Technology & Engineering
Strategic Management
Strategic management involves the formulation and implementation of long-term goals and initiatives to achieve organizational success. It encompasses analyzing the internal and external environment, setting objectives, and devising strategies to attain competitive advantage. In the context of technology and engineering, strategic management is crucial for aligning technological capabilities with business objectives and adapting to dynamic market conditions.
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10 Key excerpts on "Strategic Management"
- Antonella Petrillo, Raffaele Cioffi, Fabio De Felice, Antonella Petrillo, Raffaele Cioffi, Fabio De Felice(Authors)
- 2018(Publication Date)
- IntechOpen(Publisher)
Wilson’s understanding of the subject is supported by Sahlman and Haapasalo [25 ] who regard strategic technology management as the management of those technology activities which interact with a company’s socio-economic and technological environment and help to formulate and implement that company’s overall strategy. According to Thomas and McGee [21], ‘the evolutionary theory of the firm also provides an important framework for the Strategic Management of technology because the strategic capa -bilities evolved through experience reflect the ability of the organisation to adapt to changing technologies which provides profitability’. Although not exclusively naming the approach as strategic technology management, Corey [4] proposes that ‘technology management must accept the responsibility for managing its process with the associated strategic perspective otherwise the results could be catastrophic’. One of the definitions of technology management which integrates the elements of Strategic Management comes from the NRC Report (cited in [26]): ‘Management of technology is a linking block amongst engineering, science and management disciplines to plan, develop and implement technological capabilities to shape and accomplish the strategic and operational objectives of an organisation’. One of the key recommendations of the Strategic Management of Technology Conference [27 ] was that firms needed to create a sustainable competitive position, one which requires strong Influence of Strategic Technology Management on Smart Manufacturing: The Concept of… http://dx.doi.org/10.5772/intechopen.72184 97 linkages between the company’s business environment and the way that company develops and maintains its technological base. Despite this, the main focus remains on the way of acquir -ing new technology and how to improve the existing ones to gain competitive advantage. The underlying task remains how to find an answer to match technology to market.
eBook - PDFMastering the Acquirer's Innovation Dilemma
Knowledge Sourcing Through Corporate Acquisitions
- Valerie Bannert-Thurner(Author)
- 2005(Publication Date)
- Palgrave Macmillan(Publisher)
Thus these strategic decisions on the path to achieving the technology strategic goal are the driving forces of technology marketing. Technology marketing is concerned with technology acquisition and external exploitation or deployment. Thus such topics as IP management Technology, Innovation and their Management 25 Figure 2.7 Technology assessment methods depending on degree of uncertainty Qualitative Quantitative Degree of associated uncertainty Application context Company context No context Discounted cash flow methods Functional ideality Core competence model Real option model Scoring & ranking methods Portfolio Cost-based methods Rules of thumb Relative/ market valuation TRIZ Scenarios and licensing, technology spin-outs, joint ventures, and also technology- intensive acquisitions are subject to technology marketing. It can be summarized that strategic technology management is mainly concerned with the formulation and implementation of technology strategy. In doing so, different tasks such as technology planning, assessment and controlling as well as the continuous tasks of technology intelligence and marketing support the strategic processes. These management concepts to master an efficient resource deployment will be integrated within the strategic acquisition and integration management to foster the acquirer’s mastery of the innovation dilemma. 2.3 Innovation Management The previous section on Technology Management has introduced concepts to support technology-based value creation from resource deployment. Innovation as a subsequent step is the utilization of the diligently selected and assessed and efficiently deployed resource base to create value through innovations. Thus the main notions of, and concepts to manage, innovations have to be outlined and incorporated into the technology-based strategic acquisition and integration management. Innovation management also comprises innovation strategy formulation as well as implementation.
eBook - ePubTechnology in Context
Technology Assessment for Managers
- Ernest Braun(Author)
- 2005(Publication Date)
- Routledge(Publisher)
Strategic Management of technology means the planning of the development or acquisition of production technologies and of products with the right technological features, to fit in with the general strategic plan of the firm. Strategic technology management also means implementing the longer term technological plans. It does not mean the day-to-day running of production or maintenance, which falls onto the shoulders of technology line management.When we speak of a firm, we do not necessarily mean a large conglomerate, but what amounts to a separate business, even if it is a strategically almost autonomous sub-unit of a larger firm. We note in passing that the division of the firm into strategic units (or cost centres, or business units) usually occurs on the basis of two criteria: the product-markets the unit serves, and the technology it employs. Each business unit should have a homogeneous set of key factors for success and, at least in manufacturing industry, technology invariably is a key factor (Dussauge et al. 1992, 26–33).Properly we should deal with the Strategic Management of production technology and of products as separate issues. Indeed, product planning is only in part an issue of technology; many aspects of product planning are the concerns of design, marketing, production capacity, competition, and coherence of product policy. To some writers on technology management, the technology of the greatest strategic significance is production technology. Bessant speaks of manufacturing strategy as an important component of business strategy, and regards production technology as a crucial aspect of manufacturing strategy.Manufacturing strategy is primarily concerned with how the products will be made, or the services delivered, and includes factors such as: choice of process or technique; make or buy decisions; setting quality standards and procedures; production and work organization; requirements for physical facilities (buildings and services); design of planning and control systems; investment plans and justification. One of the most significant tools in manufacturing strategy is technology, the combination of equipment, software and organization which facilitates manufacturing.
eBook - PDFTechnology in the Modern Corporation
A Strategic Perspective
- Mel Horwitch(Author)
- 2013(Publication Date)
- Pergamon(Publisher)
New Approaches for the Strategic Management of Technology Graham R. Mitchell ABSTRACT. Technology is an increasingly important element in the business of many large corporations; its impact, however, is complex and often difficult to integrate into the Strategic Management process. This difficulty arises in part because technical advances—in addition to providing new ways to implement existing business strategy — often bring about the need to rethink that strategy. Not only does this imply that business management has to accept a wide role for the technologist in the formulation of strategy, but also that tech-nical management must broaden its approach beyond the traditionalfocus on the direction of projects, and begin to address the Strategic Management of technology. New conceptual approaches may be needed to accomplish this, and this paper discusses the implementation of one such approach for the planning of technology in a major corporation, and its exten-sion to the determination of strategy for the corporate laboratory. Scientists and engineers, not unnaturally, often consider the growth of scientific knowledge to be the basis of human progress. The general public frequently has a less exalted view of the role played by science and technology. These fundamentally different perceptions are brought into sharp focus in many modern industrial cor-porations where the general management community—which is strongly influenced by financial, legal and other business disciplines —tends to regard technology and enginering as just another contributing function within the business. In this view, the role of the engineer is primarily to carry out those programs which are needed to implement the strategies developed by business management.
No longer available |Learn more- (Author)
- 2014(Publication Date)
- Orange Apple(Publisher)
____________________ WORLD TECHNOLOGIES ____________________ Chapter- 10 Strategic Management Strategic Management is a field that deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firms in their external environments. It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders. Strategic Management is a level of managerial activity under setting goals and over Tactics. Strategic Management provides overall direction to the enterprise and is closely related to the field of Organization Studies. In the field of business administration it is useful to talk about strategic alignment between the organization and its environment or strategic consistency. According to Arieu (2007), there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context. Strategic Management includes not only the management team but can also include the Board of Directors and other stakeholders of the organization.
No longer available |Learn more- (Author)
- 2014(Publication Date)
- Orange Apple(Publisher)
____________________ WORLD TECHNOLOGIES ____________________ Chapter- 1 Introduction to Strategic Management Strategic Management is a field that deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firms in their external environments. It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent stu dies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders. Strategic Management is a level of managerial activity under setting goals and over Tactics. Strategic Management provides overall direction to the enterprise and is closely related to the field of Organization Studies. In the field of business administration it is useful to talk about strategic alignment between the organization and its environment or strategic consistency. According to Arieu (2007), there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context. Strategic Management includes not only the management team but can also include the Board of Directors and other stakeholders of the organization.
No longer available |Learn more- (Author)
- 2014(Publication Date)
- College Publishing House(Publisher)
____________________ WORLD TECHNOLOGIES ____________________ Chapter- 8 Strategic Management Strategic Management is a field that deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firms in their external environments. It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders. Strategic Management is a level of managerial activity under setting goals and over Tactics. Strategic Management provides overall direction to the enterprise and is closely related to the field of Organization Studies. In the field of business administration it is useful to talk about strategic alignment between the organization and its environment or strategic consistency. According to Arieu (2007), there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context. Strategic Management includes not ____________________ WORLD TECHNOLOGIES ____________________ only the management team but can also include the Board of Directors and other stakeholders of the organization.
No longer available |Learn more- (Author)
- 2014(Publication Date)
- College Publishing House(Publisher)
WT ____________________ WORLD TECHNOLOGIES ____________________ Chapter- 3 Strategic Management Strategic Management is a field that deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firms in their external environments. It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders. Strategic Management is a level of managerial activity under setting goals and over Tactics. Strategic Management provides overall direction to the enterprise and is closely related to the field of Organization Studies. In the field of business administration it is useful to talk about strategic alignment between the organization and its environment or strategic consistency. According to Arieu (2007), there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context. Strategic Management includes not only the management team but can also include the Board of Directors and other stakeholders of the organization.
No longer available |Learn more- Robert McGrath, PMP, EVP, MBA(Authors)
- 2012(Publication Date)
- Project Management Institute(Publisher)
Vision and Mission Terms of Value Value Value Added Value Chains Supply Chains Monopoly and Market Power Summary Chapter 5 Takeaways Questions for Discussion Chapter 5 Appendix Competitive AdvantageIntroductionAs a field of academic study, Strategic Management has not been around as long as many others. A watershed decade was the 1960s, when it became clear that business schools were graduating individuals who were properly skilled at fundamentals such as finance and accounting, economics, and marketing, but they lacked the ability to integrate these skills into a cohesive view of the organization.Business schools began to insist that degree programs include content that provided this exposure and skill-set. What evolved was a body of research, scholarship, and theory that today is called Strategic Management. This corpus helped popularize many terms, including Strategic Management, competitive advantage, core competencies, vision, mission, and economic value added. So in order to develop a working framework for developing a project-driven technology strategy, we first need to explain some elemental concepts.Strategic Management Theory and TechnologyTechnological innovation is important to business, industry, and economic success (Baden-Fuller & Stopford, 1994; Betz, 1987, 2003; Burgelman & Sayles, 1986; Freeman, 1990, 1994; Kanter, 1983; Marceau, 1994; Pinchot, 1985; Roberts, 1991; Rostow, 1994). Therefore, it must be managed strategically.Strategic Management owes most of its pedigree to several broad research traditions: industrial organization (and neoclassical economics in general), marketing, and administrative behavior (organizational behavior, organizational theory, psychology, and political science) (Jemison, 1981). The impact of economics (Barney, 1997; Besanko, Dranove, & Shanley, 2000; Porter, 1985; Tirole, 1990) has possibly been the most profound, but its treatment of technological innovation and change has usually been problematic (Sako, 1994).
eBook - PDFBringing Technology and Innovation into the Boardroom
Strategy, Innovation and Competences for Business Value
- European Institute for Technology and Innovation Management(Author)
- 2003(Publication Date)
- Palgrave Macmillan(Publisher)
Strategic planning Mintzberg (1994) notes that the translation of strategy into imple- mentation typically relies on converting strategic goals into quantified objectives, which can cascade down the organization. The setting of objectives is sometimes an integral part of the strategy formulation pro- cess, or may follow on from it. Johnson and Scholes (1988) identify a number of levels of strategy in the organization: • Corporate strategy is concerned with the types of business in which the organization as a whole should be engaged in. • Competitive or business strategy is concerned with how to compete in a particular market. • Operational strategies are concerned with how the various functions in the business contribute to the strategic goals of the organization. • Personal strategies are concerned with the individual career choices of staff. Twiss and Goodridge (1989) consider that the two key components for managing technological change are the physical (or technical) system, and the organizational (or human) system. Successful change requires a due consideration of both the ‘hard’ analytical issues (models, analysis, process, etc.) together with the ‘soft’ issues associated with the man- agement of people, organization and learning. The soft issues are often the most important determinant of successful strategic planning and implementation. 118 Technology in Strategy and Planning Tools for strategic planning and implementation One of the key aspects of technology strategy, planning and implementa- tion is how to integrate and communicate technological considerations into product and market planning processes. A particular challenge is that strategic plans must be communicated across both hierarchical and functional boundaries within the firm.
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