Strategic Management - An Introduction

May 29th, 2015
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A. T. Still University
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1. Financial benefits • Improvement in sales • Improvemen in profitability • Improvement in productivity 2. Non financial benefits • Improved understanding of competitors strategies • Enchanced awareness of threats • Reduced resistance to change

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Strategic managementAn Assignment written as a partial fulfillment of the course strategic ManagementWritten ByREJOY.K.JROLL.NO. CM2091860063PRIST SECTION - BSubmittedtoProfessor.H.MuralidharanMSRMIBANGALOREUnit I Introduction and overview of strategic management1. Strategic management processStrategic management refers to the steps by which management converts a firms mission, objectives and goals in to a workable strategy.Strategic management has got two partsInformation proess Decision processInformation process involves collecting and analysing inormation about the external and internal environment.Decision process - four important stepsDevelopment of alternatiesChoiceImplementationAssessment2. Key tasks of strategic managementDeveloping a vision and missionSetting objectivesCrafting a strategyImplementing and Executing strategyEvaluating perfomance, reviewing the situation and initiating corrective Action3. Benefits of strategic approach to management1. Financial benefitsImprovement in salesImprovemen in profitabilityImprovement in productivity2. Non financial benefitsImproved understanding of competitors strategiesEnchanced awareness of threatsReduced resistance to changeEnchanced problem prevention capabilities4. changes in business environment in indian and global context.Indian economy is open to the world economyGlobalizationA lot of market players or global giants invest a lot of mone

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