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Strategic Management:

Module 5: Identifying Strategies: Two Lectures


Lecture 1: Strategic Choices in Farming

Preparation

Read "Strategic Business Planning for the Farm Business: Options and Analysis Tools."

Review the presentations on external and internal environments and the EFAS and IFAS exercises found in the Business Environment and Business Strengths modules.

Purpose of Lecture

The capabilities of the business can help guide the business to the type of strategy that would be beneficial for the business to pursue. This lecture shows show some strategies fit the core competencies and market the business is in.

Structure of Presentation

The lecture begins with an exercise that integrates the results of the EFAS and IFAS exercises of previous lectures to create a TOWS matrix, which simply maps strengths, weaknesses, opportunities and threats. It then describes what a business level strategy is and three general types of business level strategies.



Lecture 2 : Areas of Strategic Choice

Preparation

Read “Doing the Right Thing.”

Review other material in the Identifying Strategies module, the Business Environment modules and Business Strengths module.

Purpose of Lecture

Designing a strategy means choosing a strategy and how to implement it. This is where setting the details of a vision is done. This presentation defines key decisions that must be made.

Structure of Presentation

The lecture first presents seven key decisions managers must make when deciding on a strategy. It then integrates the results of the EFAS and IFAS exercises into a tool that helps managers decide what business units to grow, the Business Unit Growth Matrix. Then another tool (the Growth Options Matrix) is used to help identify the type of strategy to pursue. Finally the Outsourcing Matrix is introduced, since it is likely that focusing on one area of the business must be accompanied by a reduction of focus in another area. This tools helps guide that decision.

 

 


Strategic Management

The Setting (Intro)

Strategic Direction

Business Environment

Business Strengths

Identifying Strategies

Implementing Strategy

Monitoring & Control

Human Resources

Succession Planning


Financial Management
Marketing & Risk Management



Agricultural Economics

Purdue University School of Agriculture
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