Strategic Management Basics

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Match the following stages in strategic management with their descriptions:

Strategy formulation = Developing a vision and mission Strategy implementation = Establishing objectives, policies, motivating employees, allocating resources Strategy evaluation = Final stage in strategic management Strategists = Individuals most responsible for the success or failure of an organization

Match the following key terms in strategic management with their definitions:

Competitive advantage = Gaining and maintaining competitive advantage Vision and mission statements = Answers the question 'What do we want to become?' External opportunities and threats = Refer to economic, social, cultural, demographic factors Internal strengths and weaknesses = Controllable activities done well or poorly

Match the following statements about strategic management with their authors:

Peter Drucker's view on strategic management = Prime task is thinking through the overall mission of a business Edward Deming's quote on data = 'In God we trust. All others bring data'

Study Notes

Strategic Management Definition

  • Strategic management is the art and science of formulating, implementing, and evaluating strategies to achieve organizational goals.

Strategic Management Stages

  • The three stages of strategic management are:
    • Strategy Formulation: developing a vision and mission, and setting objectives
    • Strategy Implementation: establishing annual objectives, devising policies, motivating employees, and allocating resources
    • Strategy Evaluation: monitoring and assessing the progress of organizational goals

Key Terms in Strategic Management

  • Competitive Advantage: gaining and maintaining an edge over competitors
  • Strategists: individuals responsible for the success or failure of an organization
  • Vision and Mission Statements: answers the question "What do we want to become?"
  • External Opportunities and Threats: economic, social, cultural, and demographic factors that affect the organization
  • Internal Strengths and Weaknesses: controllable activities that affect organizational performance
  • Long-term Objectives: achieving the organization's basic mission
  • Strategies: long-term objectives to be achieved
  • Annual Objectives: short-term milestones to achieve long-term objectives
  • Policies: guidelines for achieving annual objectives

Test your knowledge on the fundamentals of strategic management including strategy formulation, implementation, and evaluation. Learn about developing vision and mission statements, setting objectives, and motivating employees.

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