10-2 Strategic Management Process

10-2 Strategic Management Process - Strategic Management...

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Strategic Management Process 10.2
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What is Strategic Management? Application of the basic planning process at the highest levels of the company Top management sets goals for the performance of the company Carefully formulating, implementing, and evaluating plans and strategies
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What is Strategic Management? Most important part is developing strategic plans Plans must remain current as changes occur inside and outside the company Involves many levels of management Top level formally develops basic plans Different departments may be asked to develop plans for their own areas A solid plan guarantees that plans are coordinated and are supported by everyone in the company
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Strategic Management Approach Three phases critical to the success of the process Formulation Developing the strategic plan Implementation Putting the formulated plan to work Evaluation Continuously evaluating and updating the strategic plan
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Formulating Strategy Developing the grand- and business-level strategies to be used by the company Company’s strengths/weaknesses and threats/opportunities shape the strategies First step is to understand the current position of the company Identify mission, identify past and present strategies, diagnose the company’s past and present performance, set objectives for the company’s operation
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10-2 Strategic Management Process - Strategic Management...

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