Strategic Management
Strategic management
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major intended and emergent initiatives taken by general managers on behalf of owners,
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involving utilisation of resources, to enhance the performance of firms in their external environments.
It entails specifying the organisation's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs.
“Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determin e how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment.”
Strategic formation
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Compilation and dissemination of a mission statement - the raison d'etre of an organisation
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Identification of the scope of activities and the markets which an organisation wishes to undertake
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Undertaking an environmental scanning - performing a situation analysis, self-evaluation and competitor analysis: both internal and external; both micro-environmental and macro-environmental.
Strategy evaluation and choice
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An environmental scan will highlight all pertinent aspects that a ffect an organisation, whether external or sector/industry-based.
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These options, once identified, have to be vetted and screened by an organisation. In addition to ascertaining the suitability, feasibility and acceptability of an option, the actual modes of pr ogress have to be determined. These pertain to:
The basis of competition
The basis of
-
major intended and emergent initiatives taken by general managers on behalf of owners,
-
involving utilisation of resources, to enhance the performance of firms in their external environments.
It entails specifying the organisation's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs.
“Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determin e how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment.”
Strategic formation
-
Compilation and dissemination of a mission statement - the raison d'etre of an organisation
-
Identification of the scope of activities and the markets which an organisation wishes to undertake
-
Undertaking an environmental scanning - performing a situation analysis, self-evaluation and competitor analysis: both internal and external; both micro-environmental and macro-environmental.
Strategy evaluation and choice
-
An environmental scan will highlight all pertinent aspects that a ffect an organisation, whether external or sector/industry-based.
-
These options, once identified, have to be vetted and screened by an organisation. In addition to ascertaining the suitability, feasibility and acceptability of an option, the actual modes of pr ogress have to be determined. These pertain to:
The basis of competition
The basis of