Statue of Ralph Waldo Emerson, full-length, seated, facing front (Photo credit: Wikipedia)
English: Engraving of American philosopher and poet Ralph Waldo Emerson as seen in his later years. Scanned from Ralph Waldo Emerson by Oliver Wendell Holmes and Charles Dudley Warner. Published by Houghton Mifflin, 1885. (Photo credit: Wikipedia)
Strategic Alignment Cycle (Photo credit: Wikipedia)
Strategic Management involves the “Art of Winning.” If you want to win, you must embrace change with entrepreneurial passion to create a sustained competitive advantage. You are the master of your destiny! Your diligence will enhance your success in all of your future endeavors.
What is your end game? Ralph Waldo Emerson said “Commerce is a game of skill which many people play but which few play well.”
Watch this video:
English: Ralph_Waldo_Emerson_1940_Issue-3c.jpg Category:Famous Americans Issues Category:Ralph Waldo Emerson (Photo credit: Wikipedia)
Look at my Pinterest Board for Strategic Management Concepts and infographics: http://www.pinterest.com/socialmediaevie/learn-about-strategic-management/
In my class, you will build an arsenal of Global Strategic Management skills that will help you win in life! You will optimize your personal value chain!
Components of the Value Chain http://www.pinterest.com/pin/237213105346949860/
The over-riding intent of topic is to help you become a more savvy participant in the game of commerce. This will prepare you for a successful management career. This is a big picture course; it cuts across the whole spectrum of business functions that you have studied in your previous coursework. You will synthesize what you have learned in prior classes to make fact-based decisions.
You must focus on the total enterprise: (1) the industry and the competitive environment (2) long run direction and strategy (3) resources and competitive capabilities and (4) prospects for success. You will seek strategic harmony; a blend of sound strategy formulation and effective strategy execution!
Marine Institute Ireland, Strategic_Planning_Symbol (Photo credit: Wikipedia)
The skills that you build in class, will ultimately maximize the value of your personal and professional assets with a strategic plan that you will deploy.
Change Management (Photo credit: larry_odebrecht)
First, you must analyze the Drivers of Change in the External Environment by conducting research using the following model:
Drivers of Change in the External Environment Mindmap: http://www.xmind.net/share/socialmediaevie/drivers-of-change-in-the-external-environment/
Michael Porter’s Five-Forces: http://www.pinterest.com/pin/237213105346371411/
What is business level strategy? https://www.youtube.com/watch?v=V14kuqYEsxE&list=ULrJ2tmqRkiCM
Position yourself in the industry http://www.pinterest.com/pin/237213105346371408/
There are many topics that you need to master. Your Strategic Management Toolkit will be brimming with intellectual assets.
Here’s an overview of these Strategic Management Tools:
Strategy Toolkit Mindmap: http://www.xmind.net/share/socialmediaevie/strategy-tools-1/
Using XMind for Mind Mapping (Photo credit: Wesley Fryer)
In order to win, you must maintain a positive digital reputation. You will build this with another toolkit. Here are the components of your Social Media toolkit:
Social MediaToolkit Mindmap: http://www.xmind.net/share/socialmediaevie/create-and-promote-a-wordpress-blog-1/
Click on the “Follow me on Pinterest” You will find “Business Boards” that highlight some of the concepts that we cover in class: http://pinterest.com/socialmediaevie/
When you click on a pin, they generally take you to more in-depth information about the concept.
Here’s an outstanding Introduction to Strategy Video for you to watch:
Conduct a SWOT Analysis http://www.pinterest.com/pin/237213105343137805/
Create a Boston Consulting Group Matrix:http://youtu.be/vNoI3yOE-os
Start with a Mission:
Try this exercise:
Use this easy and humorous class-opener to craft a vision statement for any organization. The point here is that its easy to come up with some blather of a vision statement, but it is meaningless if it not backed up by executives actions and widely shared and understood by all members the organization and its external stakeholders.
OUR VISION IS TO BE A:
A) growing; leading; worldclass; premier; benchmark; first-mover
ORGANIZATION THAT PROVIDES
B) dynamic; innovative; creative; breathtaking; cost-effective; diverse; high-quality
C) products; services; people; products and services; people and services
D) thrill our shareholders; delight our customers; enrich our stakeholders’ lives
E) hyper-competitive; emerging; growing; attractive; thriving
F) business-solutions; health-solutions; consumer-solutions; financial-solutions; environmental-solutions
Set your objectives:
on-line presence/social media
favorable financial performance
manage debt appropriately
more favorable brand image
maximize shareholder wealth
enhance customer satisfaction
behave in a socially responsible/ethical manner
Identify your strategies: Using the Ansoff Matrix
Select your entry mode:
Establish an organizational structure:
Apple $156,508,000,000 comes from: Macs, iPod, iPhone, Music Related, Peripherals, Software and Services
Steve Jobs talks about how Apple is structured: http://youtu.be/f60dheI4ARg
Richard Rumelt talks about business strategy:
Hard Rock Cafe strategy: http://www.youtube.com/watch?v=ZvF_lH9NRqM&list=PL4ED265C0A251C2EF&feature=share&index=6
 Adapted from Stewart, T. 1996. A refreshing change: Vision statements that make sense. Fortune, 134: 6: 195-197.
Dr. EveAnn Lovero teaches Strategic Management and International Business at Lewis University. She writes Travel Guides at www.vino-con-vista.com
It’s a Wonderful World (1939 film) (Photo credit: Wikipedia)