Strategic management involves formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. It includes three main stages: strategy formulation by analyzing external opportunities/threats and internal strengths/weaknesses; strategy implementation through setting objectives, policies, and allocating resources; and strategy evaluation by assessing performance and initiating corrective actions. Strategic management provides benefits such as improved strategic decisions, increased commitment through participation, and better financial and non-financial performance. However, some firms avoid it due to lack of knowledge, poor structures, or overconfidence.
Corporate Strategy or Strategic Management
Concepts and Cases by Fred R. David,
Francis Marion University, Florence, South Carolina, &
Forest R. David,
Strategic Planning Consultant
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Management strategy tips for small business owners. Management strategy outline for the small business. How to implement a management strategy and what it consists of.
Corporate Strategy or Strategic Management
Concepts and Cases by Fred R. David,
Francis Marion University, Florence, South Carolina, &
Forest R. David,
Strategic Planning Consultant
Educaterer India is an unique combination of passion driven into a hobby which makes an awesome profession. We carve the lives of enthusiastic candidates to a perfect professional who can impress upon the mindsets of the industry, while following the established traditions, can dare to set new standards to follow. We don't want you to be the part of the crowd, rather we like to make you the reason of the crowd. Today's Effort For A Better Tomorrow
Management strategy tips for small business owners. Management strategy outline for the small business. How to implement a management strategy and what it consists of.
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Strategic management is defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives
Strategic management in this text is used synonymously with the term strategic planning
Sometimes the term strategic management is used to refer to strategy formulation, implementation, and evaluation, with strategic planning referring only to strategy formulation.
A strategic plan results from tough managerial choices among numerous good alternatives, and it signals commitment to specific markets, policies, procedures, and operations in lieu of other, “less desirable” courses of action.
The strategic-management process consists of three stages: strategy formulation, strategy implementation,
and strategy evaluation.
Strategy formulation includes developing a vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue
Deciding what new businesses to enter,
What businesses to abandon,
How to allocate resources,
Whether to expand operations or diversify,
Whether to enter international markets,
Whether to merge or form a joint venture
How to avoid a hostile takeover.
Strategy implementation requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed and is often called the action stage
Strategy evaluation is defined as reviewing external and internal factors that are the bases for current strategies, measuring performance, and taking corrective actions
Strategy formulation, implementation, and evaluation activities occur at three hierarchical levels in a large organization: corporate, divisional or strategic business unit, and functional
Strategic management helps a firm function as a competitive team
Most organizations can benefit from strategic management, which is based upon integrating intuition and analysis in decision making
Intuition is particularly useful for making decisions in situations of great uncertainty or little precedent
Competitive advantage is anything that a firm does especially well compared to rival firms
Strategists are the individuals who are most responsible for the success or failure of an organization.
The Vision statement answers the question “What do we want to become?” and is often considered the first step in strategic planning
Mission statements are enduring statements of purpose that distinguish one business from other similar firms.
It identifies the scope of a firm’s operations in product and market terms and addresses the basic question that faces all strategists: “What is our business?”
External opportunities and external threats refer to economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends and events that could significantly benefit or harm an organization in the future
• Availability of capital can no longer be taken for granted.
• Consumers expect green operations and products.
• Marketing moving rapidly to the Internet.
• Commodity food prices are increasing.
• Political unrest in the Middle East is raising oil prices.
• Computer hacker problems are increasing.
• Intense price competition is plaguing most firms.
• Unemployment and underemployment rates remain high.
• Interest rates are rising.
• Product life cycles are becoming shorter.
• State and local governments are financially weak.
• Turmoil and violence in Mexico is increasing.
• Winters are colder and summers hotter than usual.
• Home prices remain exceptionally low.
• Global markets offer the highest growth in revenues.
Internal strengths and internal weaknesses are an organization’s controllable activities that are performed especially well or poorly
and are determined relative to competitors
Objectives are specific results that an organization seeks to achieve in pursuing its basic mission.
Long-term means more than one year
They should be challenging, measurable, consistent, reasonable, and clear
Strategies are the means by which long-term objectives will be achieved.
They may include geographic expansion, diversification, acquisition, product development, market penetration, retrenchment, divestiture, liquidation, and joint ventures.
Annual objectives are short-term milestones that organizations must achieve to reach long-term objectives.
They should be measurable, quantitative, challenging, realistic, consistent, and prioritized
They should be established at the corporate, divisional, and functional levels in a large organization.
Policies are the means by which annual objectives will be achieved.
They include guidelines, rules, and procedures established to support efforts to achieve stated objectives
Policies are guides to decision making and address repetitive or recurring situations
These are three important questions to answer in developing a strategic plan:
Where are we now?
Where do we want to go?
How are we going to get there?
Historically, the principal benefit of strategic management has been to help organizations formulate better strategies through the use of a more systematic, logical, and rational approach to strategic choice
Businesses using strategic-management concepts show significant improvement in sales, profitability, and productivity compared to firms without systematic planning activities
High-performing firms seem to make more informed decisions with good anticipation of both short- and long-term consequences
It allows for identification, prioritization, and exploitation of opportunities.
It provides an objective view of management problems.
It represents a framework for improved coordination and control of activities.
It minimizes the effects of adverse conditions and changes.
It allows major decisions to better support established objectives.
It allows more effective allocation of time and resources to identified opportunities.
It allows fewer resources and less time to be devoted to correcting erroneous or ad hoc decisions.
It creates a framework for internal communication among personnel.
• Lack of knowledge or experience in strategic planning—No training in strategic planning.
• Poor reward structures—When an organization assumes success, it often fails to reward
success. When failure occurs, then the firm may punish.
• Firefighting—An organization can be so deeply embroiled in resolving crises and firefighting
that it reserves no time for planning.
• Waste of time—Some firms see planning as a waste of time because no marketable product
is produced. Time spent on planning is an investment.
• Too expensive—Some organizations see planning as too expensive in time and money.
• Laziness—People may not want to put forth the effort needed to formulate a plan.
• Content with success—Particularly if a firm is successful, individuals may feel there is no
need to plan because things are fine as they stand. But success today does not guarantee
success tomorrow.
• Fear of failure—By not taking action, there is little risk of failure unless a problem is
urgent and pressing. Whenever something worthwhile is attempted, there is some risk of
failure.
• Overconfidence—As managers amass experience, they may rely less on formalized
planning. Rarely, however, is this appropriate. Being overconfident or overestimating
experience can bring demise. Forethought is rarely wasted and is often the mark of
professionalism.
• Prior bad experience—People may have had a previous bad experience with planning, that
is, cases in which plans have been long, cumbersome, impractical, or inflexible. Planning,
like anything else, can be done badly.
• Self-interest—When someone has achieved status, privilege, or self-esteem through effectively
using an old system, he or she often sees a new plan as a threat.
• Fear of the unknown—People may be uncertain of their abilities to learn new skills, of
their aptitude with new systems, or of their ability to take on new roles.
• Honest difference of opinion—People may sincerely believe the plan is wrong. They may
view the situation from a different viewpoint, or they may have aspirations for themselves
or the organization that are different from the plan. Different people in different jobs have
different perceptions of a situation.
• Suspicion—Employees may not trust management
