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1 -1 Chapter 1: The Strategic Management Process Text by Charles W. L. Hill 1 -1 Chapter 1: The Strategic Management Process Text by Charles W. L. Hill Gareth R. Jones Multimedia Slides by Milton M. Pressley Univ. of New Orleans

1 -2 Preview 4 Overview 4 Strategic Planning 4 Strategic Managers 4 Strategic Leadership 1 -2 Preview 4 Overview 4 Strategic Planning 4 Strategic Managers 4 Strategic Leadership 4 Strategy as an Emergent Process 4 Strategic Planning in Practice 4 Improving Strategic Decision Making Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -3 Overview • Why do some firms succeed while others fail? • Strategy 1 -3 Overview • Why do some firms succeed while others fail? • Strategy Defined • Strategic Management Process Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -4 Strategic Planning • Rational Planning by Top Management? Copyright ã 1998 by 1 -4 Strategic Planning • Rational Planning by Top Management? Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Strategic Planning (Continued) • A Basic Planning Model 1 -5 Figure 1. 1: Basic Strategic Planning (Continued) • A Basic Planning Model 1 -5 Figure 1. 1: Basic Planning Process Missions and Goals External Analysis - Opportunities and Threats Internal Analysis - Strengths and Weaknesses Selection of Appropriate Strategies Implementation of Strategies • Let’s Look More Closely at Each Step. . . Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -6 Strategic Planning (Continued) Figure 1. 1: Basic Planning Process Missions and Goals 1 -6 Strategic Planning (Continued) Figure 1. 1: Basic Planning Process Missions and Goals Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -7 Strategic Planning (Continued) Mission and Major Goals • • • Mission Major 1 -7 Strategic Planning (Continued) Mission and Major Goals • • • Mission Major Goals Secondary Goals Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -8 Strategic Planning (Continued) Figure 1. 1: Basic Planning Process Missions and Goals 1 -8 Strategic Planning (Continued) Figure 1. 1: Basic Planning Process Missions and Goals External Analysis - Opportunities and Threats Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Strategic Planning 1 -9 (Continued) External Analysis • Identify Strategic Opportunities and Threats in Strategic Planning 1 -9 (Continued) External Analysis • Identify Strategic Opportunities and Threats in Three Environments Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -10 Strategic Planning (Continued) Figure 1. 1: Basic Planning Process Missions and Goals 1 -10 Strategic Planning (Continued) Figure 1. 1: Basic Planning Process Missions and Goals External Analysis - Opportunities and Threats Internal Analysis - Strengths and Weaknesses Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -11 Strategic Planning (Continued) Internal Analysis • Identify Strengths Copyright ã 1998 by 1 -11 Strategic Planning (Continued) Internal Analysis • Identify Strengths Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -12 Strategic Planning (Continued) Internal Analysis • Identify Strengths • and Weaknesses Copyright 1 -12 Strategic Planning (Continued) Internal Analysis • Identify Strengths • and Weaknesses Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -13 Strategic Planning (Continued) Figure 1. 1: Basic Planning Process Missions and Goals 1 -13 Strategic Planning (Continued) Figure 1. 1: Basic Planning Process Missions and Goals External Analysis - Opportunities and Threats Internal Analysis - Strengths and Weaknesses Selection of Appropriate Strategies Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Strategic Planning 1 -14 (Continued) SWOT and Strategic Choice Weaknesses Strengths Opportunities Threats Copyright Strategic Planning 1 -14 (Continued) SWOT and Strategic Choice Weaknesses Strengths Opportunities Threats Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -15 Strategic Planning SWOT and Strategic Choice (Continued) Functi onal Business Corp orate 1 -15 Strategic Planning SWOT and Strategic Choice (Continued) Functi onal Business Corp orate Global Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -16 Strategic Planning (Continued) SWOT and Strategic Choice (Continued) • Functional-Level Strategy – 1 -16 Strategic Planning (Continued) SWOT and Strategic Choice (Continued) • Functional-Level Strategy – – – Manufacturing Marketing Materials Management Research and Development Human Resources Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -17 Strategic Planning (Continued) SWOT and Strategic Choice (Continued) • Business-Level Strategy – 1 -17 Strategic Planning (Continued) SWOT and Strategic Choice (Continued) • Business-Level Strategy – – – Cost Leadership Differentiation Market Niche Focus Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -18 Strategic Planning (Continued) SWOT and Strategic Choice (Continued) • Global Strategies – 1 -18 Strategic Planning (Continued) SWOT and Strategic Choice (Continued) • Global Strategies – – Multidomestic International Global Transnational Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -19 Strategic Planning (Continued) SWOT and Strategic Choice (Continued) • Corporate-Level Strategy – 1 -19 Strategic Planning (Continued) SWOT and Strategic Choice (Continued) • Corporate-Level Strategy – – – Vertical Integration Diversification Strategic Alliances Acquisitions New Ventures Business Portfolio Restructuring Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -20 Strategic Planning (Continued) Figure 1. 1: Basic Planning Process Missions and Goals 1 -20 Strategic Planning (Continued) Figure 1. 1: Basic Planning Process Missions and Goals External Analysis - Opportunities and Threats Internal Analysis - Strengths and Weaknesses Selection of Appropriate Strategies Implementation of Strategies Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Strategic Planning 1 -21 (Continued) Strategy Implementation • Designing Organizational Structure Copyright ã 1998 Strategic Planning 1 -21 (Continued) Strategy Implementation • Designing Organizational Structure Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -22 Strategic Planning (Continued) Strategy Implementation (Continued) • Designing Control Systems – – 1 -22 Strategic Planning (Continued) Strategy Implementation (Continued) • Designing Control Systems – – – Market and Output Controls Bureaucratic Controls Control Through Organizational Culture – Rewards and Incentives Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -23 Strategic Planning (Continued) Strategy Implementation (Continued) • Matching Strategy, Structure and Controls 1 -23 Strategic Planning (Continued) Strategy Implementation (Continued) • Matching Strategy, Structure and Controls Structure Strategy Controls Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -24 Strategic Planning (Continued) Strategy Implementation (Continued) • Managing Strategic Change – The 1 -24 Strategic Planning (Continued) Strategy Implementation (Continued) • Managing Strategic Change – The Only Constant Is Change – Strategy and Structure Adaptation Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -25 Strategic Planning (Continued) Strategy Implementation (Continued) • Managing Strategic Change – The 1 -25 Strategic Planning (Continued) Strategy Implementation (Continued) • Managing Strategic Change – The Only Constant Is Change – Strategy and Structure Adaptation • The Feedback Loop Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -26 Strategic Managers • General Managers • Functional Managers Copyright ã 1998 by 1 -26 Strategic Managers • General Managers • Functional Managers Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Strategic Managers (Continued) 1 -27 Figure 1. 2: Levels of Strategic Management Corporate Level Strategic Managers (Continued) 1 -27 Figure 1. 2: Levels of Strategic Management Corporate Level CEO, Board of Directors Corporate Staff Business Level Divisional Managers and Staff Functional Level Functional Managers Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -28 Strategic Leadership • • Vision, Eloquence, and Consistency Commitment Being Well Informed 1 -28 Strategic Leadership • • Vision, Eloquence, and Consistency Commitment Being Well Informed Willingness to Delegate and Empower • Astute Use of Power Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -29 Strategy as an Emergent Process • Strategy Making in an Unpredictable World 1 -29 Strategy as an Emergent Process • Strategy Making in an Unpredictable World • Strategy Making by Lower Level Managers • Intended and Emergent Strategies Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -30 Figure 1. 3: Emergent and Deliberate Strategies Intended Strategy Deliberate Strategy Unrealized 1 -30 Figure 1. 3: Emergent and Deliberate Strategies Intended Strategy Deliberate Strategy Unrealized Strategy Realized Strategy Emergent Strategy From “Strategy Formation in an Adhocracy” by Henry Mintzberg and Alexandra Mc. Hugh, Administrative Science Quarterly, Vol. 30, No. 2, June 1985. Reprinted by permission of Administrative Science Quarterly. Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -31 Figure 1. 4. A: Strategic Management Process for Intended Strategies Missions and 1 -31 Figure 1. 4. A: Strategic Management Process for Intended Strategies Missions and Goals External Analysis Internal Analysis Strategic Choice INTENDED STRATEGY Organizing for Implementation Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Figure 1. 4. B: Strategic Management Process for Emergent Strategies External Analysis 1 -32 Figure 1. 4. B: Strategic Management Process for Emergent Strategies External Analysis 1 -32 Internal Analysis Missions and Goals Strategic Choice Does It Fit? EMERGENT STRATEGY Organizational Grassroots Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -33 Strategic Planning In Practice • • • Planning Under Uncertainty Ivory Tower 1 -33 Strategic Planning In Practice • • • Planning Under Uncertainty Ivory Tower Planning for the Present – Strategic Intent Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -34 Improving Strategic Decision Making • Cognitive Biases and Strategic Decisions Copyright ã 1 -34 Improving Strategic Decision Making • Cognitive Biases and Strategic Decisions Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Improving Strategic Decision Making (Continued) 1 -35 Figure 1. 5: Five Well-Known Cognitive Biases Improving Strategic Decision Making (Continued) 1 -35 Figure 1. 5: Five Well-Known Cognitive Biases Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Improving Strategic Decision Making (Continued) 1 -36 Figure 1. 5: Five Well-Known Cognitive Biases Improving Strategic Decision Making (Continued) 1 -36 Figure 1. 5: Five Well-Known Cognitive Biases Prior Hypothesis Bias Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Improving Strategic Decision Making (Continued) 1 -37 Figure 1. 5: Five Well-Known Cognitive Biases Improving Strategic Decision Making (Continued) 1 -37 Figure 1. 5: Five Well-Known Cognitive Biases Prior Hypothesis Bias Escalating Commitment Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Improving Strategic Decision Making (Continued) 1 -38 Figure 1. 5: Five Well-Known Cognitive Biases Improving Strategic Decision Making (Continued) 1 -38 Figure 1. 5: Five Well-Known Cognitive Biases Prior Hypothesis Bias Reasoning by Analogy Escalating Commitment Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Improving Strategic Decision Making (Continued) 1 -39 Figure 1. 5: Five Well-Known Cognitive Biases Improving Strategic Decision Making (Continued) 1 -39 Figure 1. 5: Five Well-Known Cognitive Biases Prior Hypothesis Bias Reasoning by Analogy Escalating Commitment Representativeness Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Improving Strategic Decision Making (Continued) 1 -40 Figure 1. 5: Five Well-Known Cognitive Biases Improving Strategic Decision Making (Continued) 1 -40 Figure 1. 5: Five Well-Known Cognitive Biases Illusion of Control Prior Hypothesis Bias Reasoning by Analogy Escalating Commitment Representativeness Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

1 -41 Improving Strategic Decision Making • Cognitive Biases and Strategic Decisions • Groupthink 1 -41 Improving Strategic Decision Making • Cognitive Biases and Strategic Decisions • Groupthink and Strategy Decisions • Techniques for Improving Decision Making – Devil’s Advocacy – Dialectic Inquiry Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Improving Strategic Decision Making (Continued) 1 -42 Figure 1. 6: Two Decision-Making Processes Devil’s Improving Strategic Decision Making (Continued) 1 -42 Figure 1. 6: Two Decision-Making Processes Devil’s Advocacy Expert Plan Dialectic Inquiry Expert Plan #1 Plan #2 (Thesis) (Antithesis) Devil’s Advocate Plan Debate (Synthesis) Final Plan Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Chapter Summary 1 -43 4 STRATEGIC PLANNING 4 STRATEGIC MANAGERS 4 STRATEGIC LEADERSHIP GY Chapter Summary 1 -43 4 STRATEGIC PLANNING 4 STRATEGIC MANAGERS 4 STRATEGIC LEADERSHIP GY AS AN EMERGENT 4 STRATE PROCESS ANNING IN PRACTICE 4 STRATEGIC PL STRATEGIC DECISION 4 IMPROVING MAKING Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.