Strategic management involves setting objectives, analyzing competitive environments, and rolling out strategies to achieve long-term goals. It includes defining a company's vision and mission, which guide its actions and inspire employees. A clear mission statement is crucial for providing direction, motivating staff, and ensuring alignment with the organization's purpose.

1. UNIT .1

4. STRATEGIC MANAGEMENT
 It involves setting objectives
 analyzing the competitive environment
 analyzing the internal organization
 evaluating strategies
 ensuring that management rolls out
the strategies across the organization.

5. IMPORTANCE OF STRATEGIC MANAGEMENT
 To shape future business
 To make discipline
 To make control
 Its decentralized the management
 Helps to increase productivity

6. PHASES IN THE STRATEGIC MANAGEMENT
PROCESS

7. ORGANIZATIONAL STRATEGY
 it is the sum of the actions
 a company intends to take to achieve long-term
goals.
 Together, these actions make up a
company's strategic plan.

8. WHAT IS STRATEGY
 Strategy is Dynamic
 Strategy is a Long-Term Plan
 Strategy is a Road-Map
 Working towards Goals to Achieve a Vision

10. VISION
 Description of something in the future (kotter)
 Category of intentions that are board,all inclusive
and forward thinking ( Miller &Dess)

11. MISSION
 Purpose or reason for the organisation’s existence
( Hunger n Wheelen )
 Thompson defines mission as the “essential
purpose of the organisation, concerning particularly
why it is in existence , the nature of the business it
is in, and the customers it seeks to serve and
satisfy”

12. DIFFERENCE BETWEEN VISION AND MISSION
STATEMENTS
vision
statement focuses on
tomorrow
 what an organization
wants to ultimately
become
 The vision statement
gives the company
direction.
 A mission
statement focuses on
today
 what an organization
does to achieve it.
 The mission
statement drives the
company.
Vision Mission

14. ELEMENTS OF MISSION STATEMENT
 Feasible
 Precise
 Clear
 Motivating
 Distinctive
 Major components of strategy
 Indicate how objectives are accomplished

15. ASSIGNMENT
 Write about the importance of mission statement ,
why it is important to have mission statement for a
company or corporation?
 Write any 2 vision and mission statement of any
company in world with proper documentation

16. IMPORTANCE OF MISSION STATEMENT
 provides a road to development and drive for growth.
 provides a clear sense of purpose , direction, and
desired future state and when this image is widely
shared individuals are able o find their own roles both in
the organization and in the society.
 empowers individuals and confers status on employees
because they see themselves as a apart of a worth
while enterprise.
 results in a clear definition of the business of a
company.
 helps in modifying, extending and developing the
existing ongoing business.
 makes everybody imbibe the spirit and inspires
employees.