Strategic management process
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The document outlines a 5-component strategic management process: 1) Formulating a vision and mission statement, 2) Converting the mission into performance objectives, 3) Developing strategies to achieve the objectives, 4) Implementing the strategies, and 5) Evaluating performance and making adjustments as needed. Key aspects include setting short-term and long-term objectives, developing strategies at different levels (corporate, business, functional, operational), and ensuring all managers are involved in both strategy making and implementation.
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Planning and controlling are important functions in management. Planning establishes goals and controlling ensures those goals are achieved by monitoring performance, identifying deviations, and taking corrective actions. There is a continuous process of establishing standards, measuring actual performance, comparing the two to detect deviations, analyzing the causes of deviations, and then taking steps to correct deviations or revising standards/plans if needed. An effective control system is accurate, timely, focused on key aspects, economically feasible, coordinated with workflow, and accepted by organizational members.
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Controlling is a management function that involves monitoring performance, ensuring desired results are achieved, and that individuals and groups work consistently with short and long term plans. It establishes objectives and standards, measures actual performance, compares results to objectives, and takes necessary corrective action. There are different types of controls including preliminary, concurrent, and postaction controls. Controls can be internal, allowing self-control, or external through direct managerial action. Organizational control systems include processes, policies, performance management, and compensation.
Control process
Control is an important management function that involves establishing standards, measuring performance against those standards, comparing the results, and taking corrective actions when needed. Setting plans and structures is not enough to ensure an organization is functioning properly. Control requires planning standards and organizational structures to be effective. The basic control process involves establishing standards based on factors like profitability and productivity. Performance is then measured and compared to the standards to identify any deviations. When deviations are found, corrective actions are taken to realign performance with the plans and standards. Control must be tailored to individual managers and flexible enough to adapt to changing circumstances. Barriers to effective control can include overemphasis on short-term goals and increased employee frustration with control activities.
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Operational control systems ensure day-to-day actions align with plans and objectives by focusing on recent performance and taking corrective action when standards are not met. The process of evaluation involves setting standards of performance, measuring actual performance against standards, analyzing any variances, and taking corrective actions. Standards are set by finding key performance areas and requirements, and measuring both quantitative metrics like profits and sales as well as qualitative factors. Performance is measured through accounting, reporting, and communication systems and analyzed by comparing actual results to budgets and standards.
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Planning and controlling are important functions in management. Planning establishes goals and controlling ensures those goals are achieved by monitoring performance, identifying deviations, and taking corrective actions. There is a continuous process of establishing standards, measuring actual performance, comparing the two to detect deviations, analyzing the causes of deviations, and then taking steps to correct deviations or revising standards/plans if needed. An effective control system is accurate, timely, focused on key aspects, economically feasible, coordinated with workflow, and accepted by organizational members.
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Control is an important management function that involves establishing standards, measuring performance against those standards, comparing the results, and taking corrective actions when needed. Setting plans and structures is not enough to ensure an organization is functioning properly. Control requires planning standards and organizational structures to be effective. The basic control process involves establishing standards based on factors like profitability and productivity. Performance is then measured and compared to the standards to identify any deviations. When deviations are found, corrective actions are taken to realign performance with the plans and standards. Control must be tailored to individual managers and flexible enough to adapt to changing circumstances. Barriers to effective control can include overemphasis on short-term goals and increased employee frustration with control activities.
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The document provides an overview of strategic management. It defines strategy and discusses the different levels of strategy - corporate, business, and functional. It then defines strategic management as setting long-term goals and implementing plans to achieve them. The document outlines the key components of strategic management, including environmental scanning, strategy formulation, implementation, and evaluation. For strategy formulation, it discusses analyzing the internal and external environment through SWOT analysis to identify the best course of action. It also explains the process of implementing, evaluating, and controlling strategies.
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Strategic management process
- 1. STRATEGIC MANAGEMENT PROCESS A five-component approach to promote successful organizational performance 1. Vision formulation which leads to the statement of the Mission. 2. The mission is then converted into performance Objectives 3. To achieve objectives you develop Strategies 4. Strategy Implementation 5. Evaluation of performance
- 2. 1.The vision formulation which leads to the statement of the Mission Mission * what is business? * what will be the business? * it established long-term direction * it needs to use simple terminology * it needs to be inspirational buy in * recognition of threats & opportunities * entrepreneurial Three Components of the mission statement * the needs to be served by the company * the targeted customer group * how the company will provide the product/service 2. The mission is then converted into performance objectives * measurable statements * specified performance * specified time * short-range objectives * long-range objectives * top-down rather than bottom-up Two types of performance yardsticks * financial objectives * strategic objectives 3. To achieve objectives you develop Strategies * action steps * the concepts of unified and consistent strategies * the moves and approaches used to achieve objectives * dynamic * continual review and refinement * adjust to internal and external forces Levels of strategies * Corporate game plan for a diversified company * Business game plan for single business * Functional strategy initiatives of one part of a business * Operating initiatives of key operating units
- 3. Factors affecting strategies * society forces * political and regulatory forces * citizenship considerations * the industry and competitive conditions * opportunities and threats * organizational strengths and weaknesses * ethical considerations * personal managerial ambitions * company culture Strategy making styles * Master Strategist self- explanatory * Delegate-to-Others bottom-up * Collartorative middle approach * Champion bottom up with manager interest 4. Strategy Implementation * making it happen * structuring an organization * budgeting * motivating * creating reward structures * creating work environment * information & reporting systems Who does the strategy making and implementing? ALL MANAGERS 5. Evaluationof performance * review process * adjust mission * adjust objectives * adjust strategies * initiate corrective measures