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Topics Covered
- The 5 Ps of strategy
- Plans
- Ploys
- Patterns
- Positions
- Perspectives
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Talk Citation
Ketchen, D. (2022, October 30). What is strategic management? [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved December 9, 2024, from https://doi.org/10.69645/QTCY5982.Export Citation (RIS)
Publication History
Other Talks in the Series: Introduction to Strategic Management
Transcript
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0:00
Hi, my name is Dave Ketchen.
I serve as the Harbert Eminent
Scholar and Professor of
Management at Auburn
University in Auburn,
Alabama, in the United States.
I'm going to talk to you
about the concept of
strategic management and
try to answer the question,
what is strategic management?
0:22
When we think about
strategic management,
a really nice way
to conceptualize it
is in terms of five Ps.
These are five different
ways of thinking
about strategy that
all start with
the letter P. The
first one is one
that you're probably
fairly familiar with,
the notion of
strategy as a plan.
So if you were to walk out into
the street and stop
somebody and ask them,
what does the concept of
strategy mean to you?
They would probably say
something like this:
companies will lay out
a plan in advance,
maybe it covers 3-5 or 10 years.
But it talks about
where they hope to get
to and how they
plan to get there.
So a couple of examples,
on the left side you see
a picture of Tim Cook,
he's the CEO of
Apple Incorporated.
We're going to talk
about Apple a few
times in this presentation.
As the previous CEO of Apple,
Steve Jobs, was unfortunately
in the process of dying,
Apple created a succession plan,
whereby Tim Cook
would take over as
CEO, once Mr. Jobs was no longer
able to do his tasks as CEO.
By all accounts, Mr. cook has
done an exceptional
job as CEO and I'd
like to also mention
briefly that he
is a graduate of
Auburn University.
On the right side
we see Mike Tyson,
who at one time was
the most fearsome
boxer on the planet.
He had an opponent who was
promising a new plan
to defeat Mr. Tyson,
a plan that Mr. Tyson
had never seen before.
Tyson's reaction was,
"Everybody has a plan until
I punch them in the face".
That's a good way to think
about what an organization
is up against when it
faces the environment.
The environment
will metaphorically
punch an organization
in the face.
At that point, the best-laid
plans may be irrelevant.
So part of the downside of
planning is that it doesn't
account for unexpected events
that may occur as time goes on.
That's one reason why we
need multiple ways to
think about the
concept of strategy.