A strategy of a corporation forms a comprehensive master plan that states how the corporation will achieve its mission and objectives: - Corporate strategy: company’s overall direction - Business strategy: occurs at the business unit or product level - Functional strategy: at a functional area to achieve corporate and business objectives and strategies Strategic Management: a set of managerial decisions and actions that determines the long-run performance of a corporation. Includes:
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Incrementalism or incremental budgeting is the budget system that uses the previous year’s budget to set the next year’s budget with incremental changes instead of large financial changes. Many businesses currently use incremental budget systems. When the incremental budge system is used businesses have to have a spend it or lose it mentality to make it work. The system is created from the previous resources allowing only for minor changes as allowed by the budget. Many sites such as Tutor2u suggest
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Strategic Decision Making Decision making is the most important function of any manager. Strategic decision making is the prominent task of the senior management. Both kinds of decision making are essentially the same. The difference lies in the levels at which they operate. While decision- making pertains to all managerial functions‚ strategic decision making largely relates to the responsibilities if the senior management. Conventional Decision - Making Most people agree that decision
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addition‚ strategic decisions set the standard upon which lesser decisions and future actions are based. There are three main methods of making strategic decisions namely entrepreneurial‚ adaptive and planning. There is a fourth method‚ logical incrementalism that is largely regarded as a combination of the first three. The planning method is more rational and is thus used in most situations. The process of strategic decision making begins with an evaluation of the organization’s current performance
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Many political scientists take issue with incrementalism pointing out that it is not the way a government should be ran. Yet‚ it is still highly touted as the way that officials actually do make decisions. This theory makes the opposite assumptions of the rational-comprehensive theory. Incrementalism assumes: [1] the goals are unclear; [2] the problem‚ goals and implementation are intertwined and will evolve; [3] alternatives
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goals…some rules for evaluating the cost and benefits of each alternative means so as to select the optimum solution to the decision problem in a way which would…‚be constructed and examined by analysts”. Thus to be rational is to be systematic‚ logical‚ intelligent and reasoning. It assumes that decision makers are rational beings who are driven by the need to maximise .It also assumes that one has to be comprehensive in order to be rationality .It assumes that decision makers have predictive capabilities
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International Strategic Management Case Study Assignment No. 1 Strategy is usually related and sometimes confused by people with planning. But as time course shows in the study of companies‚ there are different approaches of how a company can develop its strategy. Johnson‚ and Shcoles‚ in their book "Exploring Corporate Strategy" had studied the different ways that companies develop their strategy. The authors had formulated and structured three general ways how companies build it‚ there are:
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political decides the incremental analysis of policies. The policymakers only focus on revising and complementing the given policies when they face the basic consensus value which pre-exists. Second is about the choices and options on the policy. Incrementalism thinks decision-making is a kind of agreement and compromise by the various of political forces’ mutual effect. Linbdlom gives us the two distinct varieties of decision-making. One is called the rational comprehensive‚ namely root method‚ and
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CHAPTER 1 Basic Concepts of Strategic Management STRATEGIC MANAGEMENT & BUSINESS POLICY 11TH EDITION THOMAS L. WHEELEN J. DAVID HUNGER Prentice Hall‚ Inc. © 2008 1-١ Basic Concepts of Strategic Management Globalization Internationalization of markets and corporations Global (worldwide) markets rather than national markets www.iugaza.edu.ps\emp\melfarra Electronic Commerce Use of the Internet to conduct business transactions Basis for competition on a more strategic level
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MODELS FOR POLICY ANALYSIS Uses of Models. The models we shall use in studying policy are conceptual models. Simplify and clarify our thinking about politics and public policy Identify important aspects of policy problems Suggest explanations for public policy and predict its consequences Selected Policy Models. INSTITUTIONALISM: POLICY AS INSTITUTIONAL OUTPUT Government institutions have long been a central focus of political science. Public policy is authoritatively determined‚ implemented‚ and
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