Types of Organizational Strategies

May 29th, 2015
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A. T. Still University
Course: strategic_management_
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Purposes of Strategic management  It is involved in many of the decisions managers make.  Companies with formal strategic management systems were found to have higher financial returns than did companies with no such systems.  Helps managers pinpoint important issues, and design appropriate strategic responses

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What is Strategic Management?Strategic management is a systematic approach to analyzing the environment, assessing the organizations strengths and weaknesses, and identifying opportunities that would give the organization a (sustainable) competitive advantage, and consequently accomplish earning above-average returns.Competitive Advantage occurs when a firm implements a value-creating strategy of which other companies are unable to duplicate the benefits or find it too costly to imitate.Above-average Returns are returns in excess of what an investor expects to earn from other investments with a similar amount of risk.Purposes of Strategic managementIt is involved in many of the decisions managers make.Companies with formal strategic management systems were found to have higher financial returns than did companies with no such systems.Helps managers pinpoint important issues, and design appropriate strategic responsesThe Strategic Management ProcessThe Strategic Management Process is an eight-step process that encompasses planning, implementation, and evaluation.It is a full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and above-average returns.STEP 1. Identifying the Organizations Current Mission, Objectives, and StrategiesThe Companys MissionEvery organization needs a mission that defines its purpose and answers the question: What is our reason for being in the business? Defining the orga

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