Course Outline
The managerial process of crafting and executing strategy
- The three big strategic questions
- Key elements of a successful strategy
- Strategy and the quest for competitive advantage
- The importance of strategy
- The strategy making and strategy execution process
- Types of strategic objectives required
- Corporate and business level strategies
- Functional and operational level strategies
- Breadth of strategy crafting and implementation
- Evaluating the external environment of a company
- The components of a company’s micro and macro environments
- Key questions regarding industry and company environment
- The industry’s dominant economic traits
- Porter’s five industry forces model
- Typical weapons for competing
- Key success factors for competitive success
- Fundamentals of ‘PEDESTL’ framework
- Determining external opportunities for the organization
- Determining external threats impacting the organization
- Evaluating the resources and competitive position of a company
- Situational analysis: key questions
- Role of ‘SWOT’ analysis in crafting a better strategy
- Defining the internal strengths of the organization
- Competencies, core competencies, and distinctive competencies
- Defining the internal weaknesses of the organization
- Identifying weaknesses and competitive deficiencies
- Porter’s generic strategies
- Key indicators of how well the strategy is working
- Value chain innovation
- Building an organization capable of good strategy execution
- Crafting versus executing strategy
- Management challenges in executing strategy
- The strategy implementers
- Putting together a strong management team
- Building core competencies and competitive capabilities
- Defining strategic objectives
- The balanced scorecard (BSC)
- Creating critical success factors (CSFs)
- Key performance indicators (KPIs)
- Matching your organizational structure to your strategy
- Managing internal operations
- From strategic plan to action plan
- Lining up your resources behind the drive for good strategy execution
- Establishing and instituting policies and procedures that facilitate strategy execution
- Adopting best practices and striving for continuous improvement
- Building information and operating systems that proficiently support your strategy
- Tying rewards and incentives to strategy execution
- Guidelines for designing an effective compensation system
- Corporate culture and leadership
- Initiating a corporate culture that promotes good strategy execution
- Spreading the company culture
- Types of corporate cultures
- Leading the strategy execution process
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