocess refers to acomprehensive approach for formulating
implementing andevaluating business strategies to achieve an organisation's goals
StrategicManagement
Process
Goal
setting
anddefining avision Mission establishthepurpose anddirectionof the organisation
clarifyingwhat itaimsto achieve Example
Appledefines itsmission aroundinnovationandcustomer
experienc e
Environmental
Scanning Analysis analysingthe internal andexternalfactors thatmayaffectthe
businessExampleAtechcompanymaymonitortrends in AI
PESTELAnalysis itassessesPolitical Economic social Technological Environmental
andlegalfactors t
spotopportunitiesandthreats Example Acompany expanding to anewcountryanalysessuchfactors
SWOTAnalysis examines
the company'sstrengths weaknes ses opportunities and
Threats ExampleNike
identifiesBrand
strength as an advantageandmarketsaturation as athreat
StrategyFormulation thisoccurs at variouslevels
corporatelevel define
overallgrowth
direction Example Mergers
Businesslevel define competitivestrategies Examplecostleadership
Functionallevel strategizeforvariousdepartments
Strategy implementation deploythestrategybysettinguptheright organisational structuresandleadership
roles
Evaluation control regularlyassess
performance against goalsandtakecorrectivemeasures as
necessary EnampleGoogle continuously measuresuser satisfactionandadjustsitsproducts
StrategicReassessment learning continuouslyrefine strategiesbased on outcomes
andchanging
conditions
Importance of ChangeManagement in Strategic Planning Process
CulturalFit successful
strategyimplementationrequires an alignment withthe organisationsculture
change management helpsassess theculturalshiftsneeded forthestrategytosucceedandactively
works on adapting or reinforcingaspects ofthe culturethatsupportsnewstrategic goals
Understanding Resistance Sources changemanagement techniques such as stakeholder analysis and
pf3
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Download Strategic Management: A Comprehensive Guide to Planning, Implementation, and Evaluation and more Study notes Business Strategy in PDF only on Docsity!

StrategicManagement

The Strategic

Management

process

refers to

a comprehensive approach for formulating

implementing

and

evaluating

business

strategiesto

achieve

an

organisation's

goals

Strategic

Management

Process

Goal

settinganddefining a

vision

Mission establish

thepurpose and

direction

of the organisation

clarifying

what it aimsto

achieve Example Apple

defines

its

mission

around

innovation

and

customer

experience

Environmental

Scanning

Analysis analysingthe

internal and

externalfactors

that

may

affect

the

business

ExampleA

tech

company may

monitortrends

in AI

PESTEL Analysis it

assesses

Political Economic

social Technological

Environmental

and legal

factors t

spot

opportunitiesand

threats

Example A company

expanding to

a new country

analysessuch

factors

SWOT

Analysis

examines

the

company's

strengths

weaknesses opportunities and

Threats

ExampleNike

identifies

Brand

strength as an advantage and

market

saturation

as a

threat

Strategy

Formulation thisoccurs at

various levels

corporatelevel

define overall growth

direction Example Mergers

Business level define competitive strategies Example cost

leadership

Functional

level

strategize for

various departments

Strategy

implementation deploythe

strategy

by

setting

up

the right

organisational structures

and

leadership

roles

Evaluation

control

regularly

assess performance against goalsand

take

corrective measures

as

necessary

Enample Google

continuously measures

user

satisfaction

andadjusts its

products

Strategic

Reassessment

learning

continuously

refine strategies based on

outcomes

and changing

conditions

Importance of Change

Management in

Strategic

Planning

Process

Cultural

Fit

successful

strategy

implementation requires

an alignment withthe organisations culture

change

management helps

assess

the

culturalshifts

needed

for

the strategy

to

succeed

andactively

works on

adapting

or reinforcing

aspects ofthe

culturethat

supportsnewstrategic

goals

Understanding

Resistance Sources

changemanagement

techniques such

as

stakeholder

analysis and

feedback sessions uncover

reasons behind resistance

allowing

leaders to

address concerns

directly

ClearMessaging change

management ensures that

messaging

about

the

new

strategy is

consistent

clear

andalignedwithorganisational

goals reducing

misunderstandings and

confusion

Two

Way

Feedback

it

emphasizes open

communication channels

encouraging

feedback

from

employees at all

levels This two

way

communication creates

a

sense of

inclusivity

allowing

leadership to

address

concerns

and adapt

the strategy as

needed

Empowering

Employees when

change ismanagedwell employees

feel

informed valued and

invol

which

increases engagement

They

are

more

likely

to adopt

and

implement

new strategies

willingly

when

they

understand their role in its

success

Embedding a changeFriendly

culture

by

incorporating change

management into the strategic

planningprocess

organisations develop a

culture

that

views

change

as a

positiveforce

enhancing

their ability to

adjust and

thrive in dynamic

environments

Encouraging

continuous

learning change

management promotes a learning

culture

ensuring that

employees

continuously develop skills

relevant

to evolving strategic priorities ultimately contributing

long

term

organizational

success

Encouraging Accountability

byclearly

defining

roles

and

responsibilities within the changeprocess

change

management

fosters

accountability ensuring

each department

individual

understands

their

contribution to

strategic goals

PESTEL Analysis

PESTEL

Analysis

is a tool

used

by

businesses to

understand

the

external factors

influencing

an organisation

The analysis categorizes

factors

into

Political Economic Social

Technological

Environmental and

legal

aspects helping

companies

plan

strategically

by

identifying

opportunities and

threats

in the

macro

environment

SWOT

Analysis

It is a

strategic

planning

and strategic management

techniques used to

help

a

person

or an

organisation

SWOT

Analysis is

a strategic

planning toolthat helps

businesses

identify

their

internal

and

internal

factors

by

assessing strengths

weaknesses opportunities and

Threats

It

allows organisations to

create

informed

strategies

based

on

theircurrent

position

Strategies

based on

SWOT

Analysis

Market

Penetration and Expansion in emerging

markets

leveragingstrengths

like

brand

presence

to

enter growing

markets enhancing

sales

and

global

presence

Product Diversification

for

Health

conscious consumers use strengths in

product

development to

introduce new

healthfocused projects targeting

shifts

in consumer preferences

Strengthen Digital

Engagement and

loyalty

Programs

enhance

digital

platforms

to

improve

customer

loyalty and

attract

new

consumers

capitalizing

on technology and digital

trends

Cost

optimizationand

Price Adjustments

address weaknesses

by

reducing

costs

and adjusting price

to stay

competitive especially

in

markets sensitive to

price

changes

Example

SWOT

Analysis

of

Starbucks

strengths

weaknesses

premium

brand

and profitability highpricepoint

strategic

reinvestment

andexpansion lackof

unique

products

employee

satisfaction

dependence on a

single

Product

category

loyalty

program high

operational

costs

strong

brand

identity marketing

cultural

differences

in

global

markets

sustainability

initiatives

Opportunities

Threats

global

expansion

economic

dependency

new

productsand co

branding

healthconcerns

andchanging

preferences

technological

innovations

regulatory and

compliance

risks

health

wellness

trends

competition

from cheaper

alternatives

sustainability

leadership

market

dependency

and

price volatility