Topic Presenters

1.Muhammad Waqas2.Babar Rafique

Topic Presenters

1.Muhammad Waqas2.Babar Rafiq

Most important part is developing strategic plans◦ Plans must remain current as changes occur inside and

outside the company Involves many levels of management◦ Top level formally develops basic plans◦ Different departments may be asked to develop plans for

their own areas◦ A solid plan guarantees that plans are coordinated and

are supported by everyone in the company

Application of the basic planning process at the highest levels of the company

Top management sets goals for the performance of the companyCarefully formulating, implementing, and evaluating plans and

strategies

Three phases critical to the success of the process◦ Formulation

Developing the strategic plan◦ Implementation

Putting the formulated plan to work◦ Evaluation

Continuously evaluating and updating the strategic plan

Developing the grand- and business-level strategies to be used by the company

Company’s strengths/weaknesses and threats/opportunities shape the strategies

First step is to understand the current position of the company◦ Identify mission, identify past and present strategies,

diagnose the company’s past and present performance, set objectives for the company’s operation

Identify the mission statement◦ Outlines why the company exists◦ Describes the company’s basic products and/or services

and defines markets and sources of revenue◦ Designed to accomplish several goals and ensures a

common purpose within the company

Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh. Today, Apple continues to lead the industry in innovation with its award-winning computers, OS X operating system and iLife and professional applications. Apple is also spearheading the digital media revolution with its iPod portable music and video players and iTunes online store, and has entered the mobile phone market this year with its revolutionary iPhone.

1. "To bring inspiration and innovation to every athlete in the world."  

2. "To enable people and businesses throughout the world to realize their full potential."

3. “. . .seeks to be the world’s most customer-centric company, where customers can find and discover anything they may want to buy online at a great price."

Companies need to understand and appreciate their corporate history

Strategic managers should ask◦ Has past strategy been developed?

If not, can past history of the company be analyzed to identify the strategy that has evolved?

If yes, has the strategy been recorded in writing?

A corporate planner must decide if past strategies worked and if strategic changes are needed by asking:◦ How is the company currently performing?◦ How has it performed during the past few years?◦ Is the performance trend moving up or down?

Concise statements that provide direction employees and set standards for achieving the company’s strategic plan

Established in many areas (see handout) Goals must be reevaluated as the environment

and opportunities change Multiple goals are used to reflect the desired

performance

Policies are broad general guides to action that establish boundaries within which employees must operate◦ “answering all written customer complaints in writing

within 10 days”

Procedures are detailed series of related steps/tasks written to implement a policy◦ Define methods through which policies are achieved◦ “the customer service representative must note the

complaint of Form 622 and forward the yellow copy of the form…”

Rules detail specific and definite corporate actions that employees must follow◦ Leave little doubt about what is to be done◦ “no smoking in the conference room”

S trengths, Weaknesses, Opportunities, Threats

Process that allows companies to evaluate overall health◦ Internal (SW) and external (OT)

Most important result of a SWOT analysis is the ability to draw conclusions about the attractiveness of the company’s situation and the need for strategic action

Action stage of strategic management Managers determine and implement the most

appropriate company structure, motivate employees, develop short-range goals, and establish functional strategies

Strategy must fit with current company policies◦ Or conflicting policies must be changed

A. T. Cross Company

Process of continuously monitoring the company’s progress toward its long-range goals and mission

Managers should ask:◦ Does the grand strategy need revising?◦ Where are problems likely to occur?

Basic strategy evaluation strategies:◦ Review external and internal factors that are the bases

for current strategies◦ Measure performance◦ Take corrective action

Emphasis is making the company’s managers aware of the problems that are likely to occur and of the actions to take if they do arise

Plan ahead and avoid disaster Strategic planning and evaluation should be done on a predetermined

schedule and as frequently as necessary, determined by internal and environmental factors

Thanks To All.