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PPT-STRAMA-IMPROVISED-LECTURES-FOR-PRELIM.pptm - STRATEGIC...

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STRATEGICMANAGEMENTLecture/Notes: PrelimCBME 2
STRATEGIC MANAGEMENT
Some Key Terms Used inStrategic ManagementManagementStrategyStrategic PlanningCompetitive AdvantageSustainable Competitive AdvantageStrategicStrategic Management
Management:Definition and FunctionsManagementis the process of gettingthings done, effectively and efficiently,through and with people.Four Functions of Management:1. Planning2. Organizing3. Leading4. Controlling
Management FunctionsPlanningOrganizingLeadingControlling
Management Functions:ExplainedPlanningmeans looking ahead and chalking out futurecourses of action to be followed. It is a preparatory step.It is a systematic activity which determines when,howand whois going to perform a specific job. Planning is adetailed programme regarding future courses of action.Organizingis the function of management which followsplanning. It is a function in which the synchronization andcombinationof human, physicaland financialresourcestakes place. All the three resources are important to getresults.Therefore,organizationalfunctionhelpsinachievement of results which in fact is important for thefunctioning of a concern.
Management Functions:Leadingis said to be a process in which the managersinstruct, guide and oversee the performance of the workers toachieve predetermined goals. Directing is said to be the heartof management process.Planning,organizing, staffing havegot no importance if direction function does not take place.Controllingconsistsofverifyingwhethereverythingoccurs in conformities with the plans adopted, instructionsissued and principles established. Controlling ensures thatthere is effective and efficient utilization of organizationalresources so as to achieve the planned goals. Controllingmeasures the deviation of actual performance from thestandard performance, discovers the causes of such deviationsand helps in taking corrective actions
Management:Functions and ProcessPlanningStrategyFormulationOrganizingStrategyImplementationLeadingStrategyImplementationControllingStrategyEvaluation
STRATEGY
Strategy (Origin)It comes from the Greek word“Strategos”meaning the “the art of the general”.It wasoriginally used in the military to describe thegrand design behind a war or battle (how toinvade territories, how to win a war).
Strategy Definition:(Business/CorporateContext)Firm’stheoryonhowitcangaincompetitiveadvantages. A set of decisions and actions aimed atchoosingandimplementingthebestpossiblealternative to attain the organization’s long-termobjectives and gaincompetitive advantage.Choosingandimplementingthebestpossiblealternative to attain the organization’s long-termobjectives and gaincompetitive advantage.

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