Strategic Management Concepts & Cases

CHAPTER 1: THE NATURE OF STRATEGIC MANAGEMENT title01 Strategic Management: Concepts & Cases Strategic Management: Concepts & Cases CHAPTER 1: THE NATURE OF STRATEGIC MANAGEMENT title01 Strategic Management: Concepts & Cases Strategic Management: Concepts & Cases Strategic manage...

CHAPTER 1: THE NATURE OF STRATEGIC MANAGEMENT title01 Strategic Management: Concepts & Cases Strategic Management: Concepts & Cases CHAPTER 1: THE NATURE OF STRATEGIC MANAGEMENT title01 Strategic Management: Concepts & Cases Strategic Management: Concepts & Cases Strategic management is a continuous process of strategy creation. title04 title05 Strategy Formulation Stages of the Strategic Management Process: Formulation, Implementation, title06 Issues in Strategy Formulation Businesses to enter Businesses to abandon Allocation of resources Strategy Implementation Annual Objectives Policies Employee Motivation title08 Resource Allocation Developing a strategy-supportive culture Creating an effective organizational structure Redirecting marketing efforts Preparing budgets Developing and utilizing information systems Linking employee compensation to organizational performance Issues in Strategy Implementation Action Stage of Strategic Management Mobilization of employees & managers Interpersonal skills are critical Key Points in Strategic Management Strategic management involves the long-term planning and direction of an organization. Strategy formulation focuses on analyzing the external and internal factors and setting strategic goals. Strategy implementation involves putting the plans into action by allocating resources and establishing structures. Strategy evaluation and control is an ongoing process of monitoring and adjusting the strategies based on their effectiveness. Effective strategic management is crucial for an organization to achieve its goals and stay competitive in the market.