Strategic management involves a dynamic process of decision-making to enhance a corporation's long-term performance through environmental scanning, strategy formulation, implementation, and evaluation. It emphasizes the importance of aligning organizational strengths and weaknesses with external opportunities and threats while incorporating innovative and decentralized management approaches. The document also discusses the phases of strategic management, the significance of a balanced scorecard, and the complexities of internal and external business environments.

1. STRATEGIC MANAGEMENT What is Strategic Management?Strategic management is the set of managerial decision and action that determines the long-run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long range planning), strategy implementation, and evaluation and control. The study of strategic management therefore emphasizes the monitoring and evaluating of external opportunities and threats in lights of a corporation’s strengths and weaknesses.

2. Strategic management is defined as dynamic process of formulation implication and control of strategies to realize the organization strategic intent Dynamic- Means changing process which is not static or mechanistic process .Strategic management is continual evolving iterative process which is repeated over the time as situation demands Importance of Strategic Management:- 1. To the shape the Future of business2. Effective strategic idea3. Mangers and employer are innovative and creative4. Its decentralized the Management5. Its helps to increase the productivity6. To Makes discipline7. To Make control

3. 4 Phases Of Strategic Management STRATEGIC CONTROLESTABLISHMENT OF STRATEGIC INTENT FORMULATION OF STRATEGY IMPLIMENTATION OF STRATEGY STRATEGIC EVALUATION

4. I st Phase -- Establishment of strategic intent Strategic intent is the hierarchy of objectives that the organisation set for itself it involves _Vision

5. Mission

6. Objective (business objective) II nd Phase—Formulation of strategy That means devising the strategy or few strategies .This phase is also called as strategic planning . This is also a analytical phase where plans are been analyzed .Strategy formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies.IIIrd Phase—Implementation of strategy Implementation means putting the formulated strategy in to action . Strategy implementation implies making the strategy work as intended or putting the organization’s chosen strategy into action. Strategy implementation includes designing the organization’s structure, distributing resources, developing decision making process, and managing human resources.IV th Phase – Strategic evaluation Strategy evaluation is the final step of strategy management process. The key strategy evaluation activities are: appraising internal and external factors that are the root of present strategies, measuring performance, and taking remedial / corrective actions. Evaluation makes sure that the organizational strategy as well as it’s implementation meets the organizational objectives.

7. MODEL OF STRATEGIC MANAGEMENT PROCESS Strategy ImplementationProject

8. Procedure

9. Resource allocation

10. Structural

11. Behavioral

12. Functional

13. Operational Strategy formulation Environmental Appraisal

14. Environmental scanning

15. ETOP Analysis

16. PEST Analysis

17. Organizational Appraisal

18. SWOT Analysis

19. Corporate Level Strategy

20. Business Level Strategy

21. Strategic PlansStrategicEvaluation Strategic intent Vision

22. Mission

23. BusinessObjective STRATEGIC CONTROL

24. STRATEGIC INTENT Vision + IntentWhere we want to get toHow we intend to get there

25. Vision- According to Kotter (1990) vision is a description of some thing (organizational corporate culture, a business , technology, An activity) in the future.El Namaki (1992) - Vision is a mental perception of a kind of environment an individual or an organization aspire to create within a broad time horizons. Miller and Dess (1996)-Category of intensions that are broad ,all inclusive and forward . Mission-Essential purpose of organization ‘s existence .It should be feasible,precise,clear ,motivating ,distinctive .It should also indicate major component of strategy .It should also indicate how objectives can be drawn on these lines .Business Objective-Objectives are the plans that state specifically how the goals shall be achieved .Objectives define the organizational relationship with environment. It should be concrete and specific ,should related to time frame, Objectives are measurable and controllable ,challenging