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
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CHAPTER 4 FACTORS MODERATING THE CHOICE OF STRATEGY-MAKING APPROACH “Hence‚ strategic management constitutes a normative outline for rational strategy formulation but provides little explicit consideration of the potential management roles in the strategy formation process. Conversely‚ strategic emergence has often been ascribed to decision patterns evolving over time as relatively autonomous managers within the organization engage in resource committing activities” Andersen‚ 2004:265 4
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PEP STORES: AN EVALUATION OF THE STRATEGIC DEVELOPMENT OF THE ORGANISATION INTRODUCTION AND OVERVIEW Like most organisations‚ Pep stores was concerned with the long-term sustainability of the organisation‚ profits/financial performance‚ market performance and the satisfying its stakeholders‚ including the shareholders. With these factors often contradicting each other it is clear Pep stores struggled through the 1990’s balance these competing forces in other to achieve their organisational objectives
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Strategic Plan‚ Part II: SWOTT Analysis Strengths Weaknesses Opportunities Threats Trends Strategic capabilities Leadership Strong culture Skilled human resources Competitive advantage (differentiation-focused strategies) Effective supply chain management Limited financial resources Emerging consumer needs Many national brands have reached their maturity in their lifecycle Larger organizations have economies of scale strategies (no differentiation‚ no focus on local
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Planning is a primary managerial activity that concerns about the organization’s goals and strategies for achieving those goals. When we devise a plan‚ we should consider the breath‚ specificity‚ frequency of use and time frame of the plan. First‚ the breadth of a plan; which area of an organization a plan applies to. For instance‚ a business merges with another competitor for enlarging the market share of its market. This mergence is a strategic plan which a plan applies to the entire organization
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STRATEGIC PLAN Why Strategic Planning is Important Strategic Planning – Why should an Organization consider it? After all a Strategic Plan can be formal Eg.‚ In a small Organization the owner / CEO develops a Plan in his mind and communicates it to all the employees in a clear manner‚ where the employees know the Goals and Approach to achieve them which could be considered an Informal Plan could be successful at times. Nevertheless as an Organization grows a need for a systematic Strategic Plan
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Strategic management consists of the analysis‚ decisions‚ and actions an organization undertakes in order to create and sustain competitive advantages. This definition captures two main elements that go to the heart of the field of strategic management. First‚ the strategic management of an organization entails three ongoing processes: analysis‚ decisions‚ and actions. That is‚ strategic management is concerned with the analysis of strategic goals (vision‚ mission‚ and strategic objectives) along
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Table Of Contain Strategy The words ’strategy’ and ’strategic’ are well recognized and widely used in the modern business world. However‚ the term strategy is so widely used for different purposes that it has lost any clearly defined meaning “Despite the obvious importance of strategy‚ there is surprisingly little agreement on what a strategy really is. However‚ the fact
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Strategic Thinking and Strategic Leadership Abstract The purpose of the study is to evaluate and discuss the concepts of strategic thinking and strategic leadership to gain competitive advantage for organizations. For this‚ every aspect related to strategy is discussed. The study starts with introducing the concept of strategy‚ strategic thinking‚ strategy analysis‚ strategic leadership‚ strategic implementation and learning organization. Thus‚ the challenge to managers is to decide on strategies
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Strategic management is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission‚ vision and strategy throughout an organization. Strategic management activities transform the static plan into a system that provides strategic performance feedback to decision making and enables the plan to evolve and grow as requirements and other circumstances change. What Are the Steps in Strategic Planning
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