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Chapter 08, Strategic Management

Chapter 08 strategic management

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Unformatted text preview: STRATEGIC MANAGEMENT THE IMPORTANCE OF STRATEGIC MANAGEMENT Strategy 1. 2. 3. A set of managerial decisions and actions that determines the longrun performance of an organization. How organization will do its business , how it will compete successfully and how it will attract and satisfy its customers to achieve its goals. A company's long term plan for how it will balance its internal strengths and weaknesses with its external opportunities and threats to maintain a competitive advantage. THE IMPORTANCE OF STRATEGIC MANAGEMENT (cont'd) Strategic Control The process of assessing progress towards strategic goals and taking corrective action as needed. THE IMPORTANCE OF STRATEGIC MANAGEMENT (cont'd) Strategic Management Developing organization's strategies. Establishing the organization's game plan or roadmap to achieve its goals. THE IMPORTANCE OF STRATEGIC MANAGEMENT (cont'd) Purposes of Strategic Management 1. Higher organizational performance. 2. Managers examine and adapt to business environment changes. 3. Coordinates diverse org units, helping them to focus on org goals. 4. Involves in managerial decisionmaking process. THE IMPORTANCE OF STRATEGIC MANAGEMENT (cont'd) Strategic Management Process. A process that encompasses strategic planning, implementation and evaluation. Mission A statement of the purpose of an organization. Spells out who the company is, what it does and where it's headed. COMPONENTS OF A MISSION STATEMENT THE STRATEGIC MANAGEMENT PROCESS THE STRATEGIC MANAGEMENT PROCESS Step 1 Identifying the Organization's Current Mission, Objectives, and Strategies. Mission It answers the question: What is our reason for being in business. It is important to identify the goals currently in place and the strategies currently being pursued. THE STRATEGIC MANAGEMENT PROCESS (cont'd) Step 2 Analyzing the Environment Examine both the specific and general environments to determine what trends and changes are occurring. Successful strategies are aligned with the environment. THE STRATEGIC MANAGEMENT PROCESS (c...
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