Tuesday, 24 September 2013

chapter 1: THE NATURE OF STRATEGIC MANAGEMENT

Hye readers! this is my first entry. So in this entry i'm gonna share to all of you about what is strategic management. Have you ever heard about it? First thing first, we must know what is the definition of strategic management.
vStrategic management

9the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.


Sometimes the term strategic management is used to refer to strategy formulation, implementation, and evaluation, with strategic planning referring only to strategy formulation.

Strategy formulation 9includes developing a vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue.

Strategy implementation 9requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed. often called the action stage.

Strategy evaluation9reviewing external and internal factors that are the bases for current strategies, measuring performance, and taking corrective actions.

That all from chapter 1. Stay tuned ;)




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