GROUP-1-STRATEGIC-MANAGEMENT.pdf

GROUP 1 Strategic Management Contents Meaning and Concepts of Strategic Management Steps in Strategic Management STRATEGIC MANAGEMENT Strategic management is the combination of two words generally used in the organizations: 1. “Strategic” which means critical or important and 2. “Manage...

GROUP 1 Strategic Management Contents Meaning and Concepts of Strategic Management Steps in Strategic Management STRATEGIC MANAGEMENT Strategic management is the combination of two words generally used in the organizations: 1. “Strategic” which means critical or important and 2. “Management” which is the combination of various functions such as planning, organizing, staffing, coordinating, leading and controlling. Strategic management focuses on applying the management concepts and functions to the critical areas of the organization. Strategic management is a wider concept which involves the identification and description of various strategies adopted by managers to attain better performance and competitive advantage for their organization. Following are some of the widely accepted definitions of Strategic Management: James M. Higgins: Strategic management is the process of managing the pursuit of organizational mission while managing the relationship of the organization to its environment. John A. Pearce II and Richard B. Robinson, Jr.: Strategic management is defined as the set of decisions and actions resulting in the formulation and implementation of strategies designed to achieve the objectives of the organization. Garry D. Smith, Danny R. Arnold: Strategic management is process of examining both present and future environments formulating the organization's objectives, and making, implementing, and controlling decisions focused on achieving these objectives in the present and future environments. Following are some of the widely accepted definitions of Strategic Management: Lester A. Digman: Strategic management is a continuous process that involves attempts to match or fit the organization with its changing environment in the most advantageous way possible. Lloyd L. Byars: Strategic management is concerned with making decisions about an organizations' future direction and implementing those decisions. Following are some of the widely accepted definitions of Strategic Management: William F. Glueck: Strategic management is a stream of decision and action which leads to the development of an effective strategy or strategies to help achieve corporate objectives. Alfred D. Chandlex: Strategic management involves determination of the basic long-term goals and objectives of an enterprise and adoption of course of action and allocation of resources necessary to carry out these goals. Strategic management is the set of managerial decisions and actions that determines the long-run performance of a corporation. Five steps of strategic management 1 2 3 4 5 STEP STEP STEP STEP STEP IDENTIFICATION ANALYSIS FORMATION EXECUTION EVALUATION IDENTIFICATION The first step in strategic management is evaluating the company’s current direction. This often includes understanding the company’s goal, mission and overall strategic direction. Assessing where the company’s current process will help you achieve your goal. ANALYSIS Item 4 25% Item 1 25% THIS IS THE TIME TO ANSWER ANY QUESTIONS THAT WILL HELP SOLIDIFY THE NECESSARY ELEMENTS OF THE STRATEGIC PLAN. A SWOT ANALYSIS, OR IDENTIFICATION OF STRENGTHS, Item 3 25% Item 2 25% WEAKNESSES, OPPORTUNITIES AND THREATS, IS A USEFUL TOOL. FORMATION Once you have the information you need, it is time to create an action plan for reaching the goal. Make sure the steps are clear, focused and directly related to the goal. Prepare easy-to- understand implementation guidelines if the process or procedure will impact many people within the organization. EXECUTION Follow the steps outlined in your strategic plan. Make sure that all stakeholders are implementing the plan as designed for maximum efficiency. EVALUATION Evaluate the final product. Did you achieve your goal? Was the process implemented appropriately company-wide? Based on your answers to these questions, you can reflect and revise as needed. Thank you! Reporters: Cahilig, Mary Miles Cañaceli, Kimberly Joy Lacao, Kim Wendell Param, Rica Mae San Diego, Gabriel Martin