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Strategy forms a link between the firm and its external environment. To design and evaluate business strategies different approaches can be used one of such is the SWOT frame work Strength, weaknesses, opportunities and threats; it differentiates between internal and external environment. The features of the internal environment are strengths and weaknesses while two features of the external environment are opportunities and threats, but it is a handicapped framework because it fails to distinguish strengths from weakness and opportunities from threat.
A strategy must be consistent with the firm’s goal and values, with its organisation and systems. Lack of consistency between the strategy pursued by a firm and its external and internal environment is a common source of failure.
Business strategies are needed to give direction and purpose, to employ resources in the most effective manner and to co-ordinate decisions made by different members of the organisation.
Its origin has antecedents on military strategy. Strategy was derived from the Greek word strategiea meaning general ship and -ag “to lead”. The Art of War written about 500 BC is regarded as the first treatise on strategy. Strategic decisions whether in the military or the business sphere share common characteristics, they are important, involves a significant commitment of resources and are not easily reversible.
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The evolution of business strategy has been driven more by the practical needs of business rather than by the development of theory. The problem faced by managers brought about the emergence of corporate planning. The dominant theme period was in the 150s which involves budgetary planning and control and its main involvements was financial control through operating budgets. In the 160s it was called Corporate Planning and its involves planning growth and its principal techniques are forecasting investment planning models. The 80s was characterized with analysis of industry and competition and its main issue was based on choice of industries, markets and segments and positioning within them. The 70s were Corporate strategy with involvement in portfolio planning, its principal concepts and techniques are synergy, portfolio planning matrices. The late 80s and early 0’s was characterized with the quest for competitive advantage and concepts used was resource analysis while mid to late 0s dominant theme was strategic innovation and its main involvement is strategic and orgnisational advantage.
Corporate strategy defines the scope of the firm in terms of the industries and markets in which its compete, its decision include investment in diversification, vertical integration, acquisition and new venture, allocation of resources between the different business of the firm and divestments while business strategy is concerned with how the firm competes within a particular industry or market.
Strategy is a target because it links with mission and vision in defining where the firm wants to be in the future. Its purpose is to set aspirations for the company. Strategy therefore is a link between an organisation and its environment.
CHAPTER SUMMARY.
TOOLS OF STRATEGIC MANAGEMENT
The strategy aim is to earn a return on capital and in case this is not the case in the long run, then the deficiency should be corrected or the activity abandoned for a more favourable one.
This chapter viewed strategy as linking four sets of factors, which are the goals, and values of the firm, the industry environment, the resources and capabilities of the firm and its structure and management system.
Organizations posses many goals. The choice of their goals and how they are attained are influenced and constrained by the values that the firm adheres to. The primary goal of the firm is maximization of profit. The value created by firm is distributed among different parties.
Profit is the surplus of revenues over costs available for distribution to the owners of the firm. Profit issues raise some complicated issues to the regard to the meaning and measurement of profit, its relevant time period and the appropriate rate of discount. If these issues are clarified it will be important in setting targets for the firm and likewise evaluate its performance.
The important aspect of strategic management in the firm is not to formulate strategy but rather to link it to performance by setting performance targets for the firm and its business and by appraising such against the strategy set. Profitability measures are separated into constituent financial and operational ratios.
Profit maximization could either mean maximizing total profit or rate of profit. Maximizing rate of profit is concerned with profit as ratio to sales while maximizing total profit has to do with return on assets or shareholders equity. When rate of profit is maximized it encourages the firm to divest assets to the point where it is reduced to a rump of a few exceptionally profitable activities. Profitability measurement is very critical and the specified time period is also critical. Also, how profit is to be measure will be determined by the accounting principles that the company’s adopt. Therefore a company’s profit varies according to the rules of the Company’s country of domicile.
The problem encountered in the measurement of profit by an organisation is that there are two elements of profit returns in profit which are the normal return to capital which is a reward to investing and economic profit which is a pure surplus after all inputs have been paid out. Economic rent is used to refer to economic profit by economists and business strategist.
The most widely used approach to measure the concept of economic rent is the Net Operating Profit after Tax (NOPAT) and it centers on Economic Value Added, its merit is that it corresponds more closely to economic profit than accounting earning and it’s consistent with the pursuit of shareholder interests. While the shareholder value approach is to recognize that companies operate in the interest of their owners maximizing the value of their shares.
Principles issued in valuing companies can be applied to evaluating alternative strategies. Therefore different strategies are compared and that with the highest Net Present Value (NPV) selected. To apply shareholders value analysis to appraise business strategies four important steps must be taken which are to identify strategy alternative by comparing the current strategy with the preferred alternative, estimate the cash flows linked with each strategy, estimate the implications of each strategy for the cost of
capital and select the strategy that gives the highest NPV.
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