Purposes of Strategic management

May 29th, 2015
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A. T. Still University
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Strategic management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. • Purpose of Strategic Management • To exploit and create new and different opportunities for tomorrow. • Stages of Strategic Management • Strategy formulation • Strategy implementation • Strategy evaluation

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Strategic ManagementWithout a strategy, an organization is like a ship without a rudder, going around in circles. Its like a tramp; it has no place to go. Joel Ross and Michael KamiWhat is Strategic Management? Strategic management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.Purpose of Strategic ManagementTo exploit and create new and different opportunities for tomorrow.Stages of Strategic Management Strategy formulationStrategy implementationStrategy evaluationStrategy Formulation IncludesDeveloping a vision and missionIdentifying an organizations external opportunities and threatsDetermining internal strengths and weaknessesEstablishing long-term objectivesGenerating alternative strategiesChoosing particular strategy to pursueIssues of Strategy FormulationDeciding what new business to enter and what business to abandonHow to allocate resourcesWhether to expand operations or diversifyWhether to enter international marketsWhether to merge or form a joint ventureHow to avoid hostile takeover Strategy ImplementationIt requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed.It often is called the action stage of strategic management. Strategic implementation includes..Developing a strategic suppor

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