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- 1. UNDERSTANDING STRATEGIC MANAGEMENT Chapter 1 Abella, Antonette Generale, Jenerey Guzman, Melbourne Gundaya, Belchman Masanguid, Erika Jamago, Rafael John
- 2. NATURE OF STRATEGIC MANAGEMENT A manager performs several functions such planning and organizing, Also performs staffing, directing and controlling with equal importance. A managerial position can be at the top, middle ot lower levels Planning starts and end at the top level. It recognizes universally accepted principles of other management and business courses. It focuses on the planning function of the top-level management. It conducts environmental analyses on the elements the external and internal. directs the achievement of short- and long company goals and objectives.
- 3. DEFINITION OF STRATEGIC MANAGEMENT Determines the long run performance of a company. Includes environmental scanning, strategy formulation, Includes strategy implementation and evaluation and control. Emphasizes the monitoring and evaluation of external opportunities. Accentuate threats in light of a company's strengths and weaknesses. STAGES OF STRATEGIC MANAGEMENT Strategy Formulation Strategy Implementation Strategy Evaluation and Control
- 4. EVOLUTIONARY PHASES OF STRATEGIC MANAGEMENT Different departments required to prepare budgets and targets A simple one-year period analysis should be conducted Merely extends the time period of the planning More time spent on meetings and project justifications Planning process is done by the top-level management Little participation and inputs from the lower levels Various inputs from different levels should be considered Information is gathered within and outside the company Short-term financial planning phase Medium-term planning phase Strategic planning phase Strategic management phase
- 5. IMPORTANCE OF STRATEGIC MANAGEMENT It can provide a clear overall direction. It can overcome direct and indirect competition. It can achieve a competitive advantage. It can attain superior business performance.
- 6. PURPOSE OF STRATEGIC MANAGEMENT EXPLOIT BUSINESS OPPURNITITES FROM A CHANGING ENVIRONMENT IDENTIFY PRIORITITES REQUIRING FINANCIAL ASSISTANCE ASSIST IN REDUCING BUSINESS RISKS CONTINUOSLY DEFINE AND REDIFINE DIRECTION BULD COMPETITIVE ADVANTAGE BENEFITS OF STRATEGIC MANAGEMENT A CLEARER SENSE OF STRATEGIC VISION FOR THE COMPANY A SHARPER FOCUS ON WHAT IS STRATEGICALLY IMPORTANT AN IMPROVED UNDERSTANDING OF A RAPIDLY CHANGING ENVIRONMENT READILY ALIGNED RESOURCES FOR OPTIMAL RESULTS EASIER IMPLEMENATTION OF RISK CONTROL MEASURES TO MINIMIZE UNCERTAINTY
- 7. STRATEGIC MANAGEMENT MODEL Facilitate the study and review of strategic plans. Strategy analysis is the forerunner of core stages. First stage in strategic management is strategy formulation. Second stage in strategic management is strategy implementation. Third stage is the strategy evaluation and control. Impacts of all the processes of the activities.