Definition:
“ Art & science of formulating , implementing , and evaluating , cross-functional decisions that enable an organization to achieve its objectives ”. Definition
Nature of strategic management:
Generic Emergent Timely changes Proactive process Long Rang planning Integrated planning Nature of strategic management
Phases of strategic management process..:
Phases of strategic management process.. Establishment of strategic intent Formulation of strategies Implementations of strategies Strategic evaluation
Establishment the hierarchy of strategic intent:
Identifying Existing Establishment the hierarchy of strategic intent Vision Mission Goals Objectives
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Mission Statement – What is our business? “Essential purpose of the organization , concerning particularly why it is in existence the nature of the business and the customers it seeks to serve & satisfies .” Goals- Goals denotes what an organizations hopes to accomplish in a future period of time. Objectives- Objectives are the ends that states specifically how the goals shall be achieved. Vision Statement – What do we want to become? “The category of intentions that are broad, all inclusive and forward thinking .
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Vision & Mission Strategy Formulation External Opportunities & Threats Internal Strengths & Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection
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Strategy Implementation Annual Objectives Policies Employee
Motivation Resource Allocation
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Strategy Evaluation Internal Review External Review Performance Metrics Corrective Actions
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Any quarry….