Strategic Management in Business
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1.
A. With respect to strategic management, what types of competitive strategies are the most effective?
B. Will the same strategy work for your company in most venues? Why or why not?
2.
A. As a manager and leader in your company, why do you want to create measurement devices early in the strategy development process?
B. How do metrics allow you to track the strategy process once it is implemented?
C. How is environmental scanning helpful in choosing the appropriate metric guidelines to use?
3.
A. What is the role of strategic planning in creating value for your organization?
B. What is an example of how a real-world company has used or currently uses strategic planning to create value for the organization? Your own company might be a good example.
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Solution Summary
Strategic management in business is examined.
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1. According to Hitt, Ireland, Hoskisson, (2009), 'the strategic management process is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns (p. 6).'
A) Porter's Generic Strategies, Low Cost Leadership strategy, Differentiation Strategy, Focused Cost Leadership Strategy, Focused Differentiation Strategy, Integrated Cost/Leadership Strategy (Best-Cost Provider Strategy) (Hitt, et, al., 2009)
B) The information was given as an aid to investigate as to whether the same strategy applies to your company and why. All of these are great strategies. Differentiation is a good strategy but it is up to you and what your observer works best for your company. Porter says we only need one. Your question seems to indicate one is only needed. I will leave it up to you. All of them are summarized below.
1. Low-Cost leadership works best when
a. Presence of strong price competition
b. When product is in demand
c. When product differentiation is limited
d. When most customers need or require the product
e. When switching sellers also means low switching costs.
2. Low-cost leadership does not work when:
a. Technological breakthroughs reduce costs for all competitors
b. Competitors find inexpensive avenues to imitate low cost methods
c. Low-cost leaders fail to ...
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