/Img354 491 0 R /Img346 483 0 R /Img51 188 0 R Did the strategy entail an acceptable level of risk? /Img364 501 0 R /Img275 412 0 R /F2 584 0 R Preparation for implementation precedes implementation, with the groundwork done well before. /Img127 264 0 R ]� ����h�K���+��gV %@�t�M����Pi�J�ь*b�z����ZuwV=V�N7̱���NE�aD�At��Ȣ/D�#�+: POi�b�r����B�r��T? /Img5 142 0 R Core competencies emerge from a company’s experience, learning skills, and focused efforts on performing one or more related value chain components. Modern organizations like Dell Computers, Apple, Infosys, and Singapore Airlines, have been more successful than their counterparts because their response to the environmental opportunities and threats steered them towards success. In. /Img335 472 0 R Other functional strategies such as marketing strategy, advertising strategy, and financial strategies are also to be formulated appropriately to support the business-level competitive strategy. /Img253 390 0 R Organization-wide learning is initiated if the organization is adapting to global-level changes. /Img419 556 0 R /Img105 242 0 R /Img53 190 0 R It deems formulation and implementation to be equally critical. /Img88 225 0 R Policies are general statements or understandings that guide managers’ thinking in decision making. /Img256 393 0 R The purpose of strategic management is to develop an integrative perspective across the organization. It is formulated to achieve some objectives of a business unit by maximizing resource productivity. /Img124 261 0 R This shows how evaluation helps in avoiding suicidal mistakes and how flexibility can be built in strategic decisions. /Img99 236 0 R /Img123 260 0 R Strategy implementation requires: The objective of the evaluation phase is to check if there is any fundamental flaw in the strategy that can be corrected. /Img298 435 0 R /Img302 439 0 R /Img362 499 0 R The formulation begins with asking very fundamental questions: The information asymmetry, while formulating corporate strategy, makes the moderating role of strategic thinking important. Ethical standards must be integrated into organizational policies and all actions of the organization. /Img61 198 0 R Social, political, economic and technology-driven events that are external to the organization have a bearing on the products, market and technology-related choices the organization makes. /Img306 443 0 R /Img63 200 0 R /Img168 305 0 R /Img122 259 0 R /Img154 291 0 R /Img303 440 0 R /Img242 379 0 R /Img264 401 0 R /Img439 576 0 R /Img340 477 0 R /Img92 229 0 R /Img27 164 0 R /Img146 283 0 R /Img404 541 0 R /Img363 500 0 R 3. Strategic management is defined as the set of decisions & actions in formulation and implementation of strategies designed to achieve the objectives of an organization. business, we can substitute ‘resources’ for troops. Because of the liberalization of trade and financial services, companies are becoming more and more globalized. /Img32 169 0 R which helps to determine the future sustainability and the profitability of the organization, simultaneous with the integration of managerial capabilities, responsibilities, motivation and reward system. A company may develop an operating strategy for its sales territories. These are more objective and measurable. /Contents 4 0 R /Img17 154 0 R /Img141 278 0 R /Img79 216 0 R The Nature of Strategic Management. Is the sale of cigarettes by a company ethical? Fairness in selling and marketing practices. This post presents the context of long­term decisions, discusses, in brief, the changing nature of the external context and how organizations respond to the ever-changing external context by adopting strategic management. Thompson and Strickland have prepared a list of topics that organizations usually cover in codes of ethics: Organizations should develop procedures for enforcing ethical standards. /Img381 518 0 R /Img380 517 0 R Changes are also occurring in the internal affairs of the business organizations in terms of the high turnover of employees, the loss of highly trained and skilled technical people, etc. /Img331 468 0 R Environmental scanning is often used interchangeably with ‘strategic analysis’ which is the first element of strategic management. We should not confuse strategy with policy. %PDF-1.5 /Img9 146 0 R /Img229 366 0 R /Img6 143 0 R The concept of strategic management got worldwide attention in the 1990s. /Img263 400 0 R They can show by examples – they must practice ethical standards. The advantages of strategic management in an organization, especially in a business organization, include: A strategic plan is prepared to cope with several issues, such as the industry and competitive conditions, expected actions of the key actors in the industry, and any obstacles to the success of the organization. /Img21 158 0 R It shows how a product moves from the stage of raw materials to the final customers. /MediaBox [0 0 612 792] Operating strategy is formulated at the operating units of an organization. /Img317 454 0 R It specifically states the organization’s reason for existence, its strategic objectives, and its operational strategies. /Img37 174 0 R Communicating clearly and effectively is important. Innovativeness in developing new products, A strong understanding of customer needs and tastes. The strategic management process has 3 distinct phases: planning, implementation, and evaluation. >> /Img2 139 0 R Organizations of any size can adopt a strategic management process, and the process applies to private, public, not-for-profit (NGO) and religious organizations. Also called distinctive competencies, core competencies are activities of the company where its position is superior to its competitors. /Img301 438 0 R /Img358 495 0 R /Img147 284 0 R /Img98 235 0 R The definition of strategic management by some authors will be presented. /Img193 330 0 R {0���KHp m�\W�kX�z ̭��e�U�YE�/�?ж��'iM�٫p���ں�x���. /F1 581 0 R Strategy is the direction and scope of an organisation over the long term. /Img228 365 0 R It establishes the values and beliefs of the organization about what is important in both life and business, how business should be conducted, its view of humanity, its role in society, the way the world works, and what is to be held inviolate. Effective implementation is as much a reflection on managerial capabilities as is the formulation. /Img249 386 0 R /Img33 170 0 R It involves large-scale mobilization of resources across the organization to develop competencies and capabilities for the future while taking care of the risk such long term decisions entail. /Img130 267 0 R The soft skills are equally important to steer the implementation. /Img422 559 0 R "�-L���F�/JA\Q��:^�R��AJ��(u�%:%0#g�`>@Z��4D�{MX��u`3k3��`?X^�Wh]��>G /Count 67 Organizations gradually take up the entire spectrum of the strategic management process. Not to grant a franchise to an individual who already owns another fast-food restaurant (policy of an international fast-food chain). It incorporates industry conditions, competitive situations as well as the vision, mission, objectives, and strategy. (PDF) THE NATURE OF STRATEGIC MANAGEMENT I. /Img55 192 0 R /XObject << /Img326 463 0 R /Img284 421 0 R /Img361 498 0 R And so uncertainty creeps up. /Img313 450 0 R /Img409 546 0 R /Img216 353 0 R /Img119 256 0 R Such a mindset requires that management time is apportioned to identifying key tasks, setting standards of performance and designing reward/motivation systems. Financial Benefits:It results into financial benefits to the organizations in the form of increased profit even in the face of environmental threats. The time-span of the strategic plan needs to be shorter, sometimes measured in months, in the organizations involved in e-business (especially in e-retailing). /Img13 150 0 R /Img77 214 0 R It comes from strategies that lead to some uniqueness in the market place. Ansoff defines, “strategic … /Img411 548 0 R /Img434 571 0 R /Type /Page /Img357 494 0 R /Img343 480 0 R Discuss the nature of strategy formulation, implementation, and evaluation activities. Consultant support can be sought on different aspects such as a quality program if needed. /Img299 436 0 R Once established within an organization it becomes the philosophy of the organization. /Img66 203 0 R Leveraging cross-functional and divisional competencies is done during implementation. Functional strategies are adopted to support a competitive strategy. /Img412 549 0 R /F4 590 0 R The concepts and techniques of strategic management have evolved over the years beginning in the 1970s in a lukewarm way. What are the ethical implications of forbidding a company’s purchasing agents from accepting gifts from vendors while encouraging sales agents to give gifts to prospective buyers?

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