A strategic objective provides statements of definable and measurable achievements. /Img352 489 0 R Competition has become very fierce in most industries. /Img328 465 0 R /Img285 422 0 R /Img299 436 0 R /Img333 470 0 R In the last decade in the Asian markets, the dominance of Detroit has been replaced by the dominance of Japanese car manufacturers in the 1980s. /Img99 236 0 R The primary activities are involved with the physical creation of a product, it’s distribution and marketing, and the after-sales service related to the product. Dunham and Pierce have defined strategic planning as the top management’s active and conscious effort to design a plan to place an organization within its external environment. /Img53 190 0 R endobj These plans are set by the senior-most managers (directors in the company’s board and the CEO plus other senior-level people). /Img376 513 0 R Strategic Management can be defined as a decision-making process that leads to the development of the strategic position i.e. /Img8 145 0 R Share. The mid-level managers play supporting roles and do some or most of the strategy-making for their units. It comes from strategies that lead to some uniqueness in the market place. /Img363 500 0 R The concepts and techniques have evolved over the years beginning in the 1970s in a lukewarm way. /Img30 167 0 R /Img213 350 0 R Its complexity may be attributed mainly to 3 reasons: leadership, organization structure, reward system, etc. /Img54 191 0 R /Img28 165 0 R /Img222 359 0 R >> /Img67 204 0 R /Img119 256 0 R /Img442 579 0 R Strategy expresses the intention of Management about the way to achieve objectives of the organization. Their job is to track progress, spot problems and issues clearly, monitor the winds of market and customer change and initiate adjustments as needed. In the strategic management process, managerial attention is concentrated on the integration of formulation and implementation. Strategic plans aim at achieving strategic goals. /Img85 222 0 R Not to grant a franchise to an individual who already owns another fast-food restaurant (policy of an international fast-food chain). /Img122 259 0 R /Img359 496 0 R Hence strategies must be supported by effective tactics. /ProcSet [ /PDF /Text ] A strategy is considered as a long-term plan that relates the strategic advantages of an organization to the challenges of the environment. In our view, all kind of personnel should be involved in performing the tasks of strategic management: Managers are responsible for detecting when new developments within or outside the company require a strategic response and when they don’t. /Img18 155 0 R What can we be and how can we be? The Model T manufactured by Ford Motor Company is different from today’s motor car but it was also made with a different perspective altogether – a perspective that placed the manufacturer at the center and not the customer! Today (2012) in Asian markets the market dominance of Japanese cars (such as Honda) is being challenged by Korean (Hyundai) and German (Volkswagen) manufacturers. /Img36 173 0 R The organization’s response is based on the analysis of the trends of the external environment and the organization’s capabilities. It also involves the allocation of resources necessary to achieve the objectives. (Answered by corporate strategy). Designing an appropriate arrangement that fits the organization’s new or emerging plans and activities would also require developing new key managers. /Img405 542 0 R /Img13 150 0 R It was pertinent to ask two basic questions: The answer to the two questions reconciled the internal inconsistency among the key assumptions on which the strategy was based. /Img350 487 0 R /Img41 178 0 R /Img226 363 0 R It was a process that developed upon the merits of formal planning systems. >> Ethics refers to principles of conduct that govern the decision making and behavior of people. Ethics play an important role in developing organizational philosophies. /Img263 400 0 R Divisional and departmental managers (play supporting role/do some or most of the strategy-making for the units). A code of ethics heightens an organization’s reputation in society. Acquiring and using information about others. This post presents the context of longterm decisions, discusses, in brief, the changing nature of the external context and how organizations respond to the ever-changing external context by adopting strategic management. >> /Img271 408 0 R /Img31 168 0 R /Img378 515 0 R Their beliefs about, for example, the importance of employees as individuals, of formality in communication, and belief in superior quality and service are reflected in the philosophy. /Img37 174 0 R There are many sources of competitive advantages: Managers need to recognize these winning business strategies are grounded in sustainable competitive advantage. /Img441 578 0 R /Img29 166 0 R /Img69 206 0 R /Img145 282 0 R /Img247 384 0 R /Img25 162 0 R Mergers & Acquisitions: Meaning, Process, Example, Advantages, Disadvantages, Evaluating Strategies of Diversified Companies in 8 Steps, 10 Commandments for Formulating Winning Business Strategies, Strategic Options for Different Industries and Company Situations, Competitive Strategy: Four Types of Competitive Strategy, Strategic Human Resource Management (SHRM), Facility Planning: Steps, Process, Objectives, Importance, Strategic Planning Process: 9 Steps of Setting Proper Strategic Plan, 4 Levels of Strategy: Types of Strategic Alternatives, Career Management: Benefits, Career Management Model, Operation Management: Definition, Importance, Decisions, Strategy Implementation: 10 Strategy Implementation Tasks, Strategy Evaluation: Necessity, Requirements, Strategy Evaluation Framework, analyzing the industry in which the organization, extent possible in their decision process, based on a reasoned analysis of SWOT factors, support the business-level competitive strategy, fulfillment of an organization’s mission statement, effective strategy to help achieve organizational objectives, Departmentalization by Territory: Advantages and Disadvantages →. The CEO (most important strategy manager), Other senior managers (usually involved in proposing key elements of the overall company strategy). /Img118 255 0 R /Img198 335 0 R /Img190 327 0 R Competitive strategy refers to a strategy that incorporates the impact of the external environment along with the integrative concerns of the internal environment of an organization. /Img426 563 0 R /Img412 549 0 R /Img345 482 0 R They need to monitor the external situations closely to determine when to initiate changes in the existing strategy of the organization. Business people deploy resources of various types to achieve objectives. Organizations of any size can adopt a strategic management process, and the process applies to private, public, not-for-profit (NGO) and religious organizations. WHAT IS STRATEGIC MANAGEMENT | Mahamuod Yousuf - Academia.edu Academia.edu is a platform for academics to share research papers. /Img241 378 0 R /Img297 434 0 R This document contains a description of the industry’s economic aspects, key success factors, drivers of change, and a strategic plan that describes the company’s internal and external environment. Submit Close. /Img287 424 0 R There is a wrong notion among some people that strategy-making and strategy implementation are the prerogatives of senior managers only, especially the Chief Executive Officer (CEO). Nature & Characteristics of Strategies 1. Implementation is organization-wide. If they continue doing what they have been doing, they might end up with having a future even worse than the past. /Img82 219 0 R According to Sharplin (1985), strategic management is "the formulation and implementation of plans and carrying out of activities relating to the matters which are of vital, pervasive or continuing importance to the total organization" Lawrence and William (1988) delineated strategic management as a stream of decisions and actions, which leads to the development of an efficient strategy or strategies to help … 3 Strategic Management – Defined • Strategic management is that set of managerial decisions and actions that determines the long-run performance of a corporation. /Type /Catalog The assumptions and forecasts on which decisions are based can be checked and if needed corrected. /Img183 320 0 R /Type /Pages Description. Since a competitive strategy is more than an idea and also it is about making that idea work, the CEO must play a significant role in strategy formulation. If an organization is diversifying and adding a new SBU, it has to identify, equip and train key managers for that SBU. /Img141 278 0 R /Img144 281 0 R /Img202 339 0 R To comprehend what is strategic management, we need to know what Strategy means. /Img439 576 0 R /Img367 504 0 R /Img361 498 0 R /Img150 287 0 R 1.1 Introduction to the nature of strategic managementThe strategic management process is essentially concerned with the decisions organisa-tions make about their future direction and the development and implementation of strat-egies which will enhance the competitiveness of organisations.
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