Strategic Management
Strategic Management
Fred R David (1997) states that strategic management can be defined as the art and science of formulating, implementing and evaluating cross functional decisions that enable the organisation to achieve its objectives.
νAs the definition suggests, strategic management focuses on integrating management, marketing, finance/accounting, production/operations, research and development and computer information systems to achieve organizational success
νStrategic management is a process directed by top management to determine the fundamental aims and goals of the organisation and ensure a range of decisions which will allow for the achievement of those aims or goals in the long term whilst providing for adaptive responses in the short term (Cole, 1997)
WHAT IS A STRATEGY? νCompetitive moves and business approaches management employs in running an organisation
Management’ s game plan is νTo please customers νto position an organisation in its chosen market νto compete successfully νto achieve good business performance
THINKING STRATEGICALLY: THE THREE BIG STRATEGIC QUESTIONS
νWhere we are now- what is our situation? νWhere do we want to go? - Business we want to be in - Customer needs - Outcomes we want to achieve νHow will we get there?
νStrategic management is a systematic approach for managing change which consists of the following:- νPosition of the firm through strategic planning. νReal time strategic response through issue management. νSystematic management of resistance during strategic implementation
The process of strategic management is guided by the organisation’s value system or culture which is manifested in the organisation’s mission statement, policies and strategic goals and the behaviour of top management and other key managers in the organisation.
Formality in Strategic Management
νInitiating and driving the strategic management process is primarily the responsibility of top management, be it concerns the future
Fred R David (1997) states that strategic management can be defined as the art and science of formulating, implementing and evaluating cross functional decisions that enable the organisation to achieve its objectives.
νAs the definition suggests, strategic management focuses on integrating management, marketing, finance/accounting, production/operations, research and development and computer information systems to achieve organizational success
νStrategic management is a process directed by top management to determine the fundamental aims and goals of the organisation and ensure a range of decisions which will allow for the achievement of those aims or goals in the long term whilst providing for adaptive responses in the short term (Cole, 1997)
WHAT IS A STRATEGY? νCompetitive moves and business approaches management employs in running an organisation
Management’ s game plan is νTo please customers νto position an organisation in its chosen market νto compete successfully νto achieve good business performance
THINKING STRATEGICALLY: THE THREE BIG STRATEGIC QUESTIONS
νWhere we are now- what is our situation? νWhere do we want to go? - Business we want to be in - Customer needs - Outcomes we want to achieve νHow will we get there?
νStrategic management is a systematic approach for managing change which consists of the following:- νPosition of the firm through strategic planning. νReal time strategic response through issue management. νSystematic management of resistance during strategic implementation
The process of strategic management is guided by the organisation’s value system or culture which is manifested in the organisation’s mission statement, policies and strategic goals and the behaviour of top management and other key managers in the organisation.
Formality in Strategic Management
νInitiating and driving the strategic management process is primarily the responsibility of top management, be it concerns the future