Strategic management is a concept that concerns with making decisions and taking corrective actions to achieve long term targets and goals of an organization. To analyze from an organizational perspective current external opportunities and threats in terms of competition, globalization, economic issues, political issues, new technology and social trends. Strategic management functions ceopedia management online. Using a handbook for strategic planning, the senior leadership team can complete most of the planning work by. They have some specific mission towards which all efforts are directed. According to tapera 2016 19, a strategic plan is a tool. The functions of strategic management primarily revolve around setting a direction for your company, guiding the company as it moves in the direction that has been outlined, and evaluating and adjusting the articulated direction as the business and its. Defining strategic management, planning outline l why strategic management. Finally, managing is concerned with output this implies efficiency and efficiency. It formulates operating rules, priorities and direction in the long term, including the direction the organization wants to go.
Their input, advice, and lessons learned, both successes and failures, have been incorporated into this document so that we may all apply better strategic management processes in our organizations. This graduate level strategic management course requires students to a create, b evaluate, c analyze, d apply, e understand, and f remember information regarding strategic management. Strategic management shares these same attributes, but it is a much more encompassing process that is concerned with managing an organization in a strategic manner on a continuing basis. Strategic management is both visionary and practical and, at its best, finds an effective balance between these two poles. They are part of a continuous process of using your resources intelligently and managing your business for success and growth. Strategic management syllabus city university of new york. Chapter 1 the nature of strategic management strategic management. Strategy the word strategy has so many meanings itself and all these meanings are useful, important and relevant to the people who. The functions of strategic management are distinct. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage. Basic concepts of strategic management professor robert r. Management always aims at achieving the organisational objectives. Implementation of strategic management practices in the. Introduction definition structure is the allocation and control of.
Third, management applies to managers at all organizational levels. Understanding strategic management this guide is designed to help demystify the issue of strategic management, and in conjunction with other guides in the business tools web page will help you to improve your levels of strategic focus. To apply strategic management concepts and tools to the industries and. Strategic planning is a principal element but not the essence of.
Strategic surprisingly, here there is ready agreement. Different strategic management models are chosen by various companies according to their conveniences. Strategy is managements game plan for the business. The relationship between corporate entrepreneurship and strategic. Strategic management model refers to the pattern or mode of strategic management. Strategic management functions consist of specific methods and techniques used in the different stages of the strategic management process. Porters frameworks and the resourcebased view of the firm pdf 1 1. Second, management applies to any kind of organization.
Strategic management 2 a strategy is an action plan built to achieve a specific goal or set of goals within a definite time, while operating in an organizational framework. Wiggins basic model of strategic management mgmt 4710 professor robert r. The nature of strategic management linkedin slideshare. Welcome to the strategic management societys 24th annual international conference. Although the studies within the african context by woodburn 1984.
There are specific characteristics inherent to the strategic management process, and the university of minnesota is among many universities that teach strategic management to business and nonbusiness majors alike. Structure, culture, resources missions, objectives, strategies, policies. Many of these factors explicated in this workbook are also explained in the leadership workbook. They focus on it as a large part of their roles in the organizations that they work for. We are pleased to have your attendance here in san juan. At the conclusion of the course, students should be able to. It provides a framework or structure for decisionmaking by company leaders. Strategic managementunit i strategy and process 9conceptual framework for strategic management, the concept of strategy and thestrategy formation process stakeholders in business vision, mission and purpose business definition, objectives and goals corporate governance and socialresponsibility. Strategic management contents 1 introduction 7 2 e basis of strategy. Strategic project management team leader seminars 10. Strategic management is a key area of work for leaders and managers. Strategic management full notes linkedin slideshare. Customer segmentation and customer value proposition pdf 4.
Ltasks of strategic management lstrategic management is an ongoing process lwho performs the tasks of strategy lbenefits of managing strategically strategic management the art and science of formulating, implementing, and evaluating crossfunctional decisions that. Define strategic management and its four key attributes define. Styles of strategic management, a contingency approach to strategic management, research on the evolution of strategic management from longrange planning, description of strategic management, with illustrations of a planning process. Many of the studies on the relationship between strategic planning and firm performance were done between 1970s and early 1990s, in the developed economies. Strategic management is a key and top management activity, where all management functions meet it is one of the key pillars of management and it forms the skeleton of the overall management of each organization. Instead, the studies that have examined the organizational characteristics that facilitate.
Management develops strategies to guide how an organization conducts its business and how it will. An evaluation term planning appeared inadequate and firms began to turn their mohammad ahsan ullah anjuman ara khanam abstract a strategic management model is the representation of the structure of strategic management in combination of strategies and management activities. Unless a credit line states otherwise, content is the property of cengage learning. The main task of osm is to oversee that that the strategy map is carried out through. The process of strategic management model is cyclical. Create an organizational vision, mission statement, strategy, and structure. Pdf the importance of strategic management to business. The emergence of strategic management accounting has created a growing need for companies to discover the key factors that affect profitability and then to understand how these factors should be managed. Special thanks is extended to those who participated in the case studies by sharing the details of their strategies. Rootedinsuch a strategic role perspective, this paperdevelops a researchmodel ofis planningeffectiveness whereeffectiveness is viewed intermsofthe degree.
Comprehensive model of the strategic management process. Chelte western slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The result of strategic planning process is a strategic plan which is a blue print for the organization as it moves into the future. The office of the strategy management osm has been created inline with performance governancesystem strategy map adapted by the philippine heart center, as a corporate management tool in 2012. This thesis concerns strategic profitability management. Office of strategy management philippine heart center. Strategic management is a broader term than strategy and is a process that includes top managements analysis of the environment in which the organization operates prior to formulat ing a strategy, as well as the plan for implementation and control of the strategy. According to the strategic management model, a number of steps are taken to achieve the objectives of a company. Directs the organisation towards overall goals and objectives. As this definition implies, strategic management focuses on integrating management, marketing, financeaccounting, productionoperations, research and. There are many good strategic management courses in india which are very comprehensive in their coverage of what it entails and the kind of skills it needs. Functions of strategic management and theories of management.
These studies focused on the direct relationship between strategic planning and firm performance. In other words, in trying to operationalise the strategic. The strategic management subject is in effect since history but has been taught as a syllabus of recent, to win over the various limiting factors attached with the organisation. Strategic management can be defined as the art and science of formulating, implementing, and evaluating crossfunctional decisions that enable an organisation to achieve its objectives. Strategic management objectives, functions, goals, and essentiality. The subject is situational and so a script will never be enough but is meant to imbibe in student a sense and direction of tact of management. A proposed strategic management accounting model for. This workbook addresses environment, culture, technology and resources, thinking styles, goals, strategic time management, and action plans. Fourth, the aim of all managers is the same to create extra. The importance of strategic management in a firm can be answered by analyzing relationship between strategic management and organizational performance. Wiggins environmental scanning strategy formulation strategy implementation evaluation and control external. Strategic management strategic analysis this is all about the analyzing the strength of businesses position and understanding the important external factors that may influence that position.
Once the strategic management model is clearly defined and set, the next phase involves understanding the processes of strategic management. The relationship between strategic planning and firm. How do we explain some consistent growth and profitability of some businesses. This article provides information about the important characteristics or features of management. Elements of a business plan much of this chapter is original to the. Lecture notes strategic management i sloan school of. The theory and practice of strategy in business organizations.
964 1392 657 827 900 817 1356 214 90 267 476 185 578 1482 1200 233 1626 493 1262 1230 774 1589 356 160 112 1546 500 1016 1629 1244 136 1063 1456 728 119 1192 276 322