fundamentals of strategic_management

May 29th, 2015
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Abilene Christian University
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Strategic management is a strategic design for how a company intends to profit from its strategies, work processes, and work activities. It consists of internal and external analysis, strategy formulation, implementation and evaluation.

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Strategic managementAt the present moment in world history nearly every nation must choose between alternative ways of life. The choice is too often not a free one. One way of life is based upon the will of the majority, and is distinguished by free institutions, representative government, free elections, guaranties of individual liberty, freedom of speech and religion, and freedom from political oppression. People work out their own destinies in their own way. Their help should be through economic and financial aid which is essential to economic stability and orderly political processes. Strategic management is a strategic design for how a company intends to profit from its strategies, work processes, and work activities. It consists of internal and external analysis, strategy formulation, implementation and evaluation. A strategic approach is important because firms must constantly adapt to emerging technologies, respond to competitive pressures and changing customer preferences and operate in an increasing global marketplace. Companies may incorporate strategic management differently. In a start-up, for example, it may involve only the founder; in a more established company, it may be a more structured process involving managers from all levels of the organization.Focuses on two things:Whether customers will value what the company is providing;Whether the company can make any money doing that.Why is strategic management important?1. It results in higher org

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