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Module 1 - A Strategic Management Model.pdf - Management 5:...

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Management 5: STRATEGIC MANAGEMENTLearning OutcomesParticularly at the end of this chapter, the students should be able to:1.define strategic management;2.identify each of the components of the strategic management process and itscorresponding outcome;3.identify the strategic management model;4.differentiate strategic analysis from strategic decision-making, and strategic intelligencefrom strategic thinking;5.explain the meaning of strategic planning;6.formulate a sample company vision, mission statement, and company goals andobjectives; and7.compare organization climate and organizational culture.The Reality of DynamismThe 21St century epitomizes thereality of dynamism. In fact, today's milieu is in a stateof fluidity. It is not static. Rather, changes and fluctuations are constantly happening in thesurroundings. These actualities are characterized by the occurrence of phenomenal situations,continuous challenges, and triggering forces that provoke corresponding reactions. Thecertainty of change is universal and this foregone conclusion is largely experienced by allnations and peopleswhether developed or undeveloped, large or small, powerful or weak. Asa result, the current landscape of competition is highly threatening and daunting. With anenvironment that is characterized by drive, energy, and pursuit and transformation, volatility isa ruthless reality. Impermanence and unpredictability are certainties. Nothing is stable; neitheris regularity a logical expectation. Competition has gone beyond nations, peoples, cultures,geographic frontiers, and industries. As the global economy expands, blurring boundaries, anybusiness needs to create its own impact in any part of the world. Thus, it is urgent fororganizations and businesses to strategize.MODULE 1A STRATEGIC MANAGEMENT MODEL
HypercompetitionHypercompetition is a fundamental feature of the new economy. As the word implies, itcarries a note of overexcitement and agitation. Hypercompetition occurs when product/serviceofferings and technologies are so new that standards become unstable and competitiveadvantage is not sustainable. It is a condition where strategic maneuverings have escalated tobigger business exposure, more sophisticated marketing positioning, aggressive selling, andinnovative products and services. Doing business has become intense and more deliberate. Itseems like a big waste not to discern and take advantage of every opportunity. The businessatmosphere is characterized by motes such as outdoing each other, surpassing sales, takingcompetitors by surprise, capturing a bigger market share, winning the business battle, andseizing the number one slot.Strategic Management DefinedStrategic managementis a continuous process of strategy creation. It involves strategicprocesses like strategic analysis and decision-making, strategy formulation and implementation,and strategy control with the primary objectives of achieving and maintaining better alignmentof policies, priorities, and success.

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Term
Fall
Professor
Maxine
Tags
Strategic Management Model

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