fundamentals of strategic_management

May 29th, 2015
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Abilene Christian University
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Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders.

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STRATEGIC MANAGEMENTUNIT- I STRATEGY AND PROCESS 9Conceptual framework for strategic management, the Concept of Strategy and the Strategy Formation Process Stakeholders in business Vision, Mission and Purpose Business definition, Objectives and Goals - Corporate Governance and Social responsibility-case study.Concept, Meaning, Definition:Strategy is the determination of the long-term goals and objectives of an enterprise and the adoption of the courses of action and the allocation of resources necessary for carrying out these goals. Strategy is managements game plan for strengthening the organizations position, pleasing customers, and achieving performance targets.Types of strategy Strategy can be formulated on three different levels:corporate level business unit level functional or departmental level. Corporate Level StrategyCorporate level strategy fundamentally is concerned with the selection of businesses in which the company should compete and with the development and coordination of that portfolio of businesses.Corporate level strategy is concerned with:Reach - defining the issues that are corporate responsibilities; these might include identifying the overall goals of the corporation, the types of businesses in which the corporation should be involved, and the way in which businesses will be integrated and managed.Competitive Contact - defining where in the corporation competition is

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