strategic management
DESCRIPTION
University of Sargodha, Mandi Bahauddin CampusTRANSCRIPT
Strategic Management
Presented By:
Aasim MushtaqSarfraz KhanMuhammad ImtiazSajid Ali
Strategic Manageme
ntCreating Competitive Advantages
Definition
Strategic management consists of the analysis,
decisions, and actions an organization undertakes in order to create and sustain
competitive advantages.
Strategic Planning:
The process of determining a company's long-term
goals and then identifying the best approach for achieving those goals.
Why is strategic management important?
Gives everyone a role Makes a difference in
performance levels Provides systematic approach
to uncertainties Coordinates and focuses
employees
Strategic Management ProcessStrategic Management Process is made up of four elements.
Performed in strict orderA continuous process
Situation AnalysisStrategy FormulationStrategy ImplementationStrategy Evaluation
Strategic Management Process
Strategic management process
Strategic Management Process Step 1: Identifying the organization's current
mission, objectives, and strategies Mission: the firm’s reason for being
Who we are, What we do, and Where we are now
Goals: the foundation for further planning Measurable performance targets
Step 2: Conducting an external analysis The environmental scanning of specific and general
environments Focuses on identifying opportunities and threats
Strategic Management Process (cont’d)
Step 3: Conducting an internal analysis Assessing organizational resources,
capabilities, activities and culture: Strengths (core competencies) create value for
the customer and strengthen the competitive position of the firm.
Weaknesses (things done poorly or not at all) can place the firm at a competitive disadvantage.
Steps 2 and 3 combined are called a SWOT analysis (Strengths, Weaknesses,
Opportunities, and Threats)
Strategic Management Process (cont’d)
Step 4: Formulating strategies Develop and evaluate strategic
alternatives Select appropriate strategies for all
levels in the organization that provide relative advantage over competitors
Match organizational strengths to environmental opportunities
Correct weaknesses and guard against threats
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Strategic Management Process (cont’d)
Step 5: Implementing strategies Implementation: effectively fitting
organizational structure and activities to the environment
Effective strategy implementation requires an organizational structure matched to its requirements.
Step 6: Evaluating results How effective have strategies been? What adjustments, if any, are necessary?
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Levels of strategy
Key Attributes of Strategic Mgt. Directs the organization toward
overall goals and objectives.
Involves the inclusion of multiple stakeholders in decision making.
Needs to incorporate short-term and long-term perspectives.
Recognizes tradeoffs between efficiency and effectiveness.
Strategic Management Process
Corporate Governance and
Stakeholder Management Corporate governance intends to
achieve goals and objectives considering that stakeholder management is so critical in the process.
Symbiosis have to be established
Definitions
Corporate governance is a term that refers broadly to the rules, processes, or laws by which businesses are operated, regulated, and controlled. The term can refer to internal factors defined by the officers, stockholders or constitution of a corporation, as well as to external forces such as consumer groups, clients, and government regulations.
Corporate Governance
Stakeholder management is the process of managing the expectation of anyone that has an interest in a project or will be effected by its deliverables or outputs.
Definitions
Stakeholder Management