Chapter 1 Notes 1 Essay

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Chapter 1:
Strategic Management
HTM 612
Li Miao

Learning Objectives
• Describe the key elements in the strategic management process. • Discuss the three different perspectives or approaches used in understanding strategy, including the traditional perspective, the resource­based view, and the stakeholder view. • Understand strategy formulation at the corporate, business, and functional level.
• Characterize and explain the key players in the lodging and foodservice industries.

2

Definition of Strategic Management
 Strategic management is a process through which:  Organizations analyze and learn from their internal and external environments,
 Establish strategic direction,
 Create strategies that are intended to move the organization in that direction, and
 Implement those strategies

 All in an effort to satisfy key stakeholders

3

Three Perspectives
 Traditional Perspective
 Origin

 Economics, other business disciplines, and consulting firms

 View of Firm

 An economic entity

 Approach to Strategy Formulation

 Situation analysis of internal and external environments leading to formulation of mission and strategies

 Source of Competitive Advantage

 Best adapting the organization to its environment by taking advantage of strengths and opportunities and overcoming weaknesses and threats

4

Traditional Strategic Management
Process
Situation Analysis
(external environment)

Strategic
Direction
(mission & goals) Strategy Formulation
(take advantage of strengths/overcome weaknesses & threats)

Strategy Implementation
(development & execution of implementation plans)

5

Strategy Fundamentals
• Traditional View
– Environmental determinism (the best strategy is determined by the environment)
– Firms should adapt to the environment
– Strategy is deliberate
(intended)

• Contemporary View
– Enactment (firms can influence their environments) – A firm should pursue actions to make the environment more hospitable – Strategy emerges from a stream of decisions as firms learn

6

Three Perspectives
 Resource­based View
 Origin

 Economics, distinctive competencies and general management capability  View of Firm

 A collection of resources, skills and abilities

 Approach to Strategy Formulation

 Analysis of organizational resources, skills and abilities.
Acquisition of superior resources, skills and abilities

 Source of Competitive Advantage

 Possession of resources skills and abilities that are valuable, rare and difficult to imitate by competitors

7

The Organization as a Bundle of
Resources
General Organizational
Resources
•Firm Reputation
•Brand Names and Patents
•Contracts
•Stakeholder Relationships
Financial Resources
•Internal and External
Sources of Financing
•Financial Strength

Organizational
Knowledge
and Learning

Physical Resources
•Plants and Equipment
•Organizational Locations
•Access to Raw Materials

Human Resources
•Skills, Background and
Training of Managers and
Employees
•Organization Structure

8

Three Perspectives
 Stakeholder View
 Origin

 Business ethics and social responsibility

 View of Firm

 A network of relationships among the firm and its stakeholders

 Approach to Strategy Formulation

 Analysis of the economic power, political influence, rights and demands of various stakeholders

 Source of Competitive Advantage

 Superior linkages with stakeholders leading to trust, goodwill, reduced uncertainty, improved business dealings and ultimately higher firm performance

9

A Typical Stakeholder Map
Activist
Groups

Suppliers

Competitors

Local
Communities

The Organization
Owners/Board of Directors
Managers
Employees

Customers

The Media

Unions
Financial
Intermediaries

Government Agencies and Administrators

10

Can External Stakeholders Be
Managed?
• Internal Stakeholder
Management

– Nature of Relationship
• Contractual
– Physical Location
• Predominantly inside organization structure,
sometimes
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