Strategy Formulation in Japanese Management

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1 Strategy Formulation in Japanese Management Copyright 2007 Keio University

2 Quote of the Day Cheshire Puss, she (Alice) began would you tell me, please, which way to got from there? That depends a good deal on where you want to get to, said the Cat. Alice s Adventures in Wonderland, Lewis Carroll Copyright 2007 Keio University 2

3 This Lecture Theoretical overview of strategic management Strategic planning in Japan Japanese competitive advantages in the world market Japan`s drive for high quality and low cost Copyright 2007 Keio University 3

4 What is a Strategy?? According to Hitt et al. (2003) a strategy is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain competitive advantage. Copyright 2007 Keio University 4

5 Strategic Management The same people say that strategic management is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns. Copyright 2007 Keio University 5

6 Strategy Dimensions Context Content Process But where does knowledge come in?? Copyright 2007 Keio University 6

7 Strategic Context Every strategy context is unique, multidimensional and heterogenous and in recent years is strongly influenced by Globalization Innovation Customers as drivers of corporational change Copyright 2007 Keio University 7

8 Strategic Process Environmental analysis Strategy analysis Strategy formulation Strategy implementation Strategy change Copyright 2007 Keio University 8

9 Environmental Analysis Step 1: Developing a Strategic Vision and Business Mission Step 2: Setting Objectives Step 3: Crafting a Strategy Step 4: Implementing and Executing the Strategy Evaluating Performance, Monitoring New Developments and Initiating Corrective Adjustments Revise as needed Revise as needed Improve or Change Improve or Change Copyright 2007 Keio University 9

10 Levels of Strategy Corporate Level Corporate Strategy Business Level Business Strategy 1 Business Strategy 2 Business Strategy 3 Operations Management Strategy R&D Strategy Financial/Accounting Strategy Marketing Strategy Functional Level Copyright 2007 Keio University 10

11 Strategic Content Functional level Strategies for activities within organizations Business level Bundling a number of functional strategies to achieve a competitive advantage by exploiting core competencies in specific product markets Corporate level Strategies to gain a competitive advantage by managing the corporations business(es) in various industries and markets Copyright 2007 Keio University 11

12 Network Level Strategies Creating strategies for networks in form of joint ventures or strategic alliances between corporations (often also includes the corporate, business or functional level) Copyright 2007 Keio University 12

13 Important Definitions Strategic Competitiveness When a firm successfully formulates and implements a value-creating strategy. Strategy An integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Competitive Advantage When a firm implements a strategy that its competitors are unable to duplicate or find too costly to try to imitate. Copyright 2007 Keio University 13

14 Important Definitions (cont d) Risk An investor s uncertainty about the economic gains or losses that will result from a particular investment. Average Returns Returns equal to those an investor expects to earn from other investments with a similar amount of risk. Above-average Returns Returns in excess of what an investor expects to earn from other investments with a similar amount of risk. Copyright 2007 Keio University 14

15 Copyright 2007 Keio University 15

16 Phase 1: Establishing Premises Corporate goals and philosophy are constructed and revised Information gathering Evaluation of past performance Comparison with competitors Future competitive positions of the company are projected, opportunities and threats are clearly identified Copyright 2007 Keio University 16

17 Phase II: Clarifying Issues Goals, e.g. growth rate are determined Future performance is forecast Comparisons between the forecast future performance and goals are made to discover any gaps New strategies are sought to close these gaps Copyright 2007 Keio University 17

18 Phase III: Long-Term Strategy New product-market strategies are pursued for closing the gaps between forecast and aspiration Various issues are studied (e.g. cost reduction) Development of a long-term plan (goals, projects and strategic policy) Copyright 2007 Keio University 18

19 Phase IV: Medium-Term Planning After the decision about long-term strategy is decided, medium-term goals and guidelines are established and mediumterm plans are made Medium-term project planning Planning by product groups (change of product mix and the competition strategy for each product group) Corporate functional planning (by the corporate functional department) Copyright 2007 Keio University 19

20 Phase V: Short-Term Planning The last step is short-term planning as well as implementation and control The whole process starts from general decisions and moves down to detailed decisions Copyright 2007 Keio University 20

21 Policy Deployment-Hoshin kanri Copyright 2007 Keio University 21

22 Competitive Activities of Japanese Firms Low cost production High quality products Strong R&D Skilled adaptation of innovative ideas Copyright 2007 Keio University 22

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