STRATEGIC MANAGEMENT
Module 1 Introduction to Strategic Management & Business Policy
By Jayanti Pande
RTMNU Nagpur university MBA Sem 3
Free Notes By Jayanti Pande
#JRPNotes
#JayantiPandeNotes
MBA Free notes pdf download
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STRATEGIC MANAGEMENT
Module 2 STRATEGY INTENT & STRATEGY FORMULATION
By Jayanti Pande
RTMNU Nagpur university MBA Sem 3
Free Notes By Jayanti Pande
#JRPNotes
#JayantiPandeNotes
MBA Free notes pdf download
JRP Notes pdf
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Performance management and career planningjairane355
This document provides an introduction to performance management and career planning. It discusses key concepts such as performance management meaning, definition, components, process, and importance. Performance management is defined as a systematic process of improving organizational performance by improving individual and team performance. It differs from performance appraisal in that it focuses on continuous review and development rather than annual ratings. The performance management process involves three phases - planning, monitoring, and performance reviews. It is an important HR function that should be integrated with other HR activities and requires prerequisites like a clear purpose, alignment of goals, and commitment from all levels.
Strategic intent - strategic human resource managementmanumelwin
In its simplest form, strategy could be described as an expression of the intentions of the organization – what it means to do and how or, as Wickens (1987) put it, how the business means to ‘get from here to there’.
This document discusses planning in management. It defines planning as deciding a course of action to achieve organizational goals. Effective planning involves setting objectives and strategies, forecasting resources, developing budgets, and setting policies. There are different levels of planning from strategic planning set by top management to define goals and strategies, to tactical, operational, and single use plans implemented by lower levels. Key aspects of planning include aligning the mission to goals and strategies, and integrating plans across the organization.
This is a presentation to co-operatives on strategic planning. The process of coming up with a strategic plan is as important as the final document. It is critical that co-operatives participate fully in drafting their own strategic plans and coming up with final document that they own and can implement.
Strategic plans are critical for co-operatives to prioritize what they want to achieve and within what time period.
Strategic planning involves developing a vision and mission, setting objectives, crafting a strategy, implementing and executing the strategy, and evaluating performance. A company's strategy consists of competitive moves, operating approaches, and action plans to achieve performance targets. Strategic planning addresses where the company currently stands, where it wants to go, and how it will get there. The strategy is constantly evolving due to changing market conditions, competitors, technologies, and other factors.
Performance Management System & Performance AppraisalArun VI
The document discusses performance management systems and performance appraisal. It explains that performance management systems take a systematic approach to improving individual and team performance in an organization, and include strategic functions like resource planning and organizational development as well as transactional functions like recruitment and selection. Performance appraisal evaluates and measures an individual's performance and helps categorize high and low performers so that low performers can receive training and high performers can be rewarded. Performance management differs from performance appraisal in that it involves continuous monitoring, setting clear objectives, and regular feedback throughout the performance cycle. An effective performance management system comprises forecasting, planning, controls, and reporting to improve policies, programs, and outcomes.
STRATEGIC MANAGEMENT
Module 2 STRATEGY INTENT & STRATEGY FORMULATION
By Jayanti Pande
RTMNU Nagpur university MBA Sem 3
Free Notes By Jayanti Pande
#JRPNotes
#JayantiPandeNotes
MBA Free notes pdf download
JRP Notes pdf
Free JRP notes
Performance management and career planningjairane355
This document provides an introduction to performance management and career planning. It discusses key concepts such as performance management meaning, definition, components, process, and importance. Performance management is defined as a systematic process of improving organizational performance by improving individual and team performance. It differs from performance appraisal in that it focuses on continuous review and development rather than annual ratings. The performance management process involves three phases - planning, monitoring, and performance reviews. It is an important HR function that should be integrated with other HR activities and requires prerequisites like a clear purpose, alignment of goals, and commitment from all levels.
Strategic intent - strategic human resource managementmanumelwin
In its simplest form, strategy could be described as an expression of the intentions of the organization – what it means to do and how or, as Wickens (1987) put it, how the business means to ‘get from here to there’.
This document discusses planning in management. It defines planning as deciding a course of action to achieve organizational goals. Effective planning involves setting objectives and strategies, forecasting resources, developing budgets, and setting policies. There are different levels of planning from strategic planning set by top management to define goals and strategies, to tactical, operational, and single use plans implemented by lower levels. Key aspects of planning include aligning the mission to goals and strategies, and integrating plans across the organization.
This is a presentation to co-operatives on strategic planning. The process of coming up with a strategic plan is as important as the final document. It is critical that co-operatives participate fully in drafting their own strategic plans and coming up with final document that they own and can implement.
Strategic plans are critical for co-operatives to prioritize what they want to achieve and within what time period.
Strategic planning involves developing a vision and mission, setting objectives, crafting a strategy, implementing and executing the strategy, and evaluating performance. A company's strategy consists of competitive moves, operating approaches, and action plans to achieve performance targets. Strategic planning addresses where the company currently stands, where it wants to go, and how it will get there. The strategy is constantly evolving due to changing market conditions, competitors, technologies, and other factors.
Performance Management System & Performance AppraisalArun VI
The document discusses performance management systems and performance appraisal. It explains that performance management systems take a systematic approach to improving individual and team performance in an organization, and include strategic functions like resource planning and organizational development as well as transactional functions like recruitment and selection. Performance appraisal evaluates and measures an individual's performance and helps categorize high and low performers so that low performers can receive training and high performers can be rewarded. Performance management differs from performance appraisal in that it involves continuous monitoring, setting clear objectives, and regular feedback throughout the performance cycle. An effective performance management system comprises forecasting, planning, controls, and reporting to improve policies, programs, and outcomes.
Best practices in talent management strategyEmma Yaks
The document discusses best practices in talent management, focusing on six key components:
1. Planning for critical talent needs by analyzing workforce requirements.
2. Attracting critical talent through targeted branding and projecting a positive company image.
3. Recruiting critical talent by first looking internally and leveraging employees, then casting a wide net externally.
4. Assessing critical talent using screening tools like interviews and tests to identify the best candidates.
5. Developing critical talent through real-life learning opportunities, mentoring, coaching, and managing performance for growth.
6. Retaining critical talent to save replacement costs, which average 150% of the employee's salary. Effective retention focuses
The document discusses decision making, learning, creativity, and entrepreneurship. It describes the classical and administrative models of decision making. The classical model assumes rational choice among all alternatives, while the administrative model recognizes limitations like bounded rationality. It also outlines six steps for decision making: recognizing a need, generating alternatives, evaluating alternatives, choosing, implementing, and learning from feedback. Group decision making can improve choices but also introduces risks like groupthink. Organizational learning, creativity, and entrepreneurship can help improve decisions.
Introduction to Performance Management - Meaning, Process, Need, Difference between Performance Appraisal and Performance Management, Components of Performance Management System
Chapter 1 conceptual framework for strategic management (2)SAMIN-SAM
This document provides definitions and explanations of key concepts in strategic management, including:
1. Strategy, policy, tactics, strategic management, programs, procedures, and stakeholders are defined. The differences between strategy and policy are explained.
2. The strategic management process and its implications for the organization are introduced. Strategic intent and how organizational vision, mission, goals, and objectives are formulated is discussed.
3. Key frameworks for analyzing the external environment like ETOP are defined along with strategic business units (SBUs) and their role in strategic planning.
The document discusses Peter Senge's book "The Fifth Discipline" which argues that learning organizations require five core disciplines - systems thinking, personal mastery, mental models, shared vision, and team learning. It provides definitions and explanations of these disciplines, with a focus on systems thinking involving understanding organizational patterns and leveraging them, and personal mastery as continually expanding one's ability to achieve desired results through commitment to truth. The disciplines together can help organizations adapt to changing environments through improved learning.
Learning and Development Strategy and ExecutionSahil Sharma
This document outlines a two-phase process for establishing a Learning & Development (L&D) strategy. Phase 1 involves determining the current and future state of L&D by making the case for an L&D strategy, developing an L&D vision, and analyzing critical issues impacting L&D. Phase 2 involves establishing L&D strategic principles and applying the strategy across the L&D function. The process overview provides steps for completing each phase, including gathering stakeholder input, conducting a needs assessment, and identifying L&D priorities to guide the development of the strategic principles.
The document summarizes key concepts about planning and strategy from a management textbook chapter. It discusses the three main steps in the planning process: determining the organization's mission and goals, formulating strategy, and implementing strategy. It also describes different levels of planning, types of strategies including business-level strategies and corporate-level strategies, and strategic analysis tools like the five forces framework and SWOT analysis.
Strategic total rewards management remuneration and rewards summit 11 june 2014Charles Cotter, PhD
The document outlines the agenda and content for the first day of the Smart-Link Consultancy Remuneration and Rewards Summit 2014. The day will include workshops on strategic total rewards management, utilizing rewards to attract and retain talent, engaging and motivating employees, and benchmarking rewards programs. Specific topics that will be covered include rewards strategies, compensation practices, performance management, and employee motivation. The goal is to help organizations develop effective and aligned total rewards programs.
Succession planning is a strategic process that ensures an organization can fill key roles by developing internal talent. It identifies high potential employees, provides training and development opportunities, and establishes a pool of candidates ready to assume new roles. Effective succession planning is customized to the organization, driven by line managers, develops candidates in advance of openings, and is aligned with the company's strategic direction. However, succession planning can fail if candidates are chosen arbitrarily without a clear strategic vision or if promotions are not transparent.
This document discusses performance management in organizations. It defines performance management as a systematic process that involves employees in improving organizational effectiveness through accomplishing goals and missions. Key aspects of performance management include planning work, monitoring performance, developing capacity, periodically reviewing performance, and rewarding good performance. The overall aims are to align individual goals with organizational goals and improve performance at individual, departmental, and overall levels. Performance management helps clarify expectations, set goals, and encourage coaching and feedback to enhance commitment and performance.
The document provides information about performance reviews including:
1. It discusses that a performance review is a formal process involving managers, HR, and top management to evaluate an employee's performance and development.
2. Reviews consider job skills as well as behaviors and allow employees and supervisors to jointly create development plans.
3. Effective reviews reflect on an organization's culture, management practices, and productivity while poor reviews can damage employee engagement and motivation if not conducted properly.
The document discusses various approaches to promotions within an organization, including seniority-based and merit-based promotions. It notes the advantages and disadvantages of each approach. Seniority-based promotions reward longevity but may not promote the most qualified candidates, while merit-based promotions can better match abilities to jobs but are difficult to evaluate objectively. The document also discusses combining seniority and merit, promoting from within versus external hires, and alternatives to promotions such as lateral moves or additional training for high-performing employees when no promotions are available.
The document discusses various methods for pricing and estimating projects. It describes different types of estimates including order of magnitude, approximate, and definitive estimates. It also outlines estimating methods such as direct estimating, estimating by analogy, and factored methods. Additional topics covered include pricing strategies, establishing project budgets, capital budgeting, life cycle costing, and evaluating project performance.
1. According to a study, leaders learned more about leadership from real work and life experiences than from formal leadership programs like MBAs, which helped them become more technically competent but did little to teach fundamental lessons or how to learn from experiences.
2. An experience-based approach to leadership development knits together on-the-job experience, life experience, and specific skill development, rather than a smorgasbord of unrelated classes.
3. This experience-based method can be adapted to people at all career stages and an organization's changing needs in complex environments.
This document provides an overview of employee training and development. It discusses forces influencing the workplace like globalization, changing demographics, and new technologies. These forces require companies to invest in human capital through training. The document outlines concepts like the training design process, informal vs formal learning, and how training contributes to business goals. It provides examples of how companies are using training to improve quality, implement new work systems, and adapt to a changing environment.
The document discusses key processes for effective talent management. It defines talent and talent management, and emphasizes identifying individuals who can significantly impact organizational performance. It also stresses the importance of attracting, developing, engaging, and retaining top talent. The document outlines six key talent management processes: defining talent, identifying talent, attracting and retaining talent internally and externally, managing talent, nurturing and developing talent, and evaluating talent programs.
An employee is said to have poor performance when he is not able to deliver his actual performance and thus cannot match the level of performance organization requires. Poor performance of employee results in negative outcome of the organization. Thus, it is important to have a proper and systematic check on poor performance management.
An effective method is developed to cope with such poor performance like disease of the company. Management of poor performance helps in either improving the performance or eradicating the under-performing employee in a fair manner, complying with the law of the country.
This Slideshare is a comprehensive document which can help you understand about poor performance and its management with simple illustrations and pictures. Enhance your knowledge and get to know the simple procedures of executing poor performance management in your company for efficient and effective working in your company.
This document provides an overview of strategic and operational management strategies for educational institutions. It discusses strategic management processes like strategic planning, implementation, evaluation and decision making. It also covers operational management techniques and decision making. Specific topics summarized include the strategic management process, SWOT analysis, benefits of strategic management, strategic decision making and the 7 steps of operational decision making.
Performance management is defined as a strategic and integrated approach to delivering successful organizational results by improving employee performance and developing capabilities. It involves setting expectations, reviewing results, and rewarding performance. The goal is to establish a shared understanding of what needs to be achieved and develop an approach to managing employees so goals can be met. Performance is influenced by ability, motivation, and opportunity. It is measured using indicators like productivity, efficiency, innovation, and control of external factors. Performance appraisals assess accomplishments and develop plans for improvement. They are used for evaluation decisions, training needs assessments, and human resource functions like compensation, promotion, and succession planning.
Mba iii (business policy and strategic analysis)Ankit Rautela
The document discusses business policy and strategic management. It provides definitions of business policy as the study of functions and responsibilities of senior management related to organizational problems affecting enterprise success. Strategic management is defined as the dynamic process of formulating, implementing, evaluating, and controlling strategies to achieve strategic intent. The strategic management process involves environmental scanning, strategy formulation, implementation, and evaluation and control in an ongoing cycle.
Business policy provides guidelines for decision making within an organization. It defines the scope of decisions that can be made by lower-level managers without consulting top management. Business policy guides an organization's actions through the acquisition of resources and deals with issues that impact long-term organizational success. Effective business policy is specific, clear, reliable, appropriate, simple, inclusive, flexible, and stable. Policy deals with routine activities, while strategy involves strategic decisions that the organization has not previously encountered. Policy is set by top management and guides daily operations, while strategy formulation involves middle management and the methods to achieve policy goals.
Best practices in talent management strategyEmma Yaks
The document discusses best practices in talent management, focusing on six key components:
1. Planning for critical talent needs by analyzing workforce requirements.
2. Attracting critical talent through targeted branding and projecting a positive company image.
3. Recruiting critical talent by first looking internally and leveraging employees, then casting a wide net externally.
4. Assessing critical talent using screening tools like interviews and tests to identify the best candidates.
5. Developing critical talent through real-life learning opportunities, mentoring, coaching, and managing performance for growth.
6. Retaining critical talent to save replacement costs, which average 150% of the employee's salary. Effective retention focuses
The document discusses decision making, learning, creativity, and entrepreneurship. It describes the classical and administrative models of decision making. The classical model assumes rational choice among all alternatives, while the administrative model recognizes limitations like bounded rationality. It also outlines six steps for decision making: recognizing a need, generating alternatives, evaluating alternatives, choosing, implementing, and learning from feedback. Group decision making can improve choices but also introduces risks like groupthink. Organizational learning, creativity, and entrepreneurship can help improve decisions.
Introduction to Performance Management - Meaning, Process, Need, Difference between Performance Appraisal and Performance Management, Components of Performance Management System
Chapter 1 conceptual framework for strategic management (2)SAMIN-SAM
This document provides definitions and explanations of key concepts in strategic management, including:
1. Strategy, policy, tactics, strategic management, programs, procedures, and stakeholders are defined. The differences between strategy and policy are explained.
2. The strategic management process and its implications for the organization are introduced. Strategic intent and how organizational vision, mission, goals, and objectives are formulated is discussed.
3. Key frameworks for analyzing the external environment like ETOP are defined along with strategic business units (SBUs) and their role in strategic planning.
The document discusses Peter Senge's book "The Fifth Discipline" which argues that learning organizations require five core disciplines - systems thinking, personal mastery, mental models, shared vision, and team learning. It provides definitions and explanations of these disciplines, with a focus on systems thinking involving understanding organizational patterns and leveraging them, and personal mastery as continually expanding one's ability to achieve desired results through commitment to truth. The disciplines together can help organizations adapt to changing environments through improved learning.
Learning and Development Strategy and ExecutionSahil Sharma
This document outlines a two-phase process for establishing a Learning & Development (L&D) strategy. Phase 1 involves determining the current and future state of L&D by making the case for an L&D strategy, developing an L&D vision, and analyzing critical issues impacting L&D. Phase 2 involves establishing L&D strategic principles and applying the strategy across the L&D function. The process overview provides steps for completing each phase, including gathering stakeholder input, conducting a needs assessment, and identifying L&D priorities to guide the development of the strategic principles.
The document summarizes key concepts about planning and strategy from a management textbook chapter. It discusses the three main steps in the planning process: determining the organization's mission and goals, formulating strategy, and implementing strategy. It also describes different levels of planning, types of strategies including business-level strategies and corporate-level strategies, and strategic analysis tools like the five forces framework and SWOT analysis.
Strategic total rewards management remuneration and rewards summit 11 june 2014Charles Cotter, PhD
The document outlines the agenda and content for the first day of the Smart-Link Consultancy Remuneration and Rewards Summit 2014. The day will include workshops on strategic total rewards management, utilizing rewards to attract and retain talent, engaging and motivating employees, and benchmarking rewards programs. Specific topics that will be covered include rewards strategies, compensation practices, performance management, and employee motivation. The goal is to help organizations develop effective and aligned total rewards programs.
Succession planning is a strategic process that ensures an organization can fill key roles by developing internal talent. It identifies high potential employees, provides training and development opportunities, and establishes a pool of candidates ready to assume new roles. Effective succession planning is customized to the organization, driven by line managers, develops candidates in advance of openings, and is aligned with the company's strategic direction. However, succession planning can fail if candidates are chosen arbitrarily without a clear strategic vision or if promotions are not transparent.
This document discusses performance management in organizations. It defines performance management as a systematic process that involves employees in improving organizational effectiveness through accomplishing goals and missions. Key aspects of performance management include planning work, monitoring performance, developing capacity, periodically reviewing performance, and rewarding good performance. The overall aims are to align individual goals with organizational goals and improve performance at individual, departmental, and overall levels. Performance management helps clarify expectations, set goals, and encourage coaching and feedback to enhance commitment and performance.
The document provides information about performance reviews including:
1. It discusses that a performance review is a formal process involving managers, HR, and top management to evaluate an employee's performance and development.
2. Reviews consider job skills as well as behaviors and allow employees and supervisors to jointly create development plans.
3. Effective reviews reflect on an organization's culture, management practices, and productivity while poor reviews can damage employee engagement and motivation if not conducted properly.
The document discusses various approaches to promotions within an organization, including seniority-based and merit-based promotions. It notes the advantages and disadvantages of each approach. Seniority-based promotions reward longevity but may not promote the most qualified candidates, while merit-based promotions can better match abilities to jobs but are difficult to evaluate objectively. The document also discusses combining seniority and merit, promoting from within versus external hires, and alternatives to promotions such as lateral moves or additional training for high-performing employees when no promotions are available.
The document discusses various methods for pricing and estimating projects. It describes different types of estimates including order of magnitude, approximate, and definitive estimates. It also outlines estimating methods such as direct estimating, estimating by analogy, and factored methods. Additional topics covered include pricing strategies, establishing project budgets, capital budgeting, life cycle costing, and evaluating project performance.
1. According to a study, leaders learned more about leadership from real work and life experiences than from formal leadership programs like MBAs, which helped them become more technically competent but did little to teach fundamental lessons or how to learn from experiences.
2. An experience-based approach to leadership development knits together on-the-job experience, life experience, and specific skill development, rather than a smorgasbord of unrelated classes.
3. This experience-based method can be adapted to people at all career stages and an organization's changing needs in complex environments.
This document provides an overview of employee training and development. It discusses forces influencing the workplace like globalization, changing demographics, and new technologies. These forces require companies to invest in human capital through training. The document outlines concepts like the training design process, informal vs formal learning, and how training contributes to business goals. It provides examples of how companies are using training to improve quality, implement new work systems, and adapt to a changing environment.
The document discusses key processes for effective talent management. It defines talent and talent management, and emphasizes identifying individuals who can significantly impact organizational performance. It also stresses the importance of attracting, developing, engaging, and retaining top talent. The document outlines six key talent management processes: defining talent, identifying talent, attracting and retaining talent internally and externally, managing talent, nurturing and developing talent, and evaluating talent programs.
An employee is said to have poor performance when he is not able to deliver his actual performance and thus cannot match the level of performance organization requires. Poor performance of employee results in negative outcome of the organization. Thus, it is important to have a proper and systematic check on poor performance management.
An effective method is developed to cope with such poor performance like disease of the company. Management of poor performance helps in either improving the performance or eradicating the under-performing employee in a fair manner, complying with the law of the country.
This Slideshare is a comprehensive document which can help you understand about poor performance and its management with simple illustrations and pictures. Enhance your knowledge and get to know the simple procedures of executing poor performance management in your company for efficient and effective working in your company.
This document provides an overview of strategic and operational management strategies for educational institutions. It discusses strategic management processes like strategic planning, implementation, evaluation and decision making. It also covers operational management techniques and decision making. Specific topics summarized include the strategic management process, SWOT analysis, benefits of strategic management, strategic decision making and the 7 steps of operational decision making.
Performance management is defined as a strategic and integrated approach to delivering successful organizational results by improving employee performance and developing capabilities. It involves setting expectations, reviewing results, and rewarding performance. The goal is to establish a shared understanding of what needs to be achieved and develop an approach to managing employees so goals can be met. Performance is influenced by ability, motivation, and opportunity. It is measured using indicators like productivity, efficiency, innovation, and control of external factors. Performance appraisals assess accomplishments and develop plans for improvement. They are used for evaluation decisions, training needs assessments, and human resource functions like compensation, promotion, and succession planning.
Mba iii (business policy and strategic analysis)Ankit Rautela
The document discusses business policy and strategic management. It provides definitions of business policy as the study of functions and responsibilities of senior management related to organizational problems affecting enterprise success. Strategic management is defined as the dynamic process of formulating, implementing, evaluating, and controlling strategies to achieve strategic intent. The strategic management process involves environmental scanning, strategy formulation, implementation, and evaluation and control in an ongoing cycle.
Business policy provides guidelines for decision making within an organization. It defines the scope of decisions that can be made by lower-level managers without consulting top management. Business policy guides an organization's actions through the acquisition of resources and deals with issues that impact long-term organizational success. Effective business policy is specific, clear, reliable, appropriate, simple, inclusive, flexible, and stable. Policy deals with routine activities, while strategy involves strategic decisions that the organization has not previously encountered. Policy is set by top management and guides daily operations, while strategy formulation involves middle management and the methods to achieve policy goals.
Strategic management and Business policy
unit 1 ( BBA 3RD year 6th sem)
Prepared by - Dipankar Dutta
Faculty, Dev Bhoomi Group of Institution Saharanpur
email- dipankarpharma1@gmail.com
Strategic management involves establishing strategic intent, formulating strategies, implementing strategies, and evaluating strategies. It operates at the corporate, business unit, and functional levels. At the corporate level, strategy involves overall direction and resource allocation. Business unit strategy focuses on a single business. Functional strategy relates to a specific function. Strategists, such as managers and CEOs, are responsible for strategic decisions and providing organizational direction to achieve objectives. Their roles include setting objectives, formulating, implementing, and evaluating strategies.
1. Strategic decision making describes the process of creating a company's mission and objectives and deciding on courses of action to achieve goals. Strategic decisions are rare, consequential, and set precedents for future actions.
2. There are three typical modes of strategic decision making: the entrepreneurial mode guided by a visionary founder, the adaptive mode of reactive problem-solving, and the planning mode involving systematic information gathering and strategy selection.
3. The strategic decision making process involves evaluating performance, scanning the external and internal environments, analyzing strategic factors, generating and selecting strategies, implementing strategies, and evaluating results. Top management leads the process with input from various organizational levels.
This document discusses planning and decision making in management. It begins by defining planning as deciding in advance what actions need to be taken and who will take them. It then outlines the key features, objectives, types, and steps involved in the planning process. This includes discussing strategic, operational, and tactical planning as well as long, medium, and short-range planning. The document also discusses forecasting, policies, strategies, SWOT analysis, and decision making techniques such as decision trees. Overall, the document provides an overview of various concepts and processes involved in managerial planning and decision making.
This document discusses various concepts related to planning in management. It begins by defining planning as deciding in advance what actions need to be taken and when, where, and by whom. The key features of planning discussed include focusing on objectives, being an intellectual process, and laying the foundation for other managerial functions. Objectives, features, types, and steps of planning are outlined. The document also discusses concepts like policies, strategies, SWOT analysis, forecasting, decision making, and different conditions and techniques related to these functions.
This document provides an overview of strategic management. It defines key terms like strategy, strategic management, objectives and policies. It discusses the three main processes of strategic management: formulation, implementation, and evaluation. It also outlines internal and external factors to consider in strategic analysis and identifies benefits of strategic management like prioritizing opportunities and effective resource allocation. Finally, it stresses the importance of business ethics in strategic decision making.
This document discusses policy-based management and strategic planning. It defines policy-based management as an administrative approach that establishes policies to deal with situations that may occur. Policies provide rules and consistency. The document outlines different types of policies, including originated, appealed, implied, and externally imposed. It then discusses strategic planning, including defining mission and objectives, analyzing strengths, weaknesses, opportunities and threats, formulating strategies, implementation, and evaluation. Strategic planning determines long-term goals and commits to courses of action. The document emphasizes that strategy emerges through planned and adaptive actions in response to the environment.
This document provides a summary of the book "Essentials of Strategic Management" by David Hunger and Thomas Wheelen. It discusses key concepts in strategic management including environmental scanning, strategy formulation, implementation, and evaluation. Some of the main topics covered include Michael Porter's industry analysis framework, the importance of being a learning organization, and the roles and responsibilities of corporate boards in strategic decision making.
This document provides a summary of the book "Essentials of Strategic Management" by David Hunger and Thomas Wheelen. It discusses key concepts in strategic management including environmental scanning, strategy formulation, implementation, and evaluation. Some of the main topics covered include Michael Porter's industry analysis, strategic decision making processes, the roles of corporate governance and social responsibility, and methods for analyzing a company's external environment and internal strengths and weaknesses.
This document provides a summary of the book "The Essentials of Strategic Management" by David Hunger and Thomas Wheelen. It discusses key concepts in strategic management including environmental scanning, strategy formation, implementation, and evaluation. Some of the main topics covered include Michael Porter's industry analysis framework, strategic decision making models, the evolution of strategic management, and the importance of organizations becoming learning entities. The review provides an overview of the essential elements and processes in strategic management discussed in the source book.
1. Strategy implementation involves both macro and micro-organizational issues that can affect success. At the macro level, elements like technology, rewards systems, decision processes, and organizational structure must be coordinated. At the micro level, organizational culture and resistance to change among employees must be considered.
2. Resource allocation is the process of assigning limited resources, like people and funding, to achieve strategic goals. It involves deciding which initiatives or business units receive resources and at what level, as well as contingency plans for adjusting resources up or down.
3. When determining organizational structure to support a strategy, factors to examine include changes in strategic intent, required capabilities, dominant industry forces, leadership style, and culture. Common
1 introduction- concepts in strategic management.Naganandini Devi
Strategic management involves 4 key processes: 1) environmental scanning to analyze internal/external factors, 2) strategy formulation to develop long-term plans, 3) strategy implementation through programs/budgets, and 4) evaluation and control to assess performance and make adjustments. These cyclical processes integrate functions like marketing, finance, and HR to help organizations adapt to changing environments and gain competitive advantages.
This document provides an overview of planning concepts for management. It discusses that planning is the first managerial function and involves deciding in advance what needs to be done. Without planning, there would be nothing to organize or control. The document outlines the features, objectives, merits and demerits of planning. It also discusses the types of planning including strategic, operational and tactical planning. Finally, it covers the steps involved in the planning process.
The document provides information on strategy, strategic management, and the strategic management process. It discusses:
1) What strategy and strategic management are, including definitions and key features. Strategy is a long-term plan to achieve objectives, while strategic management is the process of planning, implementing, and evaluating strategies.
2) The three levels of strategy - corporate, business, and functional. Corporate strategy focuses on the overall direction of the organization. Business strategy focuses on specific product markets. Functional strategy involves strategic approaches within individual business functions.
3) The strategic management process, which involves environmental scanning, strategy formulation, implementation, and evaluation to achieve organizational goals.
4) The importance and need for strategic management,
The document discusses strategic management. It begins by defining strategy and describing the different levels of strategy, including corporate, business, and functional strategies. It then explains strategic management as comprising environmental scanning, strategy formulation, implementation, and evaluation. The key stages of strategic management are identified as strategy formulation, implementation, and evaluation. Strategy formulation involves environmental and organizational appraisal while implementation requires designing structures and processes. Evaluation and control help measure performance. Finally, some common reasons for strategic plans failing and benefits of strategic management are outlined.
This document discusses policy formulation for cooperatives. It defines policy and outlines the characteristics and functions of effective policy. It provides guidelines for writing, implementing, distributing, controlling, and evaluating policies. The document also contains examples of sample policies and discusses the components of policy formulation. It distinguishes between ethical, strategic, and operational types of policies.
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1. RASHTRASANTTUKDOJI MAHARAJ NAGPUR UNIVERSITY
MBA
SEMESTER: 3
SUBJECT
STRATEGIC MANAGEMENT
MODULE NO : 1
INTRODUCTION TO STRATEGIC MANAGEMENT & BUSINESS
POLICY
- Jayanti R Pande
DGICM College, Nagpur
2. Q1. How business policy is different from Strategic Management?
Business Policy Strategic Management
A detailed plan to achieve specific goals within a set
timeframe.
A general plan of action without a specific timeframe.
Guides decision-making for repetitive tasks.
Deals with important decisions that haven't been
encountered before.
Delegates power to others for implementation.
Requires constant attention from top management for
implementation.
Focuses on guidelines and thinking. Takes action to address competition and uncertainties.
Operates within a specific timeframe. Involves making long-term decisions.
Delegates power to subordinates for implementation. Empowers everyone in the organization to take action.
Provides guidelines and helps achieve goals. Suggests specific actions to achieve objectives.
Implementation is driven by policies.
Implementation requires continuous attention from top
management.
Controls the overall management direction.
Mobilizes available resources in the best interest of the
company.
Aims to achieve set objectives.
Addresses competition, risks, and uncertainties for future
success.
3. Q2. Mention the definition & Nature of Business Policy. Give their importance & Limitations.
BUSINESS POLICY
Business policy is a detailed plan that helps organizations make decisions. It's like a roadmap to achieve specific goals
within a certain time. It provides guidelines for repetitive tasks and helps everyone in the company know what to do.
Business policy gives power to managers to delegate tasks and make choices. It focuses on thinking and controlling
the overall direction of the company to reach its goals.
DEFINITION OF BUSINESS POLICY
A business policy is a comprehensive plan that guides decision-making and actions within an organization.
Koontz & O Donnell – “Policies delimit an area within which a decision is to be made & assure that the decision will
be consistent with & contribution to objectives.”
4. NATURE OF BUSINESS POLICY:
1.Future-oriented decision making: Business policy involves making decisions that consider long-term goals and
objectives. It focuses on anticipating and adapting to future trends and changes in the business environment.
2.Defines business objectives: Business policy helps in setting clear objectives for the organization. It provides a
framework for aligning the actions and activities of the company with its overall goals.
3.Represents the best thinking: Business policy reflects the collective knowledge, expertise, and experience of top
management. It incorporates the best practices and strategic thinking to guide the organization in achieving its
objectives.
4.Implicit guide: Business policy serves as an implicit guide for managers and employees in making decisions and
taking actions. It provides a broad direction and framework within which operational decisions can be made.
5.Top management activity: Business policy is primarily formulated and implemented by top management. It
involves strategic decision-making and the allocation of resources to achieve organizational goals.
5. IMPORTANCE OF BUSINESS POLICY:
1.Coordination: Business policy facilitates coordination among different departments and functions within an
organization. It ensures that all activities are aligned towards common objectives, promoting synergy and efficiency.
2.Quick decision-making: Business policy provides a framework for making decisions quickly and effectively. It helps
in streamlining decision-making processes, reducing ambiguity, and enabling timely actions.
3.Effective control: Business policy helps in establishing control mechanisms to monitor and evaluate the
performance of the organization. It sets guidelines and standards that enable effective control over operations and
resources.
4.Reduces costs: Business policy can contribute to cost reduction by promoting efficiency, eliminating redundant
processes, and optimizing resource allocation. It encourages a systematic approach to resource management.
5.Decentralization: Business policy supports decentralization by providing a framework for delegation of authority
and decision-making. It empowers lower-level managers and employees to make decisions within the boundaries of
established policies.
6. LIMITATIONS OF BUSINESS POLICY:
1.Rigidness: Business policies can become rigid and inflexible, limiting the organization's ability to adapt to changing
circumstances.They may hinder innovation and responsiveness to emerging opportunities or threats.
2.Limited zone: Business policies are typically focused on a specific scope or area of the organization.They may not
address all aspects of business operations, leading to gaps or inconsistencies in decision-making.
3.Policies provide set rules: Business policies often provide set rules and guidelines, which may not always be
applicable or suitable in every situation.They may overlook the need for flexibility and adaptability in decision-
making.
4.Consistency in policies: While consistency is generally desirable, rigid adherence to policies can hinder creativity
and individual judgment. It may discourage experimentation and limit the exploration of alternative approaches.
5.Policies are not an end: Business policies should be seen as means to achieve organizational goals rather than an
end in themselves. Over-reliance on policies without considering the evolving needs and dynamics of the business can
restrict growth and innovation.
7. Q3. Explain different modes and levels of strategic decision management.
MODES OF STRATEGIC DECISION MANAGEMENT:
Entrepreneurial mode: In this mode, strategic decisions are driven by the entrepreneurial vision and instincts of
key individuals within the organization. It involves taking bold and innovative actions to seize new opportunities and
create a competitive advantage. The decision-making process is often dynamic, quick, and driven by intuition and risk-
taking.
Adaptive mode:The adaptive mode of strategic decision management emphasizes the organization's ability to
adapt and respond to changes in the external environment. It involves continuously monitoring the market,
identifying emerging trends and threats, and making strategic adjustments accordingly. Decision-making in this mode
focuses on flexibility, agility, and the ability to learn and adapt.
Planning mode:The planning mode involves a structured and systematic approach to strategic decision-making. It
emphasizes the formulation of long-term plans and goals based on a thorough analysis of internal and external
factors.The decision-making process in this mode is deliberate, analytical, and oriented towards achieving predefined
objectives. It often involves extensive data gathering, forecasting, and scenario analysis.
Logical incrementalism:The logical incrementalism mode recognizes that strategic decisions are often made
incrementally, gradually building on past actions and learning from experience. It involves a step-by-step approach to
decision-making, where small, logical adjustments are made over time based on feedback and evaluation.This mode
allows for flexibility and adaptation while avoiding radical or disruptive changes.
8. LEVELS OF STRATEGIC DECISION MANAGEMENT:
1.Critical decisions by top management:Top management is responsible for making strategic decisions that have a
significant impact on the overall direction and success of the organization.These decisions include setting the vision
and mission, formulating long-term objectives, allocating resources, and making major strategic choices such as
entering new markets or acquiring other companies.Top-level strategic decisions often involve a high degree of
uncertainty and require a broad perspective on the business environment.
2.Tactical decisions by middle-level management: Middle-level management is involved in implementing the
strategic decisions made by top management.They translate the strategic objectives into actionable plans and
strategies for specific business units or departments.Tactical decisions focus on resource allocation, coordination of
activities, and the execution of specific initiatives to achieve strategic goals.These decisions bridge the gap between
the strategic vision and the day-to-day operations of the organization.
3.Operational decisions by lower-level management: Lower-level management is responsible for making
operational decisions that directly impact the routine activities and processes of the organization.These decisions
involve managing the day-to-day operations, allocating resources at the operational level, and ensuring the efficient
execution of tasks. Operational decisions are focused on achieving short-term goals and maintaining the smooth
functioning of the organization.They are typically more detailed and specific compared to strategic or tactical
decisions.
9. Q4. What are nature & scope of Strategic Decision Making? Give issues in Strategic management.
DEFINITION OF Strategic Decision Making
Eisenhardt & Zbaracki- “Strategic decisions are those infrequent decisions made by the top leaders of an organization
that critically affect organizational health & survival. ”
NATURE OF STRATEGIC DECISION MAKING
• Impacts long term direction of the firm
• It is concerned with the scope of organizational activities.
• It is concerned with matching the organizational activities with environment where it functions.
• It influences the operational decisions.
• It is complex in nature, complexity differentiates strategic management from other aspects of organizational
management.
• Exact prediction of future is not possible for managers, thus it is highly uncertain
• It is challenging to implement
10. SCOPE OF STRATEGIC DECISION MAKING
Economics: Economics plays a crucial role in strategic decision making. It involves analyzing market dynamics,
demand and supply trends, pricing strategies, cost structures, and other economic factors that can impact the
organization's strategic choices. Economic analysis helps in identifying opportunities, assessing risks, and
formulating strategies to optimize resource allocation and maximize profitability.
Sociology: Sociology provides insights into the social dynamics and behaviors that influence strategic decisions.
It involves understanding the cultural, social, and demographic factors that shape consumer preferences, market
trends, and stakeholder relationships. Strategic decisions need to consider societal norms, values, and
expectations to ensure the organization's actions align with the broader social context.
Marketing: Marketing is closely intertwined with strategic decision making. It involves understanding customer
needs, market segmentation, positioning, branding, and promotion strategies. Strategic decisions in marketing
encompass product development, pricing, distribution channels, and marketing communications.The goal is to
create a competitive advantage and capture value in the marketplace.
Management: Strategic decision making is a fundamental aspect of management. It encompasses the overall
management of the organization, including strategic planning, goal setting, resource allocation, organizational
structure, and performance management. Management decisions guide the direction and operations of the
organization and involve considering factors such as leadership, organizational culture, human resources, and
innovation.
11. ISSUES IN STRATEGIC DECISION MAKING
1.Contextual Issues: Strategic decision making occurs within a specific context, and organizations must consider the
external environment, industry trends, competitive landscape, regulatory factors, and technological advancements.
Failure to adequately understand and adapt to the context can lead to ineffective or misguided strategic decisions.
2.Personality/Style:The personal characteristics and leadership style of decision-makers can impact strategic decision
making. Different individuals may have different preferences, biases, risk appetites, and decision-making styles.
Conflicting personalities or ineffective leadership can hinder the decision-making process and lead to suboptimal
outcomes.
3.Effects of Biases: Decision-makers are susceptible to cognitive biases, which can distort their judgment and reasoning.
Biases such as confirmation bias, anchoring bias, or overconfidence can influence the evaluation of alternatives, the
interpretation of information, and the selection of strategic options. Recognizing and mitigating biases is crucial for
effective decision making.
4.Role of Values: Strategic decisions are not solely driven by rational analysis; they are also influenced by personal and
organizational values.Values shape the priorities, ethical considerations, and long-term objectives of decision-makers.
Misalignment of values or lack of ethical awareness can lead to decisions that are not aligned with the organization's
mission and may have negative consequences.
5.Nature of Strategic Decisions: Strategic decisions are typically complex, interconnected, and have long-term
implications.They involve trade-offs, uncertainty, and resource allocation.The complexity of strategic decisions can pose
challenges in terms of information management, analysis, and ensuring alignment with the overall organizational
strategy.
13. 1.Define policy area:The first step is to clearly define the specific area or aspect of the business that the policy will
address.This could be related to areas such as finance, human resources, marketing, operations, or any other functional
area.
2.Recognize policy alternatives: Once the policy area is defined, the next step is to identify and recognize different
policy alternatives or options that can be considered to address the identified area.This may involve brainstorming,
research, and gathering input from relevant stakeholders.
3.Assess the alternatives: After identifying the policy alternatives, a thorough assessment is conducted for each option.
This assessment involves evaluating the feasibility, potential benefits, risks, and impact of each alternative on the
organization and its stakeholders. It may also involve conducting cost-benefit analyses or conducting scenario planning.
4.Choose the alternative business policy: Based on the assessment, one or more alternatives are selected as the
preferred business policy.The selection is made based on alignment with organizational goals, feasibility, anticipated
outcomes, and the overall strategic direction of the organization.
5.Execute the business policy: Once the alternative is chosen, the next step is to develop an implementation plan for
the selected policy.This includes defining clear objectives, outlining the necessary actions, allocating resources,
assigning responsibilities, and setting timelines. Effective communication and coordination are crucial during this stage
to ensure successful execution.
6.Monitor and evaluate: After implementing the business policy, it is essential to monitor its progress and evaluate its
effectiveness.This involves collecting and analyzing relevant data, tracking key performance indicators, and comparing
the actual outcomes with the desired results. Monitoring allows for making adjustments, identifying areas for
improvement, and ensuring that the policy remains relevant and aligned with changing circumstances.
14. Q6What do you understand by Strategy? Explain different levels of strategy.
Greek word- strategia = means general-ship
MEANING OF STRATEGY
Strategy- blueprint of an organization that defines its vision, mission.
- helps in determining future course of action
- helps to minimise the strength of competitors by maximising own strength
- tries to achieve balance between objectives, resources & concepts to maximise success possibility
- refers to determining fundamental long term organizational goals
DEFINITION OF STRATEGY
Alfred D Chandler- Strategy is the determination of the basic long term purpose and objective of an enterprise & the
adoption of the courses of action & allocation of resources necessary for carrying out these goals.
William F Glueck – Strategy is a unified, comprehensive and integrated plan designed to assure that the basic objective
of enterprise are achieved.
Strategy is not as simple as it seems to be, but logical understanding of its theory helps to grasp it & work with ease.
15. NATURE OF STRATEGY
• Provides Structure- develops a roadmap for providing guidance to the enterprise for making rational decisions &
achieving org goals.
• Integrated Approach- Allocating internal resources & using them for benefit of entire org. Directs & supports
enterprise in taking necessary decisions for maximising strengths & facing environmental threats with confidence.
• Relates an org with the environment- Interaction with external environment , so management can take necessary
steps to achieve the org goals.Thus enterprise can relate to its environment.
• Set of Actions- Strategy is an arrangement of diff actions that are taken in diff situations to achieve certain
objectives, or to solve some problems.
• Future Oriented- Solve problems that are new & have not been previously handled by the firm.Thus it is future
oriented.
• Combination of Internal & External Factors- Strategy matches internal strengths to meet external opportunities &
threats.
• System Oriented- Strategy operates under rules & standards, followed in the org.
16. LEVELS OF STRATEGY
1 CORPORATE
STRATEGY
2 BUSINESS
STRATEGY
3 FUNCTIONAL
STRATEGY
Plans ofTop Management for
supervising overall functioning
of firm & achieving expected
performance.
Outlines org activities &
objectives in diff areas like
product lines, technologies,
consumers & their needs.
Guides an org to become what
it wants, maximises
performance level
Eg Nokia [alliance with
Microsoft]
Strategic Business Unit SBU is based on
recognising separate market segment
created by the company.
Formulated separately for each segment
due to differences in their environmental
condition
Formulated to satisfy needs of customers
of each segment thus increasing &
sustaining competitive advantage
Dominos Pizza –Turnaround Strategy
Denotes operating division levels
& departments in an org like
marketing, finance, HR, R&D
Business and Corporate strategy
depend on this strategy for info
regarding resources &
capabilities.
Eg Marketing strategy can be
broken into functional levels like-
Pricing strategies
Distribution strategies
Promotion strategies
Sales strategies
17. Q7 What is Strategic Management? Explain the process of Strategic Management.
MEANING OF STRATEGIC MANAGEMENT
• Strategy + Management = STRATEGIC MANAGEMENT
• Formulation of vision, objectives, strategy formulation, strategy implementation & making changes according to
changing requirements of org.
• Formulation of mission statement & setting of objectives
• Portfolio of business model is prepared, at last there is conducting functional activities to achieve pre established goals.
DEFINITION OF STRATEGIC MANAGEMENT
• Glueck- “Strategic Management is a stream of decisions & actions, which leads to development of an effective strategy
to help achieve corporate objectives.”
• Lloyd L Byars- “Strategic Management is concerned with making decisions about organization’s future direction &
implementing those decisions.”
Strategic management is not one time process
It is re evaluated and implemented periodically
It is a holistic approach
It is concerned with analysing environment, providing direction, developing & implementing strategies, & applying
strategic control measures.
19. 1] ENVIRONMENTAL SCANNING
It is identifying external & internal elements that will determine the future of the corporation.
Environmental Scanning is done through SWOT analysis.
SWOT = Strength,Weakness, Opportunity,Threat
External Environment: Opportunities &Threats
Internal Environment: Strengths &Weakness
2] STRATEGY FORMULATION
Formulation of long term organizational plans that assist in carrying out organizational activities in best possible way.
Strategies are framed by looking the future of org in long run.
Strategies define the course of action an org would choose to reach its goals.
This involves -
DevelopingVision
Identifying corporate Mission
Setting realistic objectives
Formulating strategies
Establishing policy guidelines
20. VISIONOF ORG
• Position that the org aspires to achieve in future.
• It is developed by top management [CEO, President, Director,Chairman, etc]
• The basic idea behind formulating vision is to provide a concentrated view of the org.
• It provides employees with a common goal & stimulate them for conducting their routine operations efficiently.
MISSIONOF ORG
• It is the reason for existence of the org.
• Specifies organizational Culture &Values
• Sets guiding points for carrying out activities of the business org
• Unique statement that defines the products, markets & geographical scope of the business, market price, etc.
OBJECTIVES
• They are the results one expects out of the business activities.
• Symbolise that management is committed towards achieving desired result under specific time period.
• Helps in setting performance standards on the basis of which performance is evaluated.
• Harmony between decision & decision makers.
21. STRATEGIES
Detailed plan which help the org in realising its mission & objectives.
Formulated for achieving the competitive advantage & minimising factors which result in lowering of org position.
EgTata Group of Companies- not able to meet its objectives- so soldTomco, Lakme etc companies to Hindustan
Lever Ltd
POLICIES
Set of comprehensive instructions that are used for making decisions & for relating strategy formulation with
strategic implementation.
Focuses on achieving corporate goals by ensuring optimum allocation of resources.
Related to duties and responsibilities of corporate level managers, long term strategic decisions & factors
influencing success of org.
22. 3] STRATEGY IMPLEMENTATION
Without successful implementation, a well devised strategy is of no use.
It is the process that facilitates in successful execution of the selected strategy.
Strategies are implemented with the help of Programmes, Budgets & Procedures.
Implementation is generally conducted by the middle or lower management after being assessed by the top management.
PROGRAMMES
Actions/Steps needed to implement single use plan.
Help in putting the strategies into action.
Eg –
Corporate restructuring,Changing org culture, Initiating a new research project
BUDGETS
Declaration of org programme in monetary terms.
Represents cost entailed in each programme.
Used in purpose of planning & control
PROCEDURES
Standard Operating Procedures [SOP] – step by step explanation of the order in which a task is to be carried out
Provide explanation regarding no. of operations that are necessary for completion of programmes.
23. 4] EVALUATION & CONTROL
After successful strategy implementation, it is necessary to evaluate it on regular basis.
Helps in monitoring the whole procedure.
Strategic objectives & performance measures are base for evaluating effectiveness of strategy.
For assessment between expected and actual results.
Managers role to monitor the expected response from diff sectors.
Analysing market response.
Factors that determine extent to which strategic control is necessary-
Size of org
Business activities
No. of business segments
Org structure
Performance is final outcome of all activities involved in the process of strategic management.
Successful evaluation of strategy is based on suitable and prompt feedback.
Effectiveness of strategy evaluation depends on info provided by the subordinates.
24. Q8 Explain Mintzberg’s 10 Schools OfThought of Strategic Formulation.
1 DESIGN
SCHOOL
2 PLANNING
SCHOOL
3 POSITIONING
SCHOOL
4 ENTERPRENEURIAL
SCHOOL
5 COGNITIVE
SCHOOL
6 LEARNING
SCHOOL
7 POWER
SCHOOL
8 CULTURAL
SCHOOL
9
ENVIRONMENTAL
SCHOOL
10
CONFIGURATION
SCHOOL
Conception
Process
Formal
Process
Analytical
Process
Visionary
Process Mental
Process
Emergent
Process
Negotiation
Process
Collective
Process
Reactive
Process
Transformation
Process
25. 1THE DESIGN SCHOOL
It formulates unique & clear strategies in order to match internal conditions of org with its external environment.
It helps in reducing confusion
It provides assistance to powerful & visionary leadership.
2THE PLANNING SCHOOL
Detailed and careful sets are taken from the state of situation analysis till strategy execution.
Provides clear direction
Helps in allocating resources, provides control.
3 THE POSITIONING SCHOOL
Business is placed within the context of its industry & it is observed that how the org can enhance its strategic
position in industry.
Focuses on actual facts
Useful at the time when data is analysed during initial phase of strategy formulation.
4THE ENTERPRENEURIAL SCHOOL
It largely depends on intuition, wisdom, experience, insight & judgement.
Problems that org faces in initial phase can be tackled with vision
It is flexible & emergent in detail
It is deliberate in broad line.
26. 5THE COGNITIVE SCHOOL
Examines how people identify patterns & do information processing.
Observes what is going on in the mind of strategist & how they perform information processing.
6THE LEARNING SCHOOL
Management focuses on what will work & what will not work
They implement all the lessons they have learnt into their overall action plan.
7THE POWER SCHOOL
Strategy is formulated as a process of negotiation between company & its outside stakeholders or between
organization’s internal power holders.
It is based on political science
Helps strongest people survive in corporate environment
8THE CULTURAL SCHOOL
Strategy formation is said to be co-operative and collective process.
Developed strategy is the reflection of corporate culture
27. 9THE ENVIRONMENTAL SCHOOL
Strategies are developed to face the challenges of the external environment.
Sees environment as an actor while other schools sees it as a factor.
Environment has been given an imp. role in strategy formulation.
10THE CONFIGURATION SCHOOL
The process of changing the organization from one type of decision making structure to
another is called strategy formulation.
This school tries to find combination of all other 9 strategy schools.