fundamentals of strategic_management

May 29th, 2015
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Abilene Christian University
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Corporate strategy: strategy is a mean for achieving a long term goal for the company; this could include geographic expansion, diversification, acquisition & so forth. Strategic Management is the art & science of formulating, implementing and evaluating cross functional decisions that help the organization in achieving its goal.

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Corporate strategy: strategy is a mean for achieving a long term goal for the company; this could include geographic expansion, diversification, acquisition & so forth.Strategic Management is the art & science of formulating, implementing and evaluating cross functional decisions that help the organization in achieving its goal. 1. Strategy Formulation developing mission, vision, identifying the organization's strengths and weaknesses then choosing a course of strategies that best suit the business. 2. Strategy Implementation requires the firm to establish annual objectives, motivate employees, allocate resources and align the marketing, operations and finance departments efforts to achieve the organizational goal.3. Strategy Evaluation is the final stage , (1) strategist review internal and external forces (2) measure performance (3) taking corrective actions Five Elements of strategy:Determinants Of Competitive Advantage Vision: answers the organization's question of "what do we want to become"?Mission: explains why does the company exist, or it is a statement that differentiates one business from another.Goal: is a result or long term target that a company intends to achieve should be SMARTObjectives: are short term targets 9 Essential Components Of Mission Statement 1. Customers 2. Products or services 3. Markets4. Technology 5. Growth & profitability 6. Philosophy 7. Self concept 8. Public image 9. Employees Value chain: group of i

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