44245494-Bpsa-Internet-Notes

44245494-Bpsa-Internet-Notes - Strategic Management Jerome...

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Strategic Management Jerome P. Dumlao BSEM Coordinator PUP Open University
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Polytechnic University of the Philippines OPEN UNIVERSITY 2005 2
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TABLE OF CONTENTS Module 1 The Nature of Strategic Management Module 2 The Business Mission Module 3 Types of Strategies Module 4 Formulating a Strategy Module 5 The External Environment and Its Analysis Module 6 Industry and Competitive Analysis Module 7 The Internal Environment and Its Analysis Module 8 Corporate Governance Module 9 Organizational Structure and Controls Module 10 Strategy Evaluation 3
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MODULE 1 THE NATURE OF STRATEGIC MANAGEMENT OBJECTIVES: After studying this module, you should be able to do the following: 1. Describe the stages of strategic management. 2. Define the key terms in strategic management. 3. Discuss the nature of strategy formulation, implementation, and evaluation activities. 4
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DEFINING STRATEGIC MANAGEMENT The term strategic management is used in many colleges and universities as the subtitle of the fundamental course in business administration, Business Policy, which when adopted in an entrepreneurial course becomes Enterprise Policy. Strategic Management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives . As this definition implies, strategic management focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and computer information systems to achieve organizational success. STAGES OF STRATEGIC MANAGEMENT The strategic management process consists of three stages: strategy formulation, strategy implementation, and strategy evaluation. Strategy formulation includes developing a business mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue. Strategy formulation issues include deciding what new businesses to enter, what businesses to abandon, how to allocate resources, whether to expand operations or diversify, whether to enter international markets, whether to merge or form a joint venture, and how to avoid a hostile takeover. Because no organization has unlimited resources, strategists must decide which alternative strategies will benefit the firm most. Strategy formulation decisions commit an organization to specific products, markets, resources, and technologies over an extended period of time. Strategies determine long-term competitive advantages. For better or worse, strategic decisions have major multifunctional consequences and enduring effects on an organization. Top 5
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managers have the best perspective to understand fully the ramifications of formulation decisions; they have the authority to commit the resources necessary for implementation. Strategy implementation
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This note was uploaded on 02/23/2012 for the course MGMT 6359 taught by Professor Wang during the Fall '11 term at University of Houston-Victoria.

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44245494-Bpsa-Internet-Notes - Strategic Management Jerome...

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