Strategic management - Strategic management is a level of...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Strategic management is a field that deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources , to enhance the performance of Frms in their external environments. [1] It entails specifying the organization 's mission , vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Strategic management is a level of managerial activity under setting goals and over Tactics . Strategic management provides overall direction to the enterprise and is closely related to the field of Organization Studies . In the field of business administration it is useful to talk about "strategic alignment" between the organization and its environment or "strategic consistency." According to Arieu (2007), "there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context." Strategic management includes not only the management team but can also include the Board of Directors and other stakeholders of the organization. It depends on the organizational structure....
View Full Document

This note was uploaded on 06/24/2011 for the course ACCOUNTING 122 taught by Professor Yosman during the Spring '11 term at Oxford University.

Ask a homework question - tutors are online