Strategic Management - An Introduction

May 29th, 2015
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A. T. Still University
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The set of managerial decisions and actions that determines the long-run performance of a corporation. It includes: environmental scanning (internal & external) strategy formulation strategy implementation evaluation and control It focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and computer information systems to achieve organizational success.

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Strategic ManagementStrategic Management DefinedThe set of managerial decisions and actions that determines thelong-run performance of a corporation. It includes:environmental scanning (internal & external)strategy formulationstrategy implementationevaluation and controlIt focuses on integrating management, marketing,finance/accounting, production/operations, research anddevelopment, and computer information systems to achieveorganizational success.Benefits of Strategic Management Clearersense of strategic vision Sharper focus on what is strategicallyimportant Improved understanding of rapidlychanging environmentThree Key Strategic Questions Whereis the organization now? If no changes are made, where will theorganization be in one, two, five or ten years?Are the answers acceptable? If the answers are not acceptable, whatspecific actions should managementundertake? What are the risks and payoffsinvolved?Strategic Management ModelEnvironmentalScanningExternalSocietalEnvironmentGeneral ForcesTaskEnvironmentIndustry AnalysisInternalStructureChain of CommandCultureBeliefs, Expectations,ValuesStrategyFormulationStrategyImplementationEvaluationand ControlMissionReason forexistenceObjectivesWhat resultstoaccomplishby whenStrategiesPlan toachieve themission &objectivesPoliciesBroadguidelines fordecisionmakingProgramsActivitiesneeded toaccomplisha planResourcesAssets, Skill

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