An external opportunity.
Competitors in foreign markets may not exist.
Language, culture, and value systems differ among countries, causing communication barriers and problems managing people.
Economies of scale can be achieved from operation in global rather than solely domestic markets.
Foreign operations can allow firms to establish low-cost production facilities in locations close to raw materials and/or cheap labor.
Using strategic planning to gain control over decisions and resources.
Failing to involve key employees in all phases of planning.
Hastily moving from mission development to strategy formulation.
Using plans as a standard for measuring performance.
Total Quality Management
In what business will we compete?
How can we, as a corporate parent, add value to our various lines of business?
How will diversification or our entry into a new industry help us to compete in our other industries?
How can we best position our operations to compete against present and future rivals within a particular business?
Neither strategy formulation nor strategy implementation can succeed without the other.
Strategy formulation is more important than strategy implementation.
Strategy implementation is more important than strategy formulation.
Neither strategy formulation nor strategy implantation can have a significant impact on firm performance.
Business level strategy
Corporate level strategy
Entrepreneurship & Innovation
Structure & Control
Product Demand Develops and Firm Exports Products
Firm Introduces Innovation in Domestic Market
Production Becomes Standardized and is Relocated to Low-Cost Countries
Strategic planning; strategic management
Strategic management; strategic planning
Management cycle; brainstorming