chap01 - Chapter 1 The Nature of Strategic Management...

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Chapter 1 The Nature of Strategic Management
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Art & science of formulating , implementing , and evaluating , cross-functional decisions that enable an organization to achieve its objectives. Strategic Management – Defined
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Strategy Formulation Long-Term Objectives Alternative Strategies Strategy Selection
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Strategy Implementation Annual Objectives Policies Employee Motivation Resource Allocation
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Strategy Evaluation Internal Review External Review Performance Metrics Corrective Actions
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1. Adapting to change in external trends, internal capabilities and resources Achieving Sustained Competitive Advantage 2. Effectively formulating, implementing & evaluating strategies
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What kind of business should we become? Are we in the right fields Are there new competitors What strategies should we pursue? How are our customers changing? Adapting to Change – Key
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chap01 - Chapter 1 The Nature of Strategic Management...

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