Strategic Management in Action 1.Introducing the Concepts.doc

Strategic Management in Action the Concepts
Strategic Management in Action
1
Introducing the Concepts
Learning Objectives
1. Discuss why strategic management is important.
2. Define strategy and strategic management.
3. Describe the strategic management process.
4. Describe the three levels anizational strategies.
5. Explain the historical evolution of strategic management.
6. Rebut misconceptions about strategy and strategic management.
7. Explain who’s involved with strategic management and their role in managing strategically.
WHY IS STRATEGIC MANAGEMENT IMPORTANT?
Strategic Management
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Gives everyone a role
Makes a difference in performance levels
Provides systematic approach to uncertainties
Coordinates and focuses employees
WHAT IS STRATEGIC MANAGEMENT?
Strategy
vs.
Strategic Management
The Basics of Strategy & Strategic Management
Definition of Strategy
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A series of goal-directed decisions and actions
matching anization's skills and resources
with the opportunities and threats in its environment
The Basics of Strategy & Strategic Management
Strategy Involves:
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Organization’s goals
Goal-directed action
Related decisions and actions
Internal strengths
External opportunities and threats
The Basics of Strategy & Strategic Management
Definition of Strategic Management
Decisions and actions anizations
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Analyze current situation
Develop appropriate strategies
Put strategies into action
Evaluate, modify, or change strategies
The Basics of Strategy & Strategic Management
Strategic Management entails:
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Basic managerial functions
Planning
Organizing
Implementing
Controlling
The Basics of Strategy & Strategic Management
Basic
Activities
of
Strategic
Management
Figure 1-1
Strategy Formulation
Strategy Implementation
Strategy Evaluation
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