<]>> Tell us what you think about our post on What is Strategic Management? 0000037943 00000 n 0000002120 00000 n Strategic management provides the route map for the firm. It does not provide a ready-to-use prescription for success. Conscious Process. It makes fundamental decisions about the future direction of a firm – its purpose, its resources and how it interacts with the environment in which it operates. To engage in strategic management, managers must first have an excellent grasp of what strategy means. 0000005577 00000 n 0000029784 00000 n Important Concepts of Strategic Management. 5. 0000000016 00000 n Strategic ... 2. Did we miss something in Strategic Management Tutorial or You want something More? 0000002903 00000 n trailer It involves formulating and implementing strategies It involves formulating and implementing strategies that will help in aligning the organisation and its environment to achieve organisational goals. 0000183228 00000 n The benefits of strategic management is to exploit and create new and different opportunities for tomorrow; while long-term planning, in contrast, tries to optimize for tomorrow the trends of today. x�b```b``���$�@��(���q�Q`8��ؓ������}չZf��0Vpj�����[��A��;��ݏ�y�!Xx}A�'�����붸�R�B�N�Kz��N��*�� ���@5y?^lr��q�i�K�� �G,-���*)Y @�1X�ō�!�`Y���KT=H�s@qA�sE@��m�f�10�3D1D3e������a�f��i:E�SX�&����f(a�gtgX��ͳP������In���HK��떳e-��9�00�E�b�þ�a)�(��6�#3�3Ng��cϠʨ��b��?�� �]e��f4DʞoO`���:�-�������@������ƴ � ��}� (Read Complete Article), Strategic management is concerned with the determination of the basic long-term goals and the objectives of an enterprise, and the adoption of courses of action and allocation of resources necessary for carrying out these goals. 0000030355 00000 n endstream endobj 39 0 obj <> endobj 40 0 obj <> endobj 41 0 obj <>/ColorSpace<>/Font<>/ProcSet[/PDF/Text/ImageB]/ExtGState<>>>/Type/Page>> endobj 42 0 obj <> endobj 43 0 obj <> endobj 44 0 obj <> endobj 45 0 obj <> endobj 46 0 obj <> endobj 47 0 obj <> endobj 48 0 obj <> endobj 49 0 obj <> endobj 50 0 obj <> endobj 51 0 obj <> endobj 52 0 obj <> endobj 53 0 obj <>stream 0000010303 00000 n Strategic management is the process of strategic analysis of an organization, strategy-focused objective-setting, strategy formulation, strategy implementation, and strategic evaluation and control. He generally focuses on day-to-day problems such as the efficient production of goods, the management of a sales force, the monitoring of financial performance or the design of some new system that will improve the level of customer service. Requires Foresight. Designing and implementing brand marketing programs3. Measuring and interpreting brand performance4. Strategic Management is exciting and challenging. 3. 0000205376 00000 n 2. 0000185494 00000 n (b) How should we compete in those businesses to implement strategies? 0000205212 00000 n Improved understanding of competitors’ strategies, A clearer understanding of the performance-reward relationship, Enhanced problem-prevention capabilities of an organisation, Increased interaction among managers at all divisional and functional levels. 0000202688 00000 n Geektonight is a vision to provide free and easy education to anyone on the Internet who wants to learn about marketing, business and technology etc. Strategic management can be described as the identification of the purpose of the organisation and the plans and actions to achieve that purpose. Strategic management requires the commitment of the firm to actions over an extended period of time. 0000033803 00000 n ADVERTISEMENTS: Strategic Management: It’s Characteristics, Formulation, Types and Other Details! Implementing the Structure. Businesses that followed strategic management concepts have shown significant improvements in sales, profitability and productivity compared to firms without systematic planning activities. 0000004432 00000 n 0000204948 00000 n Explain the 3 levels of strategic management and illustrate with an organizational chart. 0000010650 00000 n Different authors have given different definition but the essence is the same. Strategic management nature is different from other aspects of management. In such decisions, the emphasis is on the development of projections that will enable the firm to select the most promising strategic options. Non-self … It is that set of managerial decisions and actions that determine the long-term performance of a business enterprise. What is Strategic Management Risk? Dependent on Personal Qualities. 0000003523 00000 n Once a firm has committed itself to a particular strategy, its image and competitive advantage are tied to that strategy; its prosperity is dependent upon such a strategy for a long time. Strategic Analysis2. So, they require substantial resources, such as physical assets, 20 manpower etc. Strategic Choice4. Save my name, email, and website in this browser for the next time I comment. 0000022145 00000 n In the turbulent environment, a firm will succeed only if it takes a proactive stance towards change. startxref The three on-going processes are strategic analysis, strategic formulation and strategic implementation. All these areas will be affected by allocations or reallocations of responsibilities and resources that result from these decisions.

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