Strategic Management Past Paper PDF
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Uploaded by AdjustableCalifornium389
El Safwa Educational Center
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Summary
This document details the nature of strategy and strategic decisions, categorizing them into operating and administrative strategies. It explores differing views of strategy, including low and high structured perspectives, as well as planning approaches in stable and unpredictable environments. It includes an overview of strategic management and organizational planning for business contexts.
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# Courses Papers - ستش الصفوة - Center: El-Safwa Educational Center - Subject: Strategic Management - Year: 4/E - Faculty of Commerce ## Chapter (1) ### Nature of Strategy Strategy is derived from "Greek Word | Strategia" which [Art] & [Science] of directing military forces. Strategy refers to...
# Courses Papers - ستش الصفوة - Center: El-Safwa Educational Center - Subject: Strategic Management - Year: 4/E - Faculty of Commerce ## Chapter (1) ### Nature of Strategy Strategy is derived from "Greek Word | Strategia" which [Art] & [Science] of directing military forces. Strategy refers to "Decision Making" on future of enterprise defining its (Direction] & Scope] in long run to; - Take Advantage of: Future Market Opportunities. - Plan | Course of Action: Pervasive | Continuing Importance To Entire Organization. ### Elements of Well Defined Strategy - Integrates: Major plans, objectives, policies & programmes into "Cohesive Whole". - Allocates: Limited resources in "Best Way" - Considers: How to deal with "Potential Actions" of intelligent opponents. - Defined By: Analysis of firm's unique "Strengths", "Weaknesses", "Opportunities" & "Threats" in environment. ### Strategic Decisions Strategic decisions are different from "Other Decisions"; 1. **Operating Decisions**: Relate to "Day To Day" activities or current operations aimed at maximizing profitability of Current Operations]; - Resource Allocation. - Scheduling. - Monitoring. 2. **Administrative Decisions**: Structuring resources to create "Maximum Potential" with establishing (Authority-Responsibility] relationships; - Work Flows Communication. - Acquisition of Resources. - Acquisition of Funds. - Distribution Channels Location. - Personnel Training. - Financing. ## Views of Strategy Good strategic management encompasses elements of "Each Perspective"; 1. **Low Structured View**: - Those who equate "Strategy" with (Planning); ((Top-Down Approach) - Information: Gathered, sifted & analyzed to make "Forecasts". - Senior Managers: Reflect upon work of "Planning Department" & decide best. 2. **High Structured View**: - Not amenable to "Planning Approach". - Place "System of Management" that will facilitate capability of organization to respond to (Environment) that is; - Unknowable. - Unpredictable. ### There is no "One Best" way of strategy 1. **Planning Approach**: - (+) Work In: Stable – Predictable Environment. - (-) Environments: Becoming Increasingly Scarce. - (-) Events Make Plan Redundant: Buried Creativity. 2. **Structured Approach**: Emphasizes speed of "Reaction" & "Flexibility" to function best in environment that is Fast Changing)] & [Unpredictable]; - (+) Adaptability: Incrementalism. - (–) Failing To: Give "Adequate Sense" of where organization is [Going]. - (-) Mushroom Approach: To Management. ## Strategic Management - Formulation & implementation of "Plans" by carrying out of activities relating to matters which are of vital or continuing importance to [Total Organization].
