What is Strategic management?
strategic management is the
art and science of formulating, implementing, and evaluating cross-functional
decisions that enable an organization to achieve its objectives.A
strategic
plan is a company’s game plan.
What is the stages in Strategic management?
1. Strategy Formulation
2. Strategy implementation
3. Strategy Evaluation
What is the Key Terms in Strategic Management?
1. Competitive advantage that is anything that a firm does
2. Strategists is the individuals who are most responsible for the success or failure of an organization.
3. Vision Statement
4. Mission Statement
5. External opportunities and external threats
6. Internal strength and internal weakness
7. Objectives that specific results that an organization seeks to achieve.
8. Strategies
9. Annual objectives
10. Policies that means by which annual objectives will be achieved
What is the Strategic-Management Model?
1. Where are we now?
2. Where do we want to go?
3. How are we going to get there?
What benefits that we earn in Strategic Management to a firm?
1. Managers and employees become committed to supporting the organization.
2. Enhance communication
3. Improved understanding
4. Greater Commitment
What benefits that we earn in Financial from strategic management?
1. Show significant improvement in sales, profitability and productivity.
2. High performing firms seem to make more informed decisions with good anticipation
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