Strategic Management is the art and science of
formulating, implementing and evaluating cross
functional decisions that enable an organization to
achieve its objectives.
Action stage of Strategic Management
Focus on efficiency
Require co-ordination among many people
Differ greatly for different types of organization.
MANAGEMENT ISSUES IN
ISSUES IN STRATEGY
Strategy and Structure
Structure and Culture.
Short time mile-stones
Should be SMART
Established at corporate,business and functional level.
Specific method, guideline, procedure and rule to
Supported by annual objectives
Generally formal and written
Provide predetermined answer
Help understand the business environment.
Main Marketing variables vital to strategy
Finance concept essential for strategy
Acquiring needed capital
Developing projected financial statements
Preparing financial budgets
Evaluating work of a business.
R & D issues related to strategy implementation are-
Be the first firm to market new technological
Be an innovative imitator of successful products
Be a low cost producer.
The various functions of MIS in strategy
Information collection,retrieval and storage
Keeping managers inform
Co-ordination of activities
Implementation of strategy is the process through
which a chosen strategy is put into action.
It involves the design and management of systems to
achieve the best integration of people, structure,
processes and resources in achieving organizational
Implementation of Strategy affects all the
functional and divisional areas of business.