Marketing Manager Course - Chapter 07
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McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Chapter
7
Strategic Management
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Learning Objectives
After reading this chapter, you should be able to:
Implement the steps in the strategic management
process.
Conduct an analysis of the firm’s strengths,
weaknesses, opportunities, and threats.
Identify the factors that create a sustained competitive
advantage.
Link external and internal environment data to
determine a firm’s strategic intent and mission.
Choose appropriate business strategies at the
corporate and business-unit levels.
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
The Strategic Management Process
It is the job of top level management to
chart the course of the entire enterprise.
It consists of:
Analysis of the internal and external environment of the
firm.
Definition of the firm’s mission.
Formulation and implementation of strategies to create or
continue a competitive advantage.
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
The Strategic Management Process
(continued)
Strategic management involves both long-range
thinking and adaptation to changing conditions.
Strategies should be designed to generate a
sustainable competitive advantage.
Competitors should be unable to duplicate what
the firm has done or should find it too difficult or
expensive.
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Components of the Strategic Management
Process:
Analyze the external and
internal environments
Define strategic intent
and mission
Formulate strategies
Implement strategies
Assess strategic
outcomes
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
SWOT Analysis
Commonly used strategy tool: SWOT
Strengths, Weaknesses, Opportunities, Threats
Step 1: Analyze the organization’s internal environment,
identifying its strengths and weaknesses.
Step 2: Analyze the organization’s external environment,
identifying its opportunities and threats.
Step 3: Cross-match
Strengths with opportunities
Weaknesses with threats
Strengths with threats
Weaknesses with opportunities
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
The External Environment
Company leaders must study the external
environment in order to:
Identify opportunities and threats in the marketplace.
Avoid surprises.
Respond appropriately to competitors’ moves.
A major challenge is to gather accurate market
intelligence in a timely fashion, and transform it
into usable knowledge to gain a competitive
advantage.
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Components of External Analysis
Scanni
ng M oniori
t ng
A ssessi
ng Forecastng
i
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Scope of the External Analysis
G eneral The Industry
Environm ent
C om pett
ior St egi
rat c
A nal s
ysi G roups
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
The Segments of the General Environment
ic
Demography Econom
s
C ondition
a t io n
G lob a liz Political/
Legal
Forces
Techno Socio-
logical cultura
Condit l
Chang ions
es
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Porter’s Framework for Analyzing
the Industry Environment
Threat of new
entrants Threat of
substitutes
Suppliers
Customers
Intensity of rivalry
among competitors
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
The Internal Environment
Each company has something that it does well.
These are called “core competencies.”
Company executives should identify the resources,
capabilities, and knowledge the firm has that may
be used to exploit market opportunities and avoid
potential threats.
Resource-based view: Basing the strategy on what
the firm is capable of doing
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Core Competencies and
4. Select a strategy that best Market Opportunities
exploits the firm’s Strategy
capabilities relative to
external opportunities.
3. Appraise the profit
generating potential of Potential for 5. Identify resource gaps
resources/capabilities in sustainable that need to be filled.
terms of creating, competitive Invest in replenishing
sustaining, and exploiting advantage and augmenting the
competitive advantage.
firm’s resource base.
2. Identify the firm’s
capabilities
Capabilities
(What can the firm do?)
1. Identify the firm’s
resources and locate
areas of strength and Resources
weakness relative to
competitors.
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Resource Types:
Tangible Resources
Assets that can be quantified and observed.
Include financial resources, physical assets, and
workers.
Strategic assessment of tangible resources should
enable management to efficiently use tangible
resources to support the company and
to expand the volume of business.
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Resource Types:
Intangible Resources
Difficult to quantify and included on a balance
sheet
Often provides the firm with a strong competitive
advantage.
Competitors find it difficult to purchase or imitate
these resources.
Strategically most important intangibles:
Reputation
Technology
Human Capital
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Analyzing the Firm’s Capabilities
FunctonalA nal s
i ysi
Val C hai A nal s
ue n ysi
B enchm arki
ng
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Analyzing Capabilities by
Functional Areas
Functional Area Capability
Corporate Management Effective financial control systems
Expertise in strategic control of diversified corporation
Effectiveness in motivating and coordinating divisional and
business-unit management
Management of acquisitions
Values-driven, in-touch corporate leadership
Information Management Comprehensive and effective MIS network, with strong central
coordination
Research and Development Capability in basic research
Ability to develop innovative new products
Speed of new product development
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Analyzing Capabilities by
Functional Areas (continued)
FunctonalA rea
i C apabiiy
lt
Manufacturing Efficiency in volume manufacturing
Capacity for continual improvements in production processes
Flexibility and speed of response
Product Design Design capability
Marketing Brand management and brand promotion
Promoting and exploiting reputation for quality
Responsive to market trends
Sales and Distribution Effectiveness in promoting and executing sales
Efficiency and speed of distribution
Quality and effectiveness of customer service
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
A Simple Value Chain
Product
Technology Manufacturing Marketing Distribution Service
Design
Source Function Integration Prices Channels Warranty
Sophistication Physical Raw Materials Advertising Integration Dealer Support
Characteristics
Patents Capacity Promotion Inventory Availability
Aesthetics
Product Process Location Sales Force Warehousing Speed
Quality
Product Choices Procurement Package Transport Prices
Parts Production Brand
Assembly
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
