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Strategic Management

Chapter 1

TermDefinition
Strategic Management: can be defined as the art and science of formulation, implementing, & evaluating cross-functional decisions that enable and organization to achieve its objectives. definition implies, strategic management focuses on integration management, marketing, finance/accounting, production/operation, research and development & information systems to achieve organizational success.
The term Strategic Management in this text is used synonymously with the term strategic planning. The term strategic management is used to refer to strategic formulation, implementation, and evaluation
Strategic Planning: referring only to strategic formulation. The purpose of Strategic Management is to exploit and create new and different opportunities for tomorrow; long-range planning, in contrast, tries to optimize for tomorrow the trends of today.
The term Strategic Planning originated in the 1950s and was very popular between the mid-1960s and the mid-1970s. It was widely believed to be the answer for all problems. Strategic Plan is, in essence, a company's game plan.
Strategic plan results from though managerial choices among numerous good alternatives, & it signals commitment to specific markets, policies, procedures, & operations vs less desirable" courses of action. Stages of Strategic Management: consist of three stages: Strategy Formulation, Strategy Implementation & Strategy evaluation.
Strategy Formulation: includes developing a vision and mission. Vision & Mission must identify an organization's external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, & choosing particular strategies to pursue
Strategy-Formulation include issues deciding what new business to enter, abandon, how to allocate resources, whether to expand operation or diversify, enter int'l markets, merge or from a joint venture & how to avoid takeover. No organization has unlimited resources, strategist must decide with alternative strategies will benefit the firm most.
Strategy Implementation: requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed. Strategy.Implementation. includes developing a Strategy-supportive culture, creating an effective organizational. structure, redirecting marketing efforts.
Strategy Implementation includes preparing budgets, dvelping and utilizing infrmtion systems, & linking employee compensation to orgatinal performance. Strategy Implementation often is called: "action stage" of strategic management. It means mobilizing employees & managers to put formulated strategies into action. Considered the most difficult stage in Strategic Management.
Strategy Evaluation is the final stage in strategic management. Managers desperately need to know when particular strategies are not working well; is the primary means for obtaining this information. All strategies are subject to modification because external and internal factors are constantly changing.
Created by: techy3131