Chapter 7 Strategic Management Chapter 7 Stephen P
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Chapter 7 Strategic Management Chapter 7, Stephen P. Robbins, Mary Coulter, and Nancy Langton, Management, Ninth Canadian Edition Copyright © 2009 Pearson Education Canada 1
Learning Outline After you read this chapter you should know the following learning objectives: • #1: What is strategic management? • #2: What are the steps in strategic management? • #3: What kinds of strategies can managers use? • #4: How does today’s dynamic environment affect strategic management? Chapter 7, Stephen P. Robbins, Mary Coulter, and Nancy Langton, Management, Ninth Canadian Edition Copyright © 2009 Pearson Education Canada 2
Strategic Management • The set of managerial decisions and actions that determines the long-run performance of an organization Chapter 7, Stephen P. Robbins, Mary Coulter, and Nancy Langton, Management, Ninth Canadian Edition Copyright © 2009 Pearson Education Canada 3
Why Strategic Management Is Important • It results in higher organizational performance • It requires that managers examine and adapt to business environment changes • It coordinates diverse organizational units, helping them focus on organizational goals • It is very much involved in the managerial decision-making process Chapter 7, Stephen P. Robbins, Mary Coulter, and Nancy Langton, Management, Ninth Canadian Edition Copyright © 2009 Pearson Education Canada 4
Exhibit 7. 1 The Strategic Management Process External Analysis • opportunities • threats Identify the organization's current mission, goals, and strategies SWOT Analysis Formulate Strategies Implement Strategies Evaluate Results Internal Analysis • strengths • weaknesses Chapter 7, Stephen P. Robbins, Mary Coulter, and Nancy Langton, Management, Ninth Canadian Edition Copyright © 2009 Pearson Education Canada 5
