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Strategic Management: Planning. ... Strategic planning is only useful if it supports
strategic thinking and leads to strategic management. ...
Global Strategic Management. Global Strategic ... plans. Strategic Management
provides overall direction to the whole enterprise. The ...
What Is Strategic Management. ... The strategic management process is aimed at allowing
organizations to adapt effectively to change over the long run. ...
Strategic Management. Historical development of strategic management Strategic
management emerged as a discipline in the 1950s and 60s. ...
... Strategic management The word ‘strategy’, deriving from the Greek noun strategus,
meaning ‘commander in chief’, was first used in the English language ...
Submitted by rossonero77 on July 10, 2008
Category: Business
Words: 990 | Pages: 4
Views: 67
Popularity Rank: 108,326
Average Member Grade: N/A (Add a Comment / Grade this Paper)
WHAT IS STRATEGIC MANAGEMENT?
Strategic management is “the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It is the process of specifying the organization's objectives, developing policies and plans to achieve these objectives, and allocating resources to implement the policies and plans to achieve the organization's objectives. Strategic management, therefore, combines the activities of the various functional areas of a business to achieve organizational objectives. It is the highest level of managerial activity, usually formulated by the Board of directors and performed by the organization's Chief Executive Officer (CEO) and executive team. Strategic management provides overall direction to the enterprise”.
“Strategic management is an ongoing process that assesses 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 determine 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.” (Lamb, 1984: ix)
Strategic management hinges upon answering three key questions :
1. What are my business’s objectives?
2. What are the best ways to achieve those objectives?
3. What resources are required to make that happen?
In creating your strategy, you will answer three big questions :
1. Where are you now?
2. Where do you want to go?
3. How will you get there?
We are going to look at the five tasks involved in creating your strategic plans to answer these questions, which...
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