Concepts of strategy ( discussion )

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 To launch the rich dialogue of what is expected throughout this course, read the following survey,  Survey: Saudi consumer sentiment during the coronavirus crisis, and apply the concepts of strategy shared in this module to a business in the KSA then in an original post, present well-written answers to the following questions:McKinsey & Company. (2020, July 2). Survey: Saudi consumer sentiment during the coronavirus crisis. https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-saudi-consumer-sentiment-during-the-coronavirus-crisis

  1. What is the strategy of the business?
  2. Why has the strategy been successful?
  3. From the survey select three changes in consumer sentiment that you think will be most impactful on the KSA company then consider if you think the business will continue to be successful?

Embed course material concepts, principles, and theories (which require supporting citations) in your initial response along with at least one scholarly, peer-reviewed journal article. Keep in mind that these scholarly references can be found in the Saudi Digital Library by conducting an advanced search specific to scholarly references. Use Saudi Electronic University academic writing standards and APA style guidelines.You are required to reply to at least two peer discussion question post answers to this weekly discussion question and/or your instructor’s response to your posting. These post replies need to be substantial and constructive in nature. They should add to the content of the post and evaluate/analyze that post’s answer. Normal course dialogue doesn’t fulfill these two peer replies but is expected throughout the course. Answering all course questions is also required. 

 Required: 

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CONTEMPORARY STRATEGY ANALYSIS

tenth edition

Robert M. Grant

John Wiley & Sons Ltd., 2019

Chapter 1

The Concept of Strategy

The Concept of Strategy

  • The role of strategy in success
  • A framework for strategy analysis
  • The evolution of strategic management
  • What is strategy? How do we describe it?
  • How is strategy made?
  • Strategy and not-for-profit organizations

OUTLINE

Copyright © 2019 John Wiley & Sons, Inc.

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2

Ingredients of Success

THE ROLE OF STRATEGY IN SUCCESS

Copyright © 2019 John Wiley & Sons, Inc.

QUEEN ELIZABETH &
THE HOUSE OF WINDSOR
LADY GAGA &
THE HOUSE OF GAGA
GOALS Life-long dedication to role of monarch and head of state Single-minded quest for stardom through her Lady Gaga persona
UNDERSTANDING THE ENVIRONMENT Alert to the changing political and social environment .
Sensitive to the mood and needs of the British people
Awareness of:
new economics of the music business
marketing potential of social networking
needs of Generation Y
RESOURCE APPRAISAL Recognized lack of formal authority and need to exploit traditional loyalties and informal influence Exploited her innate theatricality, eccentricity, design capability, and musical skills
IMPLEMENTATION Resolute commitment; strong self-discipline; building an effective family team supported by loyal professionals Devotion to living the Lady Gaga character; engagement in continually creating new images for herself

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3

What Makes a Successful Strategy?

Long-term, simple and agreed objectives

Objective appraisal of resources

EFFECTIVE IMPLEMENTATION

Successful strategy

Profound understanding of the competitive environment

THE ROLE OF STRATEGY IN SUCCESS

Copyright © 2019 John Wiley & Sons, Inc.

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4

Strategy as the Link between the

Firm and its Environment

THE FIRM

• Goals &

Values

• Resources &

Capabilities

• Structure &

Systems

THE

INDUSTRY

ENVIRONMENT

• Competitors

• Customers

• Suppliers

STRATEGY

STRATEGY

Copyright © 2019 John Wiley & Sons, Inc.

THE BASIC FRAMEWORK FOR STRATEGY ANALYSIS

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Ryanair’s activity system

Low operating costs

High aircraft

utilization

High labor

productivity

Boeing

737s only

No-frills product offering

Point-to-point routes

25-min.

turnaround

No baggage

transfer

Job

flexibility

Single class, no reserved seating

Internet-only

check-in

Low prices;

Charges for all additional services

Secondary

airports

Direct sales only

THE BASIC FRAMEWORK FOR STRATEGY ANALYSIS

Copyright © 2019 John Wiley & Sons, Inc.

1950s:

Financial budgeting

  • Operational budgeting
  • DCF capital budgeting

1960s & early 1970s:

Corporate planning

  • Corporate plans based on medium-term economic forecasts

Late 1970 & 1980s:

Emergence of Strategic Management

  • Strategy as a quest for profit
  • Industry analysis and competitive positioning

1990s:

The Quest for Competitive Advantage

  • Emphasis on resources & capabilities
  • Shareholder value maximization
  • Refocusing, outsourcing, delayering, cost cutting

The Evolution of Strategic Management

21st century:

Adapting to Turbulence

  • Adapting to and exploiting digital
  • The quest for flexibility & strategic innovation
  • Strategic alliances
  • Social and environmental responsibility

3 key changes:

  • Changing concept of strategy
  • Changing processes of strategy formulation
  • New tools of strategy analysis

A BRIEF HISTORY OF BUSINESS STRATEGY

Copyright © 2019 John Wiley & Sons, Inc.

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  • Distinguishing strategy from tactics:
  • Strategy is the overall plan for deploying resources to establish a favorable position.
  • Tactic is a scheme for a specific maneuver

What is Strategy?

  • Characteristics of strategic decisions:
  • Important.
  • Involve a significant commitment of resources.
  • Not easily reversible

© 2017 Robert M. Grant, www.contemporarystrategyanalysis.com

STRATEGY TODAY

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6

Lost Boy: “Injuns! Let ’s go get ‘em!”

John Darling: “Hold on a minute. First we must have a strategy.”

Lost Boy: “Uhh? What’s a strategy?”

John Darling: “It’s, er … it’s a plan of attack.”

— Walt Disney’s Peter Pan

Definitions of Strategy

Strategy: a plan, method, or series of actions designed to achieve a specific goal or effect. — Wordsmyth Dictionary (http://www.wordsmyth.net)

The determination of the long-run goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals.

— Alfred Chandler, Strategy and Structure (MIT Press, 1962)

Strategy: “a cohesive response to an important challenge.”

——Richard Rumelt, Good Strategy / Bad Strategy (Crown Business, 2011)

STRATEGY TODAY

Copyright © 2019 John Wiley & Sons, Inc.

Strategy as Decision

Support

Strategy as Coordination

and Communication

Strategy as Target

Improves the quality

of decision making

Creates consistency

and unity

Improves perform-

ance by setting

high aspirations

Why Do Firms Need Strategy?

Copyright © 2019 John Wiley & Sons, Inc.

STRATEGY TODAY

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CORPORATE

STRATEGY

BUSINESS

STRATEGY

RATE OF PROFIT ABOVE THE COST OF CAPITAL

How do we make money?

INDUSTRY

ATTRACTIVENESS

Which businesses should we be in?

Sources of Superior Profitability

COMPETITIVE ADVANTAGE

How should we compete?

Copyright © 2019 John Wiley & Sons, Inc.

STRATEGY TODAY

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16

Describing Strategy:

Current Positioning, Future Direction

STRATEGY AS POSITIONING

Where are we competing?

– Product market scope

– Geographical scope

– Vertical scope

  • How are we competing?

– What is the basis of our

competitive advantage?)

STRATEGY AS DIRECTION

What do we want to become?

– Vision statement

  • What do we want to achieve?

– Mission statement

– Performance goals

  • How will we get there?

– Guidelines for development

– Priorities for capital

expenditure, R&D

– Growth modes: organic

growth, M&A, alliances

COMPETING FOR THE

PRESENT

PREPARING FOR THE

FUTURE

Copyright © 2019 John Wiley & Sons, Inc.

STRATEGY TODAY

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Strategy as Design

Planning and

rational choice

INTENDED

STRATEGY

Many decision makers

responding to multitude of

external and internal forces

REALIZED STRATEGY

EMERGENT

STRATEGY

Strategy as Process

Mintzberg’s Critique of Formal Strategic Planning:

  • The fallacy of prediction—the future is unknown
  • The fallacy of detachment—impossible to divorce formulation from

implementation

  • The fallacy of formalization—inhibits flexibility, spontaneity,

intuition and learning.

Strategic Making: Design or Process?

Copyright © 2019 John Wiley & Sons, Inc.

HOW IS STRATEGY MADE? THE STRATEGY PROCESS

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10

Applying Strategy Analysis

Identify the current strategy

Appraise performance

Diagnose performance

Industry analysis

Analysis of resources & capabilities

Formulate strategy

Implement strategy

HOW IS STRATEGY MADE? THE STRATEGY PROCESS

Copyright © 2019 John Wiley & Sons, Inc.

Setting the strategic

agenda

Analyzing the situation

Formulating

strategy

Implementing

strategy

Applying Strategy Analysis to Not-For-Profits

STRATEGIC MANAGEMENT OF NOT-FOR-PROFIT ORGANIZATIONS

Copyright © 2019 John Wiley & Sons, Inc.

  Organizations in competitive environments that charge users Organizations in competitive environments that provide free services Organizations sheltered from competition
Examples Royal Opera House
Guggenheim Museum
Stanford University 
Salvation Army
Habitat for Humanity
Linux
European Central Bank
New York Police Dept.
World Health Organization
Analysis of goals and performance Identifying mission, goals, and performance indicators and ensuring consistency among them is a key area of strategy analysis for all non-profits
Analysis of the competitive environment Main tools of competitive analysis are the same as for for-profit firms Main arena for competition and competitive strategy is the market for funding Not important. However, agencies compete for public funding.
Analysis of resources and capabilities Identifying and exploiting distinctive resources and capabilities critical to design strategies that create competitive advantage Analysis of resources and capabilities essential in determining priorities and designing strategies
Strategy implementation The basic principles of organizational design, performance management, and leadership are common to all organizational types

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Summary

The role of strategy in success

Strategy important to the success of individuals and organizations

Successful strategies embody clear goals; insight into the external environment; appraisal of internal resources; sound implementation

The framework for strategy analysis

Links the firm to its external environment

The evolution of strategic management

Strategy was concerned with detailed planning; now its is about direction, identity, and exploiting the sources of superior profitability

What is strategy? How do we describe it?

Strategy describes where a firm is competing, how it is competing, and the direction in which it is developing

How is strategy made?

Through combining purposeful planning (rational design) and flexible responses to changing circumstances (emergence).

Strategic management of not-for-profit organizations

Most of the tools of strategy analysis are applicable

  • Copyright © 2019 John Wiley & Sons, Inc.

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