Strategic Management - An Introduction

May 29th, 2015
Studypool Tutor
A. T. Still University
Price: $20 USD

Tutor description

Growth is a way of life. Almost all organizations plan to expand. This strategy is followed when an organization aims at higher growth by broadening its one or more of its business in terms of their respective customer groups, customers functions, and alternative technologies singly or jointly – in order to improve its overall performance. E.g.: A chocolate manufacturer expands its customer groups to include middle aged and old persons among its existing customers comprising of children and adolescents. There are five types of expansion (Growth) strategies • Expansion through concentration • Expansion through integration • Expansion through diversification • Expansion through cooperation

Word Count: 15839
Showing Page: 1/48
STRATEGIC MANAGEMENTSTRATEGY FORMULATION/ALTERNATIVESStrategic management process comprises four phases: environmental scanning, strategy formulation, strategy implementation and strategy evaluation and control. Strategic management is an ongoing process to develop and revise future-oriented strategies that allow an organization to achieve its objectives, considering its capabilities, constraints, and the environment in which it operates.Once the environmental scanning is done the next step is strategy formulation. Formulation produces a clear set of recommendations, with supporting justification, that revise as necessary the mission and objectives of the organization, and supply the strategies for accomplishing them. In formulation, we are trying to modify the current objectives and strategies in ways to make the organization more successful. This includes trying to create "sustainable" competitive advantages -- although most competitive advantages are eroded steadily by the efforts of competitors.THREE LEVELS OF STRATEGY FORMULATIONThe following three aspects or levels of strategy formulation, each with a different focus, need to be dealt with in the formulation phase of strategic management. The three sets of recommendations must be internally consistent and fit together in a mutually supportive manner that forms an integrated hierarchy of strategy, in the order given.Corporate Level Strategy: In this aspect of strategy, we are concerned with broad de

Review from student

Studypool Student
" awesome work thanks "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1824 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors