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The key word is developmental. The evolving perspective on strategic management concentrates on its development as a body of knowledge in its own right and an emerging school of thought within the parent discipline of management. ,

- 2. Eclectic perspective * ( ' ? The key descriptor in the eclectic perspective is multidisciplinary. The idea is that strategic management has three parts in its knowledge base: knowledge obtained from other established disciplines, knowledge endemic to the emerging school of strategic management, and a composite of these two types of knowledge. B

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O 3. Generic perspective ( (

The term inter-organizational is perhaps a ponderous descriptor. Yet it indicates that the essence of the generic perspective is that strategic management applies with varying emphases to all types of organizations. ,

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The global perspective on strategic management sees the organization as a subsystem of a larger system that is that external environment. The key descriptor, therefore, is environmental. .

- 5. Holistic Perspective ( This perspective comprehends the full spectrum of the organization's activities, including the roles and responsibilities of its members. Its description is, consequently, inter-organizational. Although the holistic perspective recognizes the significance of continuous interaction with the external environment of the organization, it emphasizes the importance of the total organization and the interdependence of its parts. "

6. Synergistic Perspective ( The primary emphasis here is directly on the process of strategic management. The point is that synergy results from the effective interaction of the principal parts of the process. The process facilitates the interaction of its parts and, reciprocally, the parts interact to produce synergy for the whole. Synergy, then, is a measure of the positive joint efforts of the principal components of the strategic management process interacting for the ultimate benefit of the total organization. "

" 6. Synergistic Perspective _(cont) 6 # The synergistic perspective is similar to the holistic perspective. But the holistic perspective is focused on the total organization, whereas the synergistic perspective is concerned mainly with the entire strategic management process and the interaction of its principal components. " -

7. Rationale Perspective * ( ( Q This perspective is concerned mainly with the decision-making behaviour of the individual manager within the advances the idea of individuals enacting roles as managers and making satisfying decisions within a context of bounded rationality, as they proceed sequentially and interdependently through the process of strategic management. R

R PHASES IN STRATEGIC MANAGEMENT Phases in Strategic Management ' Definition and Business Mission, Purpose and objectives Formulation of Strategies Implementation of Strategies l ( Elements in Strategic Management Process ) ) " Techniques in Strategic Management # # Z Each phase of the strategic management process consists of a number of elements which are discrete and identifiable activities performed in logical and sequential steps 12 elements could be identified. 1. Definition business 2. Setting Mission 3. Formulation Determination Purpose 4. Establish Objectives 5. Performed environmental appraisal [ [ " Techniques in Strategic Management # # 6. Bring Corporate Appraisal 7. Evolving Strategic alternatives 8. Exercising Strategic choices 9. Formulation strategies 10. Preparing strategic plan 11. Implementing Strategies; and 12. Evaluating strategies Model of Strategic Management Process & & $ 4 Definition Mission Strategies Purpose & Objectives 5 Evaluation of Strategies

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5 ( Mission, Purpose and Business Definition ) ) $ Peter F. Drucker raised the following important philosophical questions related to business in (1974). What is our business? This is the mission of the organization What will it be? This are the objectives of the organization What should it be? This are the goals of the organization N

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t Product Concept is the manner in which a company perceives its products e.g. Xerox. Business definition and product concept are important tools in Strategic Management. The mission, purpose, business definition and product concept serve to determine the basic philosophy that is adopted by the organization in the long run. . These lead to goals/objectives formulation. u

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$ ( " Mission Statement? ( s Statements could be defined formally or informally Usually entrepreneurs lay corporate philosophy Major strategists Chief Executives Consultants Planning

What is a Mission

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Z Q Igor Ansoff (1965)

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Defined Strategy as "The common thread among the organization's activities and product markets as above that defines the essential nature of business that the organization was or planned to be in future". It is discussed in terms of four components. Products and markets that define the current and the planned nature of business Growth Vector Competitive Advantages Synergy His definition lacked goal. J

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~ William F. Glueck's

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Definition of strategy is "A Unified, comprehensive and integrated plan designed to assure that the basic objectives of the enterprise are achieved". Ansoff (1984) 19 years after. Basically, a strategy is a set of decision making rules for guidance of organizational behaviour. Arthur Sharplin (1985) Webster's Third New International Dictionary "A Plan or course of action which is vital, pervasive, or continuing importance to the organization as a whole". ^

P , COMPONENTS OF STRATEGY ( C b

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Z $ D Components of Strategy ( 6 Based on a study of the different definitions and concept of strategy proposed by leading authors in the field, Hofer and Schendel (1978) have developed a composite definition of strategy built around four components: 1. Scope which may be defined in terms of product/market matches and geographic territories. That is it specifies the range of markets in which the organization will compete. 2. Resource deployments and distinctive competences. How the organization will distribute its resources across various areas. E.g. Smithkline and Sterling Products. \ 7

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E 3. Competitive advantages what the organization does especially well, e.g. NB Plc and Guinness Plc. 4. Synergy, and three organizational levels (a) Corporate (b) Business (c) Functional is how different areas of the business complement or enhance one another. A strategy should specify the synergy expected to result from decisions about scope, resource deployment and distinctive competence, e.g. UNILAG. :

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F G Determinants of Strategy " " ( o p p o r t u n i t y , i n d u s t r y a n d c o m p e t i t i v e f o r c e W h a t a c o m p a n y s s k i l c a p a b i l i t i e s a n d r e s o t o d o b e s t E m e r g i n g t h r e a t s t o t w e l l - b e i n g a n d p e r f e c T h e p e r s o n a l v a l u e s a v i s i o n s o f m a n a g e r s , t h o s e o f t h e s e n i o r e S o c i a l , p o l i t i c a l , r e e t h i c a l a n d e c o n o m i c e n v i r o n m e n t s . T h e o r g a n i z a t i o n s c u b e l i e f s a n d b u s i n e s s 0 l P Characteristics of Strategy Impact Concentration of effort Pattern of decisions Persuasiveness Q l Q # The Three Modes of Strategy Making $ $ ( described three modes of strategy making: entrepreneurial, adaptive and planning. 4 9

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