BBM4117 Strategic Management

BBM4117 Strategic Management - DEPARTMENT OF CLINICAL...

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DEPARTMENT OF CLINICAL MEDICINE COURSE CODE: BBM4117 COURSE TITLE: STRATEGIC MANAGEMENT
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COURSE CONTENT Strategic management – definition, theories, practices and concepts; Strategic Analysis; Strategic Formulation: creating and sustaining competitive advantages. Strategy Implementation: strategic control and corporate governance, creating effective organizational designs. Strategy Evaluation: strategy review, evaluation and control. Strategic planning process: vision, mission, values internal strengths and weaknesses, external opportunities and threats.
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Table of Contents ...................................................................................................................................................................... 1 CHAPTER 1: STRATEGIC MANAGEMENT ............................................................................................................................. 4 1.1 Strategy ......................................................................................................................................... 4 1.2 Strategic Management Process : Meaning, Steps and Components ........................................... 5 CHAPTER TWO: INTRODUCTION ............................................................................................................... 8 2.1 General Approaches to Strategic Management ..................................................................................... 8 2.2 Strategic management techniques ..................................................................................................... 9 2.3 The strategy hierarchy ........................................................................................................................ 9 2.4 The psychology of strategic management ........................................................................................ 28 2.5 Reasons why strategic plans fail ....................................................................................................... 29 2.6 Criticisms of strategic management ................................................................................................. 30 CHAPTER THREE: Strategy Formulation ...................................................................................................... 31 3.1 INTRODUCTION ........................................................................................................................... 31 3.2 THREE ASPECTS OF STRATEGY FORMULATION ........................................................................... 33 CHAPTER FOUR: Strategy Implementation ............................................................................................ 55 CHAPTER FIVE: STRATEGIC PLANNING ....................................................................................................... 58 5.1 HISTORY ...................................................................................................................................... 58 5.2 STRATEGY FORMULATION .......................................................................................................... 58 5.3 ENVIRONMENTAL SCANNING ..................................................................................................... 59 5.4 CONTINUOUS IMPLEMENTATION ............................................................................................... 60 5.5 VALUES ASSESSMENT .................................................................................................................. 60 5.6 VISION AND MISSION FORMULATION ........................................................................................ 61 5.7 STRATEGY DESIGN ....................................................................................................................... 62 CHAPTER SIX: PERFORMANCE AUDIT ANALYSIS ......................................................................................... 64 6.1 GAP ANALYSIS ............................................................................................................................. 65 6.2 ACTION PLAN DEVELOPMENT ..................................................................................................... 66 6.3 CONTINGENCY PLANNING .......................................................................................................... 67 6.4 IMPLEMENTATION ...................................................................................................................... 67 CHAPTER SEVEN: HOSHIN PLANNING ..................................................................................................... 68 7.1 HISTORY OF HOSHIN PLANNING ................................................................................................. 68 7.2 THE CONTEXT FOR HOSHIN PLANNING ...................................................................................... 69
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7.3 STEPS OF POLICY DEPLOYMENT .................................................................................................. 70 7.4 EXECUTION .................................................................................................................................. 72 7.5 AUDITING THE PLAN . .................................................................................................................. 72 CHAPTER EIGHT: EVALUATION ............................................................................................................... 73 CONTINOUS ASSESSMENT 1( CAT 1) ....................................................................................................... 74 REFERENCES: ............................................................................................................................................... 80 AN OVERVIEW 1.0 Definition CHAPTER 1: STRATEGIC MANAGEMENT Strategic management is the process of specifying an organization's objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans. It is the highest level of managerial activity, usually performed by the company's Chief Executive Officer (CEO) and executive team. It provides overall direction to the whole enterprise. An organization’s strategy must be appropriate for its resources, circumstances, and objectives. The process involves matching the companies' strategic advantages to the business environment the organization faces. One objective of an overall corporate strategy is to put the organization into a position to carry out its mission effectively and efficiently. A good corporate strategy should integrate an organization’s goals, policies, and action sequences (tactics) into a cohesive whole. 1.1 Strategy The word “strategy” is derived from the Greek word “stratçgos”; stratus (meaning army) and “ago” (meaning leading/moving). Strategy is an action that managers take to attain one or more of the organization’s goals. Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process”.
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