The document discusses strategic management and the process of formulating strategies. It examines the importance of mission statements and defines key terms like strategy, competitive advantage, and superior performance. It outlines the strategic management process, including strategy formulation, implementation, and leadership. It discusses analyzing the external and internal environments, crafting the organization's mission, vision, values and goals. The levels and roles of strategic managers are also summarized.
The chapter discusses the importance of strategic leadership in implementing strategy. It covers eight key areas: the role of top managers and management teams in determining strategic direction and firm performance; succession planning; managing resources and culture; emphasizing ethics; and using controls. Effective strategic leaders anticipate change, empower others, and facilitate strategic actions to drive competitiveness and performance.
Introduction to Strategic Management - Module 1 – MG University - Manu Melwin...manumelwin
According to Norman (1993), “Strategy is the art of creating value”.
According to Porter (1996), “Strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value”.
The document discusses the importance of developing values, vision, and mission statements for an organization. It provides examples of effective vision statements that are short and inspirational. Mission statements should define the organization's purpose and customers. Goals and objectives specify what the organization aims to achieve and should be SMART (specific, measurable, attainable, results-oriented, and time-limited). Benchmarking against competitors can help set challenging strategic goals and objectives. Developing these elements provides purpose, guidance, and motivation for an organization's employees and stakeholders.
Organizations win by developing and working around 'Big Picture'. Japanese firms called it 'Strategic Intent' and supplement it by 'Competitive Innovation'.... Obsession to win and following it up with Changing the rules of the game.
The document discusses the vision and mission statements of companies. It provides information on developing vision and mission statements, including getting input from managers, drafting statements, and revising them. It also discusses the importance of vision and mission statements in providing direction and motivation for employees. Key aspects of an effective mission statement mentioned include being broad in scope, identifying customer utility, and including components like markets and technology.
The document discusses the roles and responsibilities of strategic leaders and middle managers in organizational strategy. It outlines several key roles:
1. Strategic leaders such as the CEO are responsible for determining strategic direction, managing resources, sustaining organizational culture, emphasizing ethics, and establishing controls.
2. Middle managers play important roles in strategy formation through idea generation, championing new initiatives, and developing capabilities.
3. Both strategic leaders and middle managers are involved in strategy implementation through roles like leadership, organization, resource management, and performance monitoring. Effective strategy implementation requires alignment across all organizational elements.
This document provides an overview of strategic management. It defines strategic management as what managers do to develop an organization's strategies. Strategies are the decisions and actions that determine long-term performance. The strategic management process involves identifying the organization's mission and goals, analyzing the external and internal environment, formulating strategies, implementing strategies, and evaluating results. There are various types of corporate and competitive strategies that can be used, such as growth, stability, renewal, cost leadership, and differentiation strategies.
The chapter discusses the importance of strategic leadership in implementing strategy. It covers eight key areas: the role of top managers and management teams in determining strategic direction and firm performance; succession planning; managing resources and culture; emphasizing ethics; and using controls. Effective strategic leaders anticipate change, empower others, and facilitate strategic actions to drive competitiveness and performance.
Introduction to Strategic Management - Module 1 – MG University - Manu Melwin...manumelwin
According to Norman (1993), “Strategy is the art of creating value”.
According to Porter (1996), “Strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value”.
The document discusses the importance of developing values, vision, and mission statements for an organization. It provides examples of effective vision statements that are short and inspirational. Mission statements should define the organization's purpose and customers. Goals and objectives specify what the organization aims to achieve and should be SMART (specific, measurable, attainable, results-oriented, and time-limited). Benchmarking against competitors can help set challenging strategic goals and objectives. Developing these elements provides purpose, guidance, and motivation for an organization's employees and stakeholders.
Organizations win by developing and working around 'Big Picture'. Japanese firms called it 'Strategic Intent' and supplement it by 'Competitive Innovation'.... Obsession to win and following it up with Changing the rules of the game.
The document discusses the vision and mission statements of companies. It provides information on developing vision and mission statements, including getting input from managers, drafting statements, and revising them. It also discusses the importance of vision and mission statements in providing direction and motivation for employees. Key aspects of an effective mission statement mentioned include being broad in scope, identifying customer utility, and including components like markets and technology.
The document discusses the roles and responsibilities of strategic leaders and middle managers in organizational strategy. It outlines several key roles:
1. Strategic leaders such as the CEO are responsible for determining strategic direction, managing resources, sustaining organizational culture, emphasizing ethics, and establishing controls.
2. Middle managers play important roles in strategy formation through idea generation, championing new initiatives, and developing capabilities.
3. Both strategic leaders and middle managers are involved in strategy implementation through roles like leadership, organization, resource management, and performance monitoring. Effective strategy implementation requires alignment across all organizational elements.
This document provides an overview of strategic management. It defines strategic management as what managers do to develop an organization's strategies. Strategies are the decisions and actions that determine long-term performance. The strategic management process involves identifying the organization's mission and goals, analyzing the external and internal environment, formulating strategies, implementing strategies, and evaluating results. There are various types of corporate and competitive strategies that can be used, such as growth, stability, renewal, cost leadership, and differentiation strategies.
The document provides an overview of business policy and strategic management. It discusses key concepts like the meaning and nature of management, strategic management process, importance of strategic management, strategic decision making, developing strategic vision and mission, and setting goals and objectives. The document emphasizes that business policy and strategic management are highly intertwined and strategic management involves identifying strategies to achieve organizational goals and competitive advantage through planning, analyzing, implementing, and evaluating strategies.
1) Strategic management is defined as formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. It integrates functions like management, marketing, finance, and operations.
2) The strategic management process consists of strategy formulation, implementation, and evaluation in a continuous and dynamic process. It aims to maximize opportunities and minimize threats from the external environment.
3) Benefits of strategic management include improved financial performance, coordination, problem prevention, and understanding of competitors. However, some firms resist it due to challenges like poor incentives, overconfidence, or prior negative experiences.
This document provides an introduction to strategic management. It outlines various course contents including management by objectives, the differences between strategic and operational plans, the evolution of the concept of strategy, levels of strategy, and the contents of a corporate strategy. It also discusses topics such as the product life cycle model, the BCG matrix approach to corporate portfolios, and definitions of strategy at the corporate, business unit, and functional levels.
Chapter 1 introduction to strategic managementhappysingh1991
This document provides an introduction to strategic management concepts. It defines strategy as an overall plan to deploy resources in a favorable position. The strategic management process involves analyzing internal and external environments to formulate and implement strategies to create value and earn above-average returns. Two models of strategy are described: the industrial organization model focuses on external industry analysis, while the resource-based model emphasizes a firm's unique resources and capabilities. The document also discusses strategic intent, missions, emergent vs. deliberate strategies, and stakeholder groups.
Strategic management involves analyzing an organization's current situation, developing appropriate strategies, and implementing those strategies while evaluating performance. It provides a systematic process for coordinating activities, focusing employees, and adapting to uncertainties. Strategic management is important for organizational success and requires involvement from the board of directors, top management, and all employees to effectively analyze, plan, implement, and evaluate the organization's strategies.
This document discusses the importance of vision and mission statements for businesses. It provides examples of vision statements from different organizations and outlines key components that make an effective mission statement, such as defining what the organization is and aspires to be, identifying customers and markets, and conveying social responsibility. The document also notes that while research on the relationship between mission statements and performance is mixed, firms with formal statements tend to see higher returns.
The document discusses various aspects of conducting an internal assessment or audit of a company. It covers evaluating the strengths and weaknesses in key functional areas like management, marketing, finance, production, research and development, and management information systems. The internal audit helps identify distinctive competencies and resources that can provide a competitive advantage. It also involves analyzing internal forces and capabilities to determine objectives, strategies and the company's mission.
Ch4 Internal Assessment: Strategic ManagementTriune Global
Focus is on identifying & evaluating a firm's strength & weaknesses in the functional areas of business, including management, marketing, finance, production, and management information systems.
This document provides an overview of strategic management concepts including strategy, vision, mission, objectives, goals, the strategic management process, corporate planning, and strategic business units. Some key points:
1. Strategy involves consciously choosing a company's direction and responding proactively to changes. A vision describes what a company aspires to become, while a mission explains what it is and why it exists.
2. Objectives are long-term goals that support the mission, while goals are more specific and short-term. The strategic management process consists of environmental scanning, strategy formulation, implementation, and evaluation.
3. Corporate planning is a comprehensive process undertaken by top management to guide the company towards its objectives. Strateg
Notes for mba (strategic management) unit isnselvaraj
This document provides an overview of strategic management concepts and processes. It discusses:
1) The conceptual framework of strategic management, including how it has evolved from long-range planning to address rapid changes in business environments.
2) Key elements of strategic management like vision, mission, objectives, and the roles of top management in providing direction.
3) The strategic management process including analyzing internal/external environments, strategic choice, implementation involving structure and control, and feedback.
4) Examples are given to illustrate how organizations strategize to adapt to their environments through expansion, divestment, stability and other decisions.
This is the first lecture of 40 lectures planned for Anna University/Anna University of Technology students of 3ed semester MBA. Please provide your comments. The required notes will be uploaded soon.
1) The document discusses various strategies for business including corporate strategy, directional strategy, growth strategy, concentration strategy, and stability strategy. It also discusses implementing strategies through developing programs, budgets, and procedures.
2) Evaluation and control of strategies is discussed, including determining metrics, establishing standards, measuring performance, comparing to standards, and taking corrective actions. Different types of controls like behavior controls and output controls are also mentioned.
3) Finally, the document emphasizes that while strategy implementation carries risk, successful implementation can lead to significant gains for the business.
The document provides an overview of an advanced strategic management course. The objectives are to understand strategic concepts and apply them to analyze enterprise performance, generate and evaluate strategic options, and implement strategies. The course also aims to integrate previous learning and develop general management skills. It then discusses the concept of strategy, defining it as determining long-term goals and adopting actions and allocating resources to achieve those goals. Different levels of strategy are described, from functional to business to corporate. Successful strategies are said to have effective implementation, understanding of the environment, objective resource appraisal, long-term objectives, and agreement. The document frames strategy as a quest for profit and discusses maximizing shareholder value over profit alone.
Business Level Strategies & Functional Level StrategiesAyyazMehmood1988
The document provides an overview of business level strategies and functional level strategies. It discusses the five generic business level strategies of cost leadership, differentiation, and focused cost leadership and differentiation. It also discusses developing functional level strategies to support business level strategies. Key functions discussed include finance, marketing, operations, and human resources. Developing strategies at all levels can help a company gain a competitive advantage.
1) Strategic management is defined as the art and science of formulating, implementing, and evaluating cross-functional decisions to help a company achieve its objectives.
2) The strategic management process involves strategy formulation, implementation, and evaluation in a continuous and dynamic manner.
3) Benefits of strategic management include improved financial performance, enhanced understanding of competitors, and better identification of opportunities.
The document provides an overview of strategic leadership and the strategy-making process. It discusses key concepts such as mission, vision, values, goals, external and internal analysis, strategy formulation, implementation, and strategic decision-making. The strategy-making process involves crafting the organization's mission and goals, analyzing external opportunities/threats and internal strengths/weaknesses, selecting strategies to achieve competitive advantage, and implementing strategies. Effective strategic leadership requires vision, commitment, delegation, emotional intelligence, and avoiding cognitive biases in decision-making.
Strategic Management Chapter 1.ppt on Strategic LeadershipAdibaSababaSaeed
This document provides an overview of strategic leadership and the strategy-making process. It discusses that strategic leadership involves managing an organization's strategy formulation, implementation, and competitive advantage. The strategy-making process involves crafting a mission, analyzing external and internal environments, selecting strategies to leverage strengths and address weaknesses/threats, and implementing strategies. It also discusses the importance of strategic managers at different levels and components of the strategy-making process like conducting external and internal analyses.
This document discusses strategic leadership and the strategy making process. It explains that strategic leadership involves managing strategy formulation, implementation, and competitive advantage. The strategy making process has 5 steps: setting vision/mission/goals, external analysis, internal analysis, strategy selection, and implementation. External analysis identifies opportunities and threats in the company's industry and environment. Internal analysis identifies strengths and weaknesses. Strategy selection aligns strategies to leverage strengths and address weaknesses given external factors. Implementation puts strategies into action. The goal is a viable business model and sustainable competitive advantage through superior performance.
This document provides an overview of management and entrepreneurship. It defines management as working with others to achieve organizational objectives efficiently amid changing conditions. Managers balance effectiveness and efficiency and cope with changes like globalization. Their functions include planning, organizing, staffing, motivating, and controlling. Managers learn through both formal education and experiences. Myths about small businesses are exploding - they have lower failure rates than believed and generate significant job growth. Entrepreneurs start opportunities regardless of available resources but must decide whether to grow with their company or step aside for professional managers.
The document provides an overview of business policy and strategic management. It discusses key concepts like the meaning and nature of management, strategic management process, importance of strategic management, strategic decision making, developing strategic vision and mission, and setting goals and objectives. The document emphasizes that business policy and strategic management are highly intertwined and strategic management involves identifying strategies to achieve organizational goals and competitive advantage through planning, analyzing, implementing, and evaluating strategies.
1) Strategic management is defined as formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. It integrates functions like management, marketing, finance, and operations.
2) The strategic management process consists of strategy formulation, implementation, and evaluation in a continuous and dynamic process. It aims to maximize opportunities and minimize threats from the external environment.
3) Benefits of strategic management include improved financial performance, coordination, problem prevention, and understanding of competitors. However, some firms resist it due to challenges like poor incentives, overconfidence, or prior negative experiences.
This document provides an introduction to strategic management. It outlines various course contents including management by objectives, the differences between strategic and operational plans, the evolution of the concept of strategy, levels of strategy, and the contents of a corporate strategy. It also discusses topics such as the product life cycle model, the BCG matrix approach to corporate portfolios, and definitions of strategy at the corporate, business unit, and functional levels.
Chapter 1 introduction to strategic managementhappysingh1991
This document provides an introduction to strategic management concepts. It defines strategy as an overall plan to deploy resources in a favorable position. The strategic management process involves analyzing internal and external environments to formulate and implement strategies to create value and earn above-average returns. Two models of strategy are described: the industrial organization model focuses on external industry analysis, while the resource-based model emphasizes a firm's unique resources and capabilities. The document also discusses strategic intent, missions, emergent vs. deliberate strategies, and stakeholder groups.
Strategic management involves analyzing an organization's current situation, developing appropriate strategies, and implementing those strategies while evaluating performance. It provides a systematic process for coordinating activities, focusing employees, and adapting to uncertainties. Strategic management is important for organizational success and requires involvement from the board of directors, top management, and all employees to effectively analyze, plan, implement, and evaluate the organization's strategies.
This document discusses the importance of vision and mission statements for businesses. It provides examples of vision statements from different organizations and outlines key components that make an effective mission statement, such as defining what the organization is and aspires to be, identifying customers and markets, and conveying social responsibility. The document also notes that while research on the relationship between mission statements and performance is mixed, firms with formal statements tend to see higher returns.
The document discusses various aspects of conducting an internal assessment or audit of a company. It covers evaluating the strengths and weaknesses in key functional areas like management, marketing, finance, production, research and development, and management information systems. The internal audit helps identify distinctive competencies and resources that can provide a competitive advantage. It also involves analyzing internal forces and capabilities to determine objectives, strategies and the company's mission.
Ch4 Internal Assessment: Strategic ManagementTriune Global
Focus is on identifying & evaluating a firm's strength & weaknesses in the functional areas of business, including management, marketing, finance, production, and management information systems.
This document provides an overview of strategic management concepts including strategy, vision, mission, objectives, goals, the strategic management process, corporate planning, and strategic business units. Some key points:
1. Strategy involves consciously choosing a company's direction and responding proactively to changes. A vision describes what a company aspires to become, while a mission explains what it is and why it exists.
2. Objectives are long-term goals that support the mission, while goals are more specific and short-term. The strategic management process consists of environmental scanning, strategy formulation, implementation, and evaluation.
3. Corporate planning is a comprehensive process undertaken by top management to guide the company towards its objectives. Strateg
Notes for mba (strategic management) unit isnselvaraj
This document provides an overview of strategic management concepts and processes. It discusses:
1) The conceptual framework of strategic management, including how it has evolved from long-range planning to address rapid changes in business environments.
2) Key elements of strategic management like vision, mission, objectives, and the roles of top management in providing direction.
3) The strategic management process including analyzing internal/external environments, strategic choice, implementation involving structure and control, and feedback.
4) Examples are given to illustrate how organizations strategize to adapt to their environments through expansion, divestment, stability and other decisions.
This is the first lecture of 40 lectures planned for Anna University/Anna University of Technology students of 3ed semester MBA. Please provide your comments. The required notes will be uploaded soon.
1) The document discusses various strategies for business including corporate strategy, directional strategy, growth strategy, concentration strategy, and stability strategy. It also discusses implementing strategies through developing programs, budgets, and procedures.
2) Evaluation and control of strategies is discussed, including determining metrics, establishing standards, measuring performance, comparing to standards, and taking corrective actions. Different types of controls like behavior controls and output controls are also mentioned.
3) Finally, the document emphasizes that while strategy implementation carries risk, successful implementation can lead to significant gains for the business.
The document provides an overview of an advanced strategic management course. The objectives are to understand strategic concepts and apply them to analyze enterprise performance, generate and evaluate strategic options, and implement strategies. The course also aims to integrate previous learning and develop general management skills. It then discusses the concept of strategy, defining it as determining long-term goals and adopting actions and allocating resources to achieve those goals. Different levels of strategy are described, from functional to business to corporate. Successful strategies are said to have effective implementation, understanding of the environment, objective resource appraisal, long-term objectives, and agreement. The document frames strategy as a quest for profit and discusses maximizing shareholder value over profit alone.
Business Level Strategies & Functional Level StrategiesAyyazMehmood1988
The document provides an overview of business level strategies and functional level strategies. It discusses the five generic business level strategies of cost leadership, differentiation, and focused cost leadership and differentiation. It also discusses developing functional level strategies to support business level strategies. Key functions discussed include finance, marketing, operations, and human resources. Developing strategies at all levels can help a company gain a competitive advantage.
1) Strategic management is defined as the art and science of formulating, implementing, and evaluating cross-functional decisions to help a company achieve its objectives.
2) The strategic management process involves strategy formulation, implementation, and evaluation in a continuous and dynamic manner.
3) Benefits of strategic management include improved financial performance, enhanced understanding of competitors, and better identification of opportunities.
The document provides an overview of strategic leadership and the strategy-making process. It discusses key concepts such as mission, vision, values, goals, external and internal analysis, strategy formulation, implementation, and strategic decision-making. The strategy-making process involves crafting the organization's mission and goals, analyzing external opportunities/threats and internal strengths/weaknesses, selecting strategies to achieve competitive advantage, and implementing strategies. Effective strategic leadership requires vision, commitment, delegation, emotional intelligence, and avoiding cognitive biases in decision-making.
Strategic Management Chapter 1.ppt on Strategic LeadershipAdibaSababaSaeed
This document provides an overview of strategic leadership and the strategy-making process. It discusses that strategic leadership involves managing an organization's strategy formulation, implementation, and competitive advantage. The strategy-making process involves crafting a mission, analyzing external and internal environments, selecting strategies to leverage strengths and address weaknesses/threats, and implementing strategies. It also discusses the importance of strategic managers at different levels and components of the strategy-making process like conducting external and internal analyses.
This document discusses strategic leadership and the strategy making process. It explains that strategic leadership involves managing strategy formulation, implementation, and competitive advantage. The strategy making process has 5 steps: setting vision/mission/goals, external analysis, internal analysis, strategy selection, and implementation. External analysis identifies opportunities and threats in the company's industry and environment. Internal analysis identifies strengths and weaknesses. Strategy selection aligns strategies to leverage strengths and address weaknesses given external factors. Implementation puts strategies into action. The goal is a viable business model and sustainable competitive advantage through superior performance.
This document provides an overview of management and entrepreneurship. It defines management as working with others to achieve organizational objectives efficiently amid changing conditions. Managers balance effectiveness and efficiency and cope with changes like globalization. Their functions include planning, organizing, staffing, motivating, and controlling. Managers learn through both formal education and experiences. Myths about small businesses are exploding - they have lower failure rates than believed and generate significant job growth. Entrepreneurs start opportunities regardless of available resources but must decide whether to grow with their company or step aside for professional managers.
Chapter 7 managerial planning and goal settingJoy Villasenor
This document discusses various types of managerial planning and goal setting. It describes the importance of goals and plans for providing legitimacy, motivation, guidance, and performance standards for an organization. Different levels of goals and plans are covered, from mission statements and strategic goals set by senior management, to tactical and operational goals set at middle and lower levels. The benefits and characteristics of effective goal setting are outlined. Various planning approaches are also summarized, including management by objectives, single-use plans for one-time goals, standing plans for repeated tasks, and contingency plans for unexpected situations.
Strategic management involves analyzing strengths and weaknesses, developing long-term plans, and allocating resources to achieve competitive advantages and objectives. Strategy determines a firm's goals and guides how it will orient itself relative to the external environment. It includes formulation, through analyses and decisions, and implementation, through actions. Key aspects of strategy include its integrative nature, consideration of multiple stakeholders, and management of both long-term and short-term goals. Firms that fail may not recognize or understand problems, be internally focused, or struggle to implement responses due to conflicting pressures. Effective strategy aligns all elements, including vision, mission, objectives, competitive advantage, and coordination of activities.
2 Business Policy And Strategic Management BASIC CONCEPTSAmy Isleb
This document discusses key concepts in strategic management including:
1. Strategic management involves developing a strategic vision, objectives, and strategy to create competitive advantages and guide a company through environmental changes.
2. There are three levels of management - corporate, business, and functional. Corporate management oversees company strategies, business management focuses on business unit strategies, and functional management handles operational functions.
3. Other concepts discussed include a company's mission, the difference between proactive and reactive strategies, and how strategic management helps companies be proactive and ensure long term success.
This chapter discusses strategic management and competitive advantage. It covers the following key points in 3 sentences:
The strategic planning process involves selecting a mission and goals, analyzing external opportunities and threats, analyzing internal strengths and weaknesses, selecting strategies to leverage strengths and address weaknesses, and implementing strategies. Good strategic leaders articulate a clear vision and business model, commit to strategic decisions, delegate responsibilities, and make decisions by considering cognitive biases and multiple scenarios. The chapter also discusses competitive advantage, levels of managers, common pitfalls in planning, and characteristics of effective strategic leadership.
The chapter discusses strategic management and leadership. It defines key concepts like competitive advantage and outlines the strategic planning process. This involves selecting a mission, analyzing external/internal environments, identifying strengths/weaknesses/opportunities/threats via SWOT analysis, and selecting strategies. It also discusses levels of managers, common pitfalls in planning, and techniques for overcoming cognitive biases in decision making. Characteristics of good strategic leaders are vision, commitment, being well-informed, delegation, use of power, and emotional intelligence.
This chapter discusses strategic management and its key concepts. It defines strategic management as analyzing, deciding on and implementing plans to create competitive advantages. The strategic management process involves strategic analysis, formulation and implementation. It is important for organizations to have coherence in their strategic direction through a hierarchy of goals from inspiring visions to specific objectives. Stakeholder management and social responsibility are also discussed.
1) Management involves planning, organizing, leading, and controlling organizational resources to efficiently and effectively achieve goals. Managers perform these functions at different levels and in various areas of organizations.
2) The basic management process consists of four functions: planning and decision making, organizing, leading, and controlling. Managers use different skills depending on their role and the situation.
3) Management requires both scientific and artistic abilities. Managers become effective through education, experience in various jobs, and developing interpersonal, conceptual, and diagnostic skills.
The document discusses strategic management and planning. It outlines the typical 7-step strategic planning process as: 1) Developing a strategic vision and mission, 2) Analyzing the internal and external environment, 3) Appraising capabilities and strategies, 4) Setting objectives, 5) Formulating and evaluating strategies, 6) Implementing strategies, and 7) Reviewing and monitoring strategies. It also discusses the importance of analyzing an organization's internal environment including resources and external environment including economic, social, political, and technological factors. The key aspects of developing an effective mission statement are highlighted.
Developing vision, mission, shared values, motto, objectives, critical success factors, Key Performance Indicators, as well as using veritable tools for scanning the environment in order to craft effective strategy while evolving workable strategic road map
Strategic Planning, Execution Frameworks & Organizational Health – Executive Summary
There are many frameworks and components for strategic management, planning, and execution; like a Ferrari, a BMW, or a Volkswagen, they all do the job – just differently. Ultimately, every business needs to answer some key questions:
Where are we? Where are we going? How do we get there? How are we doing? How do we function effectively? How can we influence what we cannot control? How should we appear to Customers (BtoB, BtoC)? How do we look to our investors? How do we look to our workforce? How do we sustain, and continuously learn & improve? What must we excel at to satisfy stakeholders? How do we become The Employer of Choice, and the Provider of Choice in the markets we serve?
Led by an internal team (which frequently includes the CEO, CFO, COO, CHRO, sales & marketing, IT/IS, and other represented disciplines), and sometimes also key stakeholders (customers, suppliers), the output is practical & tactical, helping to enable sterling execution & organizational health.
Strategic management is a method by which leaders conceive of and implement a strategy that leads to a sustainable competitive advantage.
Strategic planning is a systematic, organizational effort that includes initial assessment, thorough analysis, strategy formulation, its implementation and evaluation, leading to the achievement of business goals, and competitive advantage. Continuous improvement / continuous learning includes benchmarking, best practices, change management, and performance excellence. Input frequently comes from senior management, and may also come from lead investors, the workforce, key customers, suppliers, and distributors.
Execution frameworks help align the organization’s talent, organizational structure, programs, projects, tasks, processes, and technology, to ensure strategy is executed on time, on budget, as required, meeting (and exceeding) business goals. In many instances, an execution framework has few strategic objectives, numerous (enabling) tactical initiatives, measures, and targets, plans operations, monitors and learns, validates & adapts, supported by budget & resources.
Organizational health is about making a company function effectively by building a cohesive leadership team, establishing real clarity among those leaders, communicating that clarity to everyone within the organization, and putting in place enough structure to reinforce that clarity going forward, and aligning rewards, metrics, and resources.
The document discusses strategic management and strategic planning. It defines strategic management as consisting of analysis, decisions, and actions to create and sustain competitive advantages. It notes strategic management includes goals, internal and external environmental analysis, and decisions about industries, competition, and resource allocation. The document also discusses Mintzberg's views of strategy, the strategic management process, levels of strategy, and research on whether strategic planning pays off for firms.
Strategic management involves analyzing a firm's internal strengths and weaknesses as well as external opportunities and threats. It consists of setting strategic goals, deciding how to compete in chosen industries, and taking actions to create and sustain competitive advantages. The strategic management process includes analyzing the environment, formulating strategies, and implementing plans. It aims to direct firms toward overall goals while incorporating both short and long-term perspectives. Strategic planning has been found to positively impact firm growth and profitability.
This document provides an overview of management as a chapter in a textbook. It defines management as planning, organizing, leading, and controlling resources to achieve goals efficiently and effectively. It outlines the four managerial functions of planning, organizing, leading, and controlling. It also discusses the importance of efficiency and effectiveness for organizational performance and explains the roles of different levels of managers in an organization.
This document provides an overview of management and the management process. It defines management as planning, organizing, leading, and controlling resources to achieve organizational goals efficiently and effectively. Managers are responsible for supervising resources like people, skills, knowledge, and equipment. The four key functions of management that all managers perform are planning, organizing, leading, and controlling. Planning involves setting goals and strategies, organizing is establishing structure and assigning roles, leading is motivating people towards goals, and controlling is monitoring performance and taking corrective actions. Studying management helps understand how to accomplish tasks and pursue well-paying career opportunities.
This document provides an overview of management as a chapter in a textbook. It defines management as planning, organizing, leading, and controlling resources to achieve goals efficiently and effectively. It outlines the four managerial functions of planning, organizing, leading, and controlling. It also discusses the importance of efficiency and effectiveness for organizational performance and explains the roles of different levels of managers in an organization.
1. LO1
Examine the framework of strategic
management process and identify
the context within which strategies
are formulated. Examine the
importance of mission statements.
20. Group Assignment 1
• Craft a mission statement for a company your
group agrees on (assume you are the
executives) (i.e. could be the company you
work in), which includes:
– The reason for existence – what an organization
does
– A statement of some desired future state (vision)
– A statement of key values that an organization is
committed to (values)
– The measurable desired future goals (goals)