Basic_Concepts_of_Strategic_Management

Basic_Concepts_of_Strategic_Management - Basic Concepts of...

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Basic Concepts of Strategic Management "Effective managers live in the present – but concentrate on the future." James L. Hayes
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A combination of the words stratos, which meant “army”, and agein meaning “to lead”. Greek Language (6 th century BC) What is Strategy?
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A strategy is a comprehensive action plan that identifies long-term direction and guides resource utilization to accomplish organizational goals with sustainable competitive advantage. What is Strategy?
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Process of formulating , implementing , and evaluating , strategies to accomplish long-term goals and sustain competitive advantage. Strategic Management
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Strategic Audit 21 st Century Challenges in Strategic Management Process is more an “art” than “science” Should strategies be visible or hidden from stakeholders Should process be more top-down or bottom up
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Basic financial planning: - little analysis; - info coming from within the firm; - only managers are involved; - takes 2-3 weeks; - one year plan Forecast-based planning: - more thorough analysis; - internal info + environmental data; - only managers are involved; - takes one month; - three to five years - plan Strategic planning : - more thorough - analysis; - internal info + environmental data + forecast future trends; - made by planning staff (top managers) + consultants; - meet once a year; - five-year plans Strategic management: - analysis of external and internal environment; - implementation, evaluation and control; - made by lower level managers+ top managers+ consultants; - throughout the year; - five-year plans Phases of Strategic Management
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Clear sense of strategic vision of the firm Sharper focus on what is strategically important Improved understanding of a rapidly changing environment Benefits of Strategic Management
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Where is organization now?
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This note was uploaded on 01/20/2012 for the course SM 402 taught by Professor Staff during the Fall '11 term at Ball State.

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Basic_Concepts_of_Strategic_Management - Basic Concepts of...

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